In a recent press release http://www.jerseyfsc.org/pdf/2016_06_29_JFSC_Risk_Based_Supervision.pdf – we are told:     What could this new acronym mean – JSFC – thoughts on a postcard please?

As can be shown below it seems the answer is YES……..Be warned and ensure you adjust your controls accordingly – The current JUNE 2016 consolidated list of asset freeze targets designated by the United Nations, European Union and United Kingdom, under legislation relating to current financial sanctions regimes, is also available. https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets   JFSC Sanctions Latest News […]

Following some recent training with an international bank on AML and SARS I talked about how THE JPMORGAN/MADOFF/MICHELLE JARDINE AND STM FIDUCIAIRE LIMITED (“STM”) case studies provide valuable lessons for all financial institutions on AML and more specifically SAR management. Michelle Jardine and STM Fiduciaire Limited (“STM”): The first prosecution of its kind in Jersey, […]

And it’s not just the corporate strategy what about the specific ABL risk assessment and strategy?

Policies are the rules and guiding principles of YOUR FIRM while Procedures are the step by step sequence [activity], business units will perform to meet the policy needs and objectives within YOUR FIRM. The ownership process of policies and procedures can be shown as follows: Policies are driven through the board to compliance [risk] to […]

Following some work with a new client I found myself offering some basic but top tips to ensure we are effectively managing their policies and controls in alignment with its legal and regulatory frameworks. I wish to share the top 4 with you: #1 Link policies to controls, and controls to framework articles As we […]

OVERVIEW British Prime Minister David Cameron has announced plans to consult on a corporate offence of “failure to prevent economic crime”. “Economic crime” is likely to be broadly defined to include offences such as fraud, theft, false accounting, forgery, destroying company documents, money laundering, handling the proceeds of crime, etc, plus a range of offences […]

Offshore finance centres ‘more transparent than UK and there is more money laundering going on in New York, Frankfurt and London than offshore’ – says James Quarmby, a tax lawyer at the international law firm Stephenson Harwood. James told the Today programme that offshore finance centres provide “neutral territory” for global trade deals. Listen here […]