Tag: 2021
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Regulatory Watch News
FCA finalises rules to cut firms’ transaction reporting costs by over £100m a year
Financial Conduct Authority
Transaction reports are critical to the FCA’s ability to detect and investigate market abuse, monitor market functioning and supervise firms effectively. The new rules are designed to ensure the FCA continues to receive accurate, high-quality data while eliminating duplicative or low-value reporting. By removing unnecessary reporting the changes will reduce regulatory burden and support growth and competitiveness. The changes will save firms more than £100m a year. Therese Chambers, joint executive director of enforcement and market oversight, said: 'Transaction reports are the backbone of our market oversight work – they help us catch financial crime, monitor market stability and supervise firms effectively. 'By taking a smarter, streamlined approach to reporting, we're giving firms meaningful cost relief while ensuring we continue to receive the accurate, high-quality data that keeps UK markets clean and competitive.'
Czechia: Six indicted in large-scale VAT fraud case involving imports of goods from China
European Public Prosecutor's Office
The European Public Prosecutor’s Office (EPPO) in Ostrava (Czechia) has filed an indictment before the Municipal Court in Prague against five individuals and one company suspected of defrauding over €17.4 million (CZK 418 million) in VAT on goods imported from China. The case involves imports carried out through companies registered for VAT purposes in Czechia, despite not being established there. After customs clearance, the defendants declared that the goods had been supplied to companies in other EU Member States. It is believed that these recipients were in fact fictitious companies and that the goods were instead delivered to logistics centres operated by e-commerce platforms and subsequently sold to consumers across the EU. As a result, VAT due on the importation of the goods from China was allegedly neither declared nor paid.
FinCEN Assesses Historic $125 Million Penalty Against UBS Financial Services Inc. for Recidivist BSA Violations
WASHINGTON—Today, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. (UBSFS) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering and countering the financing of terrorism law that safeguards the financial system from illicit use. This is the largest penalty ever imposed against a broker-dealer for BSA violations to date. “Today’s historic action against UBSFS should send a clear message that recidivist financial institutions will face severe repercussions,” said FinCEN Director Andrea Gacki. “Repeat violators of the Bank Secrecy Act jeopardize the integrity of our financial system, especially those that expose it to high-risk customers and activities without effective controls.”
