Category: Banking

Regulatory Watch News

• 

  United Kingdom: Group of States against Corruption evaluates anti-corruption measures in local government

  GRECO

  August 20, 2026

  The United Kingdom has a very developed framework for preventing corruption and promoting integrity in local government, according to the Council of Europe’s Group of States against Corruption (GRECO). At the same time, there are several areas in which further progress is needed. GRECO has today published an evaluation report assessing measures adopted by the UK authorities to prevent corruption and promote integrity at the subnational level of government. The report focuses on the Greater London Authority and Kent County Council, which volunteered to take part in the evaluation.

• 

  Couriers convicted over £13.8 million cannabis importation attempt

  National Crime Agency

  August 20, 2026

  A gang of drugs couriers who were part of a plot to smuggle cannabis worth £13.8 million into the UK via Birmingham Airport have been convicted. The National Crime Agency investigated the group of 11, who were arrested by Border Force officers in August 2024 when the class B drugs were found packed into 22 suitcases. They had arrived into the UK on the same flights from Thailand via Paris Charles de Gaulle Airport.

• 

  FMA imposes sanction against Kurant GmbH for breaches of due diligence obligations for the prevention of money laundering and terrorist financing

  FMA

  August 20, 2026

  The Austrian Financial Market Authority (FMA) has imposed an additional fine of EUR 45,000 against Kurant GmbH. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The reason for the fine is due to breaches of the Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäsche-Gesetz). The breaches specifically relate to policies and procedures for the application of customer due diligence obligations when conducting occasional transaction and where suspicion exists or there is a justified reason to assume that customers belong to a terrorist organisation or that customers are objectively involved in transactions for the purposes of money laundering or terrorist financing. The penal order is final.