Example of good and poor practices, which provide guidance that is helpful. Also, this is to a reminder of supervisory expectations. The FCA has published TR18/3 presenting a outcome from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) system and controls in thirteen Electronic Money Institutions (EMIs). Also the overview, just […]
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Sales intel firm Apollo data breach exposed more than 200 million contact records
The sales intelligence firm Apollo is the last victim of a massive data breach that exposed more than 200 million contact records. Apollo collects a lot of its information from public sources, including names, email addresses, and company contact information, it also gathers data by scraping Twitter and LinkedIn. The company already notified the security breach […]
Read MoreBank fined £25K for transferring $400K from dead man’s account
A MIDDLE-EASTERN bank has been fined £25,000 and ordered to pay £2,805 in compensation after transferring $401,103 from a deceased man’s Jersey account without the correct authorisation. Abu Dhabi Commercial Bank PJSC appeared in the Royal Court on Friday after pleading guilty to the offence of ‘intermeddling’. Crown Advocate Julian Gollop, prosecuting, explained how on […]
Read MoreTesco Bank fined £16.4m over cyber-attack
Tesco Bank has been fined £16.4m by the UK financial regulator for failings surrounding a cyber-attack on its customers in November 2016. The Financial Conduct Authority said the bank had failed to exercise due skill, care and diligence in protecting its personal current account holders. The fraudsters got away with £2.26m. Tesco Bank said all […]
Read MoreRussia: Important amendments to the procedure for prosecuting companies for bribery
Companies in Russia may avoid liability in domestic bribery cases if they assist in identifying the offence (e.g. by disclosing information), assist in investigation of the bribe, or if the bribe has been extorted, according to a new law which goes into force on August 14, 2018 (the “Law”).1 The Law also allows courts to […]
Read MoreStandard Bank reports strong half-year results
THE Jersey-headquartered Standard Bank Wealth International has issued its half-year results, reporting a 31% increase in headline earnings at £25.5m. The division reported full-year headline earnings in 2017 of £36.8 million, up 32% on 2016. Standard Bank Wealth International also has offices in the Isle of Man, Mauritius, London and South Africa and is 100% […]
Read MoreFATCA the First Conviction and associated Money laundering charge against Mauritian TCSB manager
Introduction 1. Former Executive of Loyal Bank Ltd Pleads Guilty to Conspiring to Defraud the United States by Failing to Comply with Foreign Account Tax Compliance Act (FATCA) 2. Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest, Hungary and Saint […]
Read MoreING money laundering settlement agreement and statement of facts
ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service ([NPPS]). The NPPS has accused ING in the Netherlands of having violated the Anti-Money Laundering and Counter-Terrorism Financing Act for many years and on a structural basis; AND failed to prevent bank accounts […]
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