SOE AND PEP CLASSIFICATION – Managing and avoiding regulatory, reputational and financial risk is a significant challenge for institutions around the world. Best practice compliance requires close scrutiny of customers, counterparties and partners, especially where these have a connection to some kind of political office. Politically Exposed Persons (PEPs) need to be subjected to a […]

JUST NOT GOOD ENOUGH -FSA SLAMS BANKS’ RESPONSE TO THE BRIBERY ACT – the UK Financial Service Authority (FSA) has recently published the results of its review into anti-bribery and corruption systems and controls implemented by investment banks since the Bribery Act 2010 (the Act) came into force in July 2011. The FSA was disappointed […]

FSA to target anti-bribery and corruption failures – On March 29, the UK Financial Services Authority (FSA) published its findings following a thematic review of anti-bribery and corruption systems and controls in investment banks. The FSA reported that, despite long-standing regulatory requirements to mitigate financial crime risk, the majority of firms in its sample did […]

FSA publish review into anti-bribery and corruption systems in investment banks – On 29 March 2012 the FSA published the results of its thematic review into anti-bribery and corruption (so-called “ABC”) systems and controls in investment banks. The FSA visited 15 firms, including eight major global investment banks and a number of smaller operations, to […]

5 December 2011 The Bribery Act 2010: How are CI organisations affected? [Jersey regulatory matters, Guernsey regulatory matters, Financial Crime / Terrorist Financing, Crime (AML/CFT) regulatory updates, Bribery & Corruption] The Bribery Act 2010: How are CI organisations affected? – Organisations in the Channel Islands which have any business connection with the UK will need […]

Magistrates court clerk is first to be convicted under Bribery Act – Munir Yakub Patel admits keeping details of a traffic summons off a court database in return for £500 – Munir Yakub Patel was paid not to record a driving offence in the first case prosecuted under the Bribery Act. – A magistrates court clerk who […]

1st October 2007 – Investigators say many contracts were fictitious – Arms dealer used Channel Island tax havens – The Serious Fraud Office has begun a new investigation into British links with one of the biggest corruption inquiries in Africa. UK firms won huge contracts from the Kenyan governments of presidents Daniel arap Moi and Mwai […]