Melanie Ryan

Oct 22, 2024 | pinsentmasons.com | Melanie Ryan |Stacy Keen

OTSI has been set up under the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 to enforce compliance with certain parts of the UK’s trade sanctions on a civil basis. The regulations bringing the body into operation became effective on 10 October. The civil enforcement powers of OTSI align with the Office of Financial Sanctions Implementation (OFSI), which can enforce non-compliance with financial sanctions on a civil basis.

Sep 19, 2024 | pinsentmasons.com | Alan Sheeley |Melanie Ryan

Recent statistics on fraud in the UK have shown some small reductions in the amount lost due to fraud, but there is still more to do by the financial sector and other sectors for fraud prevention and consumer protection. These are among the main findings of two industry reports.

Sep 17, 2024 | pinsentmasons.com | Melanie Ryan |Stacy Keen

The new rules will require the institutions to notify the Secretary of State “as soon as practicable” when they become aware, or have reasonable cause to suspect, that a third party they are dealing with has breached a prohibition or failed to comply with an obligation under trade sanctions regulations, where the information or other matter on which the knowledge or cause for suspicion is based came to them in the course of carrying on their business.

Jul 15, 2024 | pinsentmasons.com | David Lister |Melanie Ryan

The failure to prevent fraud offence was introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) (376 pages / 3.7 MB). The new offence is not yet in force and will only come into force following the publication of official guidance and a subsequent lead-in period allowing organisations time to prepare. The offence will apply to ‘large organisations’.

Jul 3, 2024 | pinsentmasons.com | Melanie Ryan

Melanie Ryan of Pinsent Masons made the prediction at the recent Global Investigations Review (GIR) Women in Investigations conference, where she highlighted how concerns over so-called ‘off-channel’ communications have already led to regulatory sanctions in US financial services – as well as in other regulated sectors in the UK.