News

The UK’s data privacy regulator has said it plans to fine the US hotel group Marriott International £99.2m. The penalty relates to a data breach that resulted in about 339 million guests having had their personal details exposed. The incident is thought to date back to 2014 but was only discovered in 2018. It comes […]

Personal management licence holders at Casino 36 must undertake extra training as part of a £300,000 penalty package for money laundering and social responsibility failures. A Gambling Commission investigation revealed the operator had failed to ensure adequate customer Enhanced Due Diligence (EDD), Source of Funds (SOF) and Source of Wealth (SOW) checks were carried out […]

The Sanctions and Asset-Freezing (Jersey) Law 2019 (“SAFL”) was passed by the States Assembly on 6th December 2018, sanctioned by Privy Council on 13th March 2019, and registered in the Royal Court on 22nd March 2019 and came into force 3rd July 2019 To read the report please click here The Sanctions and Asset-Freezing (Jersey) […]

On 5 July 2019, Eurojust and Europol published a joint report identifying and categorising the current developments and challenges they face in combating cybercrime. To read all raport please click here The report highlights the following significant issues: Loss of data: Following the overturning of the Data Retention Directive (DRD) by the European Court of Justice (ECJ) […]

Read the JFSC Annual Report 2018 here, and the contents index is shown here:  Highlights & achievements  p.01 –  02 Jersey Financial Services Commission: our role 03  –  08 Vision from the top:  Chairman’s statement    09 –  14 A smart outlook:  Director General’s statement     15 –  18 Business review  19 – 64 Charting change  23  –  3 0 Policy  35  –  38 Supervision 39  […]

Whilst its relevance becomes more and more acute to the point where it is now seen as a business essential, for some reason, Cyber insurance remains shrouded in mystery. The ongoing Mondelez case relating to losses incurred as a result of the 2017 NotPetya attacks    shines a spotlight on the collateral fallout of what appeared to […]

The Law Commission published its Anti-money laundering: the SARs regime report on 18 June. The report reviews and makes recommendations for the improvement of the consent regime in Part 7 of the Proceeds of Crime Act 2002 (POCA) and Part 3 of the Terrorism Act 2000. The report identifies the high volume of low-quality suspicious […]

Trust and company service providers (TCSPs) are involved in a wide range of services and activities for their clients. These services include: acting as a director or secretary of a company or similar position, providing a registered office or business address for a company, acting as trustees of an express trusts, among others. Not all […]