Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Series 11, Episode 10: Domestic PEPs: Compliance lessons from the UK election gambling scandal
Jul 18, 2024
Helen Parry and Rachel Wolcott discuss the UK election gambling scandal, emphasizing the need for enhanced due diligence on PEPs. They touch on insider trading risks, compliance training importance, and the implications of politicians having access to sensitive information.
32:19
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Quick takeaways
- Enhanced due diligence on politically exposed persons (PEPs) is crucial for betting firms to prevent scandals like the UK election gambling incident.
- Enforcement actions against UK gambling firms have led to improved controls detecting politicians using inside information for betting activities.
Deep dives
UK's New Labor Government Impact on Regulatory Agenda
The podcast episode discusses the UK's new labor government and its potential impact on the financial services regulatory agenda. It mentions the King's speech, which could reveal the government's plans for the sector. Additionally, the Financial Conduct Authority's upcoming review of the treatment of politically exposed persons by banks is highlighted. The episode touches on the gambling scandal involving a domestic politically exposed person placing bets on political outcomes.
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