News

The JFSC handbook for the prevention and detection of money laundering and the financing of terrorism for financial services business regulated under the regulatory laws part 4 (log of amendments to the handbook) has been updated – the facts are as follows 08 – 12 – 2009 Part 1, Appendix E Whole document Updated to […]

Industry guidance on FSA Banking Conduct of Business Sourcebook – The British Bankers’ Association, the Building Societies Association and the Payments Council have jointly published guidance on the FSA’s Banking Conduct of Business Sourcebook (which applies only in relation to consumers, micro enterprises and small charities). The guidance aims to give examples of ways that […]

RBS Says FSA Is Probing Money-Laundering Compliance – The Royal Bank of Scotland Group Plc, is being investigated by Britain’s financial regulator over its compliance with money-laundering rules.  The U.K. Financial Services Authority informed RBS that it was looking into the bank’s compliance with U.K. money- laundering rules from December 2007 to December 2008; RBS […]

JFSC Public Statement – Mr Richard David Arthur (“Mr Arthur”) Following an investigation into the fitness and propriety of Mr Arthur, it appears to the Commission to be reasonable and necessary to issue Mr Arthur with directions under Article 23 of the Law preventing him from engaging in any employment with any registered person as […]

JMSLG publishes amendments to money laundering guidance – Following consultation on a version published in August (Part I) and September (Part II), the Joint Money Laundering Steering Group has published its final amendments to its December 2007 guidance. They have been submitted to HM Treasury for ministerial approval.  Revised versions of Part I and Part […]

Vatican Bank allegedly under investigation for money laundering Italian weekly investigative magazine “Panorama” has claimed in its 4 December issue that the Vatican Bank is under investigation for suspected money laundering via accounts held at one of Italy’s largest banks, the UniCredit Group.  The magazine claims that prosecutors are probing transactions totalling 180 million euros […]

2009 Corruption Perception Index released by Transparency international –  NGO Transparency International* has released its 2009 Corruption Perceptions Index [CPI], which shows their estimates of the ranking and score of countries in their perceived level of public-sector corruption. The UK came in tied with Japan at 17, and the United States at 19. Somalia came […]

Insurance Brokerage Firm penalised for failing to conduct basic checks – London, 3rd December 2009. The Financial Services Authority has banned two insurance brokers for colluding to conceal a criminal conviction. The FSA also cancelled permission for an Insurance Brokerage firm to carry on regulated activities. Margaret Cole, the FSA’s director of enforcement and financial […]