News

  The JFSC have published updated versions of Appendices D1 and D2 of the AML/CFT Handbook, to take into account the latest Financial Action Task Force (FATF) statements. You can view the updated appendices by visiting the AML/CFT Handbook page of the JFSC  website here https://www.jerseyfsc.org/anti-money-laundering/regulated-financial-services-businesses/amlcft-handbook/

The UK Office of Financial Sanctions Implementation (OFSI) has recently published details of the first monetary penalty it has imposed for breach of financial sanctions since civil penalties for breaches of financial sanctions were introduced by the Policing and Crime Act 2017. At this stage, OFSI has elected to provide a brief summary of the […]

Emailing Confidential Data To Colleagues May Be Criminal Offence the following case is a salient lesson for all employees of all jersey firms but especially those in financial institutions (or those in large organisations) Under the GDPR, employers, as data controllers, must take appropriate security measures to ensure the availability and integrity of information systems […]

On 18 February 2019, the Information Commissioner’s Office (ICO) and the Financial Conduct Authority (FCA) updated their Memorandum of Understanding (MoU) with an aim to reinforce and develop their cooperation, collaboration, and information and intelligence sharing. Cooperation and information sharing The ICO and FCA have set out what matters they will communicate with each other […]

Transparency Germany, Transparency International’s national chapter, has filed a criminal complaint against the Bundestag member Karin Strenz (Christian Democratic Union of Germany, CDU) and the former Bundestag member Eduard Lintner (Christian Social Union in Bavaria, CSU) in an alleged bribery case orchestrated by the Azerbaijani government. The watchdog has asked the Public Prosecutor’s Office in […]

COURT OF APPEAL GIVES GUIDANCE ON SCOPE OF FIDUCIARY DUTY IN “SECRET COMMISSIONS” CASE The Court of Appeal has found that there was NO BREACH OF FIDUCIARY DUTY where an introducing broker failed to inform its client investors of the amount of commission it received from the financial institution to which it had introduced them: […]

The Guernsey Financial Services Commission [GFSC] Handbook on Countering Financial Crime and Terrorist Financing (12th March 2019 update) The GFSC has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the […]

Several months after Sir Philip Green became embroiled in a highly publicised scandal, Karren Brady resigned as chair of his retail empire. Despite allegations of harassment and discrimination made by staff against Green, Brady initially intended to remain with Taveta Investments, the holding company of Green’s Arcadia Group. She cited her duty to employees as […]