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Banking, Compliance, UK

NEWS: ‘Incompatible views’ of ‘grifter’ Nigel Farage led to bank closing his accounts, according to risk committee report

Premium July 19, 2023

DE-BANKED: Controversy around how UK financial institutions interact with PEPs erupted last year. This came after it emerged that Alison Rose, the chief executive of Coutts’s owner, NatWest, had discussed the matter of Nigel Farage’s bank account with a BBC journalist. Today the FCA issued its findings on how banks deal with PEPs.

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ANALYSIS: Is AMLA fit for purpose in the face of deregulation, putting extra burdens on business as security challenges mount?

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NEWS: Norway’s supervisor finds ‘serious deficiencies’ in Svenska Handelsbanken’s AML processes

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NEWS: FinCEN says it saved $10 billion through ‘deregulatory action’

BRITISH Brexit leader Nigel Farage has produced a report in which royal bankers Coutts apparently closed his bank accounts because his views were not compatible with its values. The report shows the bank closed his account because his views “do not align with our values” – rather than not meeting a financial threshold as previously…

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Premium

ANALYSIS: Is AMLA fit for purpose in the face of deregulation, putting extra burdens on business as security challenges mount?

 Premium

NEWS: Norway’s supervisor finds ‘serious deficiencies’ in Svenska Handelsbanken’s AML processes

 Premium

NEWS: FinCEN says it saved $10 billion through ‘deregulatory action’

Regulatory Watch News

  • JCO VAPE: OLAF and international customs authorities crack down on illegal trade in e-cigarettes

    OLAF

    The European Anti-Fraud Office (OLAF), together with customs authorities from 30 countries, has successfully carried out a large-scale operation targeting the illicit trade in e-cigarettes and heated tobacco products. The Joint Customs Operation, (JCO) VAPE resulted in the seizure of over 94 million pieces and over 2,500 kg/l of tobacco products, e-cigarettes, devices, and related goods. This operation (which ran from 14 November to 15 December 2025) marks the first EU and international Joint Customs Operation specifically focused on this rapidly growing commodity. Its results clearly demonstrate both the effectiveness and the necessity of coordinated cross-border action to tackle an increasingly complex and evolving form of fraud.

  • Scam alert related to banks

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press release issued by the bank listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which has been reported to the HKMA. Hyperlink to the press release is available on the HKMA website.  

           Bank        Type of Scam
    The Hongkong and Shanghai Banking Corporation Limited Phishing instant messages
     

  • Four men charged following the seizure of $800,000 cash and illicit tobacco products in Sydney

    Australia Federal Police

    A New South Wales man, expected to appear in the Downing Centre Local Court today (17 April, 2026), is one of four men charged following the seizure of $800,000 in cash and a significant haul of illicit tobacco products in Sydney. The AFP alleges the four men - all charged this week - are part of crime syndicate involved in money laundering and the large-scale supply of illicit tobacco products. In late March and April this year, the AFP executed search warrants at homes in Strathfield and Eastgardens, a retail outlet in Bondi Junction, a warehouse in Banksmeadow, and on a vehicle in Surry Hills.

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