Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Thomson Reuters
123 episodes
9 months ago
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
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Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
Series 11, Episode 10: Domestic PEPs: Compliance lessons from the UK election gambling scandal
Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
32 minutes 19 seconds
1 year ago
Series 11, Episode 10: Domestic PEPs: Compliance lessons from the UK election gambling scandal
In this last episode of series 11, Helen Parry, senior regulatory expert and Rachel Wolcott, senior editor, discuss the gambling scandal that enveloped the UK general election and cross over themes for compliance.
Cheating is an offence under section 42 of the Gambling Act and betting firms are supposed to do enhanced due diligence on politically exposed persons (PEPs).
Helen explains how recent enforcement actions against UK gambling firms around their failure to conduct enhanced due diligence on PEPs led to better controls that meant UK politicians using inside information to place bets on the general election date were detected quickly.
Helen and Rachel discuss the UK Financial Conduct Authority's guidance for risk managing PEPs as well as other inside information examples around political polling and other sensitive information.
Links
COLUMN: Stop the bets – the law and regulation of political gambling and politically exposed persons (pay wall - go-ri.tr.com/Cdfrka)
(FG 17/6 - https://www.fca.org.uk/publication/finalised-guidance/fg17-06.pdf) UK FCA guidance on the treatment of politically exposed persons for anti-money laundering purposes
William Hill Group businesses to pay record £19.2m for failures (UK gambling commission press release - https://www.gamblingcommission.gov.uk/news/article/william-hill-group-businesses-to-pay-record-gbp19-2m-for-failures)
Entain to pay £17 million for regulatory failures (UK gambling commission press release - https://www.gamblingcommission.gov.uk/news/article/entain-to-pay-gbp17-million-for-regulatory-failures#:~:text=A%20gambling%20business%20is%20to,.uk%20and%20foxybingo.com.)
Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
