This month's key compliance news includes Wise shares taking a hit after AML investigation, Citron Research founder's fraud conviction, the FCA's intention to increase individual fines and more.
A 44-year-old man became the first person sentenced under a new UK law, section 4B of the Public Order Act 1986 targeting sex-based harassment after repeatedly harassing a woman on a train to London. During the journey, he ignored her lack of interest, made unwanted comments, touched her hair, and asked if he could kiss her, leaving her feeling intimidated and distressed.
The incident was reported to police, who arrested him when the train arrived in London. He later admitted that his behaviour was directed at the woman because she was female.
The case was heard alongside a separate stalking offence, and the man received a community sentence that included unpaid work, rehabilitation requirements, alcohol monitoring, and a restraining order. Authorities described the prosecution as a landmark case demonstrating that harassment of women in public spaces can now result in criminal penalties under the new legislation.
Gary and Diane Mansell abused their position as attorneys for Gary’s elderly parents, using their authority to take control of the couple’s finances for their own benefit. Over an 11-month period, they transferred money from the parents’ accounts, sold their home and other assets, and spent the proceeds on luxury holidays, home improvements, cosmetic dental work, and a BMW. By the time Gary’s mother died, his parents had been left virtually penniless.
The couple were previously sentenced to six years in prison for fraud and money laundering. In June 2026, Liverpool Crown Court ordered them to repay the money they had stolen. The court issued confiscation orders totalling £289,773 and compensation arrangements that will return the full value of the victim’s losses to Gary’s 86-year-old father.
The Crown Prosecution Service described the crimes as a greedy and selfish betrayal of trust, noting that the victim’s mother spent her final days living in a converted garage while the couple enjoyed a lavish lifestyle funded by the stolen money. The court ruled that if the Mansells fail to pay within three months, they could face additional prison time.
A Scottish trawler company boss, Thomas Nicholson, has been fined £2,700 for breaching a Trafficking and Exploitation Risk Order linked to an ongoing modern slavery investigation.
Nicholson, who ran TN Trawlers in Annan, failed to notify authorities about the movement of a vessel and did not provide required crew details before it sailed. The court said the breach was minor.
He remains under investigation over allegations that migrant fishermen on his fleet were exploited, including claims of excessive working hours, poor conditions, and lack of food and rest. A BBC investigation previously identified dozens of workers who were later recognised by the UK Home Office as victims of modern slavery.
The case is part of a wider inquiry into TN Trawlers, which has denied all allegations.
Andrew Left, founder of Citron Research, was convicted of securities fraud after prosecutors proved he publicly promoted stock recommendations while privately trading against those positions for profit. The case has unsettled the short-selling industry because it focuses on misleading investors about trading intentions rather than the accuracy of investment opinions.
The verdict is widely viewed as a landmark case because it focuses less on whether Left's opinions about companies were true or false and more on whether he misled investors about his trading intentions. Prosecutors argued that he used social media, research reports, and media appearances to influence stock prices before quickly exiting positions for profit.
Supporters of the verdict see it as a crackdown on market manipulation, while critics worry it could discourage activist short sellers who expose corporate wrongdoing. The ruling is expected to increase legal scrutiny and push short sellers toward greater transparency in how they communicate and trade.
The UK’s Financial Conduct Authority (FCA) is seeking stronger powers from the government to help it regulate emerging risks and close gaps in consumer protection. It argues that current rules leave gaps in supervision, particularly around newer or fast-changing activities, which can expose consumers to harm and increase risks of financial misconduct.
The regulator says parts of the financial sector currently fall outside its remit, limiting its ability to act against misconduct and financial crime. It wants greater authority over areas such as payments, certain trustee services, financial promotions, and risks linked to new technologies, including AI.
The FCA argues that expanded powers would allow it to respond more effectively to a rapidly changing financial landscape while supporting innovation and maintaining high standards across the industry.
"This change will make clear that we may increase a penalty in all cases where it may not act as a deterrent given an individual's income or net assets,"
- FCA
The FCA wants broader regulatory powers to better protect consumers, tackle new risks, and strengthen oversight of the UK financial sector.
BP has abruptly dismissed its chair, Albert Manifold, following internal concerns about his behaviour, including allegations of bullying and overly aggressive conduct in the workplace.
The company said its board unanimously decided to remove him with immediate effect after receiving "serious concerns" relating to governance, oversight, and professional conduct. Reports suggest the concerns included claims of verbally abusive behaviour and a domineering management style, although BP has not publicly detailed the specific allegations.
"...the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."- Amanda Blanc, senior independent director, BP
Manifold had been in the role for less than a year after being brought in to help steer the company’s strategy and improve performance. His departure was immediate, and BP appointed an interim chair while it searches for a permanent replacement. The company' share price dropped by 9% immediately after the announcement of his departure.
Manifold has strongly denied the allegations, saying he was removed without warning or proper explanation and disputing the characterisation of his behaviour. He has suggested that he may challenge the decision.
The incident adds to ongoing leadership instability at BP, which has seen repeated senior management changes in recent years.
Danish prosecutors pursued a record fine of about 6.6 billion DKK (€880 million) against Nordea over alleged anti-money laundering failures between 2012 and 2015.
Authorities claim the bank failed to properly monitor or prevent more than 26 billion DKK in suspicious transactions, many linked to high-risk customers and offshore structures tied to Eastern Europe. The case argues that Nordea’s controls were too weak during this period to detect potential money laundering activity.
The proceedings at Copenhagen City Court formed part of broader scrutiny of Nordea’s historic compliance practices, which have also led to penalties in other countries.
Nordea disputes the allegations, saying the issues reflect outdated systems and past weaknesses rather than deliberate wrongdoing. A verdict is expected after the summer recess, and the case could become a landmark in European AML enforcement.
The French data protection authority (CNIL) has fined IQVIA €5 million for GDPR violations involving large-scale health data processing. The company argued that patient data was pseudonymised and therefore outside strict GDPR scope, but the CNIL ruled it still counts as personal data because IQVIA held the re-identification keys.
The regulator also found security and transparency failures, including weak access controls, poor transparency and insufficient information provided to individuals.
Beyond the fine, IQVIA has been ordered to correct its practices within six months or face further daily penalties. The decision also signals wider implications for other organisations using similar health data architectures, reinforcing that pseudonymised health data remains regulated when re-identification is possible.
Pseudonymisation doesn't equate to anonymisation - Data that can be re-identified using held keys is still personal data under GDPR, even if direct identifiers are removed.
Wise shares dropped sharply after news that Belgian prosecutors have opened a formal investigation into possible anti–money laundering (AML) failures linked to the company’s European operations.
Authorities are examining around €500 million in transactions flagged in criminal case files across multiple countries, with concerns they may be tied to illicit activity such as fraud and drug trafficking. The focus is on whether Wise’s customer checks and transaction monitoring were sufficient under AML rules.
Wise says it is cooperating fully and stresses there are no findings or charges at this stage, adding that regulatory inquiries are common in financial services.
Despite this, investors reacted negatively to the potential compliance risk, sending the stock lower on fears of regulatory and reputational impact.
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