The UK government has introduced significant changes to the company formation process as part of its wider effort to tackle financial crime and improve corporate transparency. These reforms, set out under the Economic Crime and Corporate Transparency Bill (2022-23), require enhanced Know Your Customer (KYC) verification for individuals and entities registering with Companies House. The move aligns…
Following a recent meeting between the Chancellor of the Exchequer Rachel Reeves and the Prudential Regulation Authority (PRA), it appears that the anticipated capital increases for banks under Basel III will be more modest than expected. According to a report in The Telegraph, the capital requirements for UK financial institutions are likely to increase by…
Brussels, September 2024 – In a significant development for businesses across Europe, the European Union has passed a comprehensive set of regulations targeting artificial intelligence (AI) systems, known as the AI Act. The legislation represents a major step toward regulating AI technologies and creating a robust compliance framework, but it also presents a host of…
The UK’s Financial Conduct Authority (FCA) has introduced the Consumer Duty, a significant regulatory change aimed at ensuring that financial firms prioritise the best interests of their customers. This new duty, which came into force in July 2023, represents a shift from simply treating customers fairly to actively delivering good outcomes across all customer interactions….