This week, Standard Chartered Bank signed a new deferred prosecution agreement and agreed to pay more than $1 billion in fines and forfeitures. This latest scandal evolved because, while the bank negotiated its earlier admission of guilt for intentionally violating sanctions against Iran and other nations, two of its officers on the SALES SIDE OF […]
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Irish stockbroker fined €280,000 and announces it is closing!!!: What were the issues, and why do they matter?
On 8 May 2019, the Central Bank of Ireland found Campbell O’Connor & Company, a private client stockbroker, guilty of five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010) between July 2010 and November 2016. These breaches comprised of failings in the firm’s anti-money laundering and combating the financing […]
Read MoreLeading the Way on Regulation + Sustainable business models
The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. Sustainable business models Andrew Bailey, the FCA’s Chief Executive, has previously talked about the UK having had two financial crises: the first, was prudential the second, was […]
Read MoreBurger King data breach potentially exposed the data of thousands of children
Kool King, an online shop owned by Burger King, had thousands of customer records exposed through an unsecured database, which was discovered last week. https://www.databreaches.net/burger-kings-online-store-for-kids-exposes-customers-info/ What we have learnt from this news update The website allows customers who purchase from the children’s menu in Burger King, France to access content, including games, films and activities, […]
Read MoreMoney laundering and tax evasion risks in free ports
A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]
Read MoreJersey – JFCU update their reporting guidance – SAR Submission **update**
As Jersey continues to make preparations for its first National Risk Assessment, there is a recognition that changes are required to the SAR template amongst other areas to improve the quality and standard of submissions to the FIU. Part of these changes require the FIU to assist industry in the preparation of SARS. To that […]
Read MoreCourt of Appeal vindicates Carlyle Group after nine-year dispute worth nearly $2 billion
Guernsey’s Court of Appeal has upheld the judgment that none of the US investment firm The Carlyle Group, its investment manager, Carlyle Investment Management LLC, or the directors of Carlyle Capital Corporation, were responsible for Carlyle Capital Corporation, a Guernsey investment fund, going into insolvency in the 2008 financial crash. A judgment handed down on […]
Read MoreJFSC sets standard for international finance centre regulation
The Jersey Financial Services Commission (JFSC) has received top ratings for its trust company regulation following the first evaluation of its kind by the Group of International Finance Centre Supervisors (GIFCS). The GIFCS assessors visited the JFSC from 30 October to 3 November 2017 to conduct their review. Jersey was the first international finance centre […]
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