On 27 February 2024, the Financial Conduct Authority (FCA) published CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach, which sets out a proposal that would see the regulator publicly announce the opening and progress of investigations, and other proposed changes to simplify the FCA’s Enforcement Guide (EG). Read more

Transfer of criminal liability in corporate takeovers: the Spanish Constitutional Court’s judgment of 11 December 2023

On December 2023, the Spanish Constitutional Court issued a judgment that reopened the issue of the transfer of legal entities' criminal liability following a corporate acquisition. The judgment was related to a fine imposed by the Spanish Council of Ministers on Banco Santander regarding an alleged breach by Banco Popular of money laundering provisions before it was acquired by Banco Santander. Read more

Bet365 fails to placate anti-money laundering regulator – Does AUSTRAC’s post-audit enforcement signal a tougher approach by its new CEO?

On 7 March 2024, Australia’s anti-money laundering (AML) regulator, AUSTRAC, announced the commencement of an enforcement investigation into whether Hillside (Australia New Media) Pty Limited, which trades in Australia as Bet365, has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Read more

Financial Promotion: U-turn on UK high net worth individual and sophisticated investor exemptions

The government has made new regulations (the 2024 Order) to update the exemptions in the Financial Services and Markets Act 2000 (Financial Promotions) Order (2005) (the FPO), and the equivalent exemptions in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) Order 2001 (PCIS), relating to high net worth individuals and sophisticated investors. Read more