Compliance Monitor

"So long, it's been good to know you." For decades, Compliance Monitor has been examining the eventful evolution of financial regulation in the United Kingdom. In its final issue, long-term contributor Adam Samuel reviews coverage of some of the twists and turns - through mis-selling scandals and redress schemes, the financial crisis, rule-making and deregulation cycles, the often politicised tool of enforcement, Brexit, and the transforming advance of technology.

Financial regulation is inherently reactive and pro-cyclical, with each pivot in political priorities setting the stage for the next cycle. As regulatory easing modifies the decision environment within firms, internal discipline should be seen as more rather than less important, writes Prof Peter Szilagy.

With Europe's cryptoasset framework now in operation and Britain's under development, differences in structure, territorial scope and regulatory mechanics are likely to shape compliance priorities in the coming months. Steven Lightstone and Hubert de Vauplane set out areas of convergence and divergence, along with preparatory steps for firms.

The Compliance function runs the gauntlet between ensuring that regulatory conditions are met while engaging constructively with business arms of the firm. But, as a number of enforcement notices bring to light, their voice is frequently sidelined when it counts. Neasa MacErlean explores these dynamics and pitfalls to avoid.

Despite the misconduct risks of financial services employees using off-network messaging applications for business purposes, research suggests that such communications are commonplace - and that senior staff are frequent offenders. Courtney Andrews and Anneka Randhawa discuss US and UK regulatory approaches along with steps for firms to embed compliance.

The rapid growth of stablecoins has attracted significant attention from policymakers and financial regulators worldwide, as reflected in the publication of a recent paper from the International Monetary Fund. Drawing on its findings and associated insights, Martin Dowdall and Daniel Hirschfield explore key features of the stablecoin landscape.

While overall volumes of Suspicious Activity Reports remain unwieldily high, some sectors - including 'professional enablers' - are glaringly underrepresented. Ruth Paley examines the latest data.

Failings in its financial crime defences significantly hindered Nationwide's ability to maintain understanding of and monitor all its current account customers properly. This created a particularly high risk where any customers were using their personal accounts for business activity, reports Denis O'Connor.