The Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements has recorded the following cases. SRA v Kamran Malik Summary: The Respondent was convicted of multiple counts of conspiracy to conceal/disguise/convert/transfer/remove criminal property in a ‘well-planned and systematic multi-million pound fraud against a number of financial institutions’ which the Respondent carried out with another person. […]

The Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements has recorded the following cases. SRA v Michael Gerald Dotchon Summary: The Respondent witnessed signatures on a transfer document of two people he had never met or identified as the true owners of the property.. After completion, he realised that the sale was a false […]

Businesses are encouraged to look at CLIENT relationships in the round and not solely at each of their risk characteristics in isolation to one another. Even if a client is considered low risk in isolation the combination of risks in combination may highlight something else – In risk management terms, this is referred as the […]

Mortgage fraud was one of the main reasons of the collapse of the financial system Most of the largest fines are in relation to operations carried out by financial institutions in the lead up to, and in the wake of the mortgage-market collapse. Banking fraud is not a new phenomenon, neither is the fact that […]

On 1 June 2014, new customer due diligence requirements were introduced in Australia to amend the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML Rules). New customer due diligence requirements In brief, key obligations under the new customer due diligence requirements include:  requirements to identify and verify the identity of settlors of […]

Japan Moves to Close Loopholes Following Incidents at Major Banks – Japan says it is moving to close loopholes in regulations on terror and criminal financing amid growing international concerns about the country’s financial oversight following a series of high-profile incidents at major Japanese banks. The move also comes as the Group of Seven leading […]

Mourant Ozannes briefing talks about MONEYVAL’s impending visit, this quarter Important developments for the regulation of financial services in Jersey. The new Financial Services Ombudsman and further information relating to funding and composition of the board are imminent. Anti-money laundering regulations and the Jersey Financial Services Commission (JFSC) proposes to publish a series of further […]

The Council of Mortgage Lenders has reported (18 September 2014) that mortgage lenders had their strongest August in six years, with lending reaching £18.6 billion in August, heights which have not been reached since August 2008 (and look what followed…). That said recent press coverage indicates a slowing up – this may be as a […]