The rise of compliance Written by: Kirsten Morel Increased regulation and demands for transparency have meant the compliance burden for financial service providers has become more onerous. Kirsten Morel examines how these firms have been affected You don’t have to work in the finance industry to be aware that compliance plays a key role in […]

The Jersey Gambling Commission (JGC) has finally awarded its first online gaming licence, with lottery software provider Twelve40 the first company to receive approval in the Channel Islands bailiwick. Twelve40 has been granted a remote gambling operator’s licence under the terms of Part 2, Article 12 of the Gambling (Jersey) Law 2012. The new licensee […]

The Society of Lloyd’s has published a market bulletin (Y4861) in order to provide the market with guidance on developing appropriate and risk-based systems and controls to comply with international sanctions. The guidance is split into three parts, which cover: Compliance – the guidance on compliance is aimed at Lloyd’s managing agents to assist them […]

The Isle of Man has launched a public consultation on measures to simplify the territory’s rules on preventing money laundering and countering the financing of terrorism (AML/CTF). The changes reduce the scope of Customer Due Diligence requirements for certain financial services business activities. The proposals are aimed at retaining the Isle of Man’s strong track […]

It has been reported in The TIMES (UK) today (4 Nov 201) that HSBC is hiring 100 compliance officers a week. It was reported that 1. Stuart Gulliver, the chief executive, revealed that he had hired 1,400 extra people in risk and compliance in the third quarter alone as the bank grapples with conduct issues […]

A number of recent developments have highlighted the potential exposure of private equity firms to competition law risks as a result of the activities of their portfolio companies. In this briefing, we look at what private equity firms need to watch out for and how they can minimize the risks that they face. Why worry? […]

On the 28TH May 2014 INSTRUCTION NO. 01/2014 FOR FIDUCIARY FINANCIAL SERVICES BUSINESSES WAS ISSUED and the instruction outlined the following REVIEW OF COMPLIANCE ARRANGEMENTS This Instruction is made under section 49(7) of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. Introduction This Instruction is being issued to reinforce the importance of […]

The Mauritius Financial Services Commission has recently held a Foreign Account Tax Compliance Act workshop ahead of automatic exchange of tax information with the US by the territory’s financial institutions. In her opening comments, FSC Chief Executive Clairette Ah-Hen said the territory’s involvement in FATCA will enhance the reputation of Mauritius as a “clean and […]