The Guernsey Financial Services Commission (the “GFSC”) recently handed out fines totalling £35,000 to three directors of a Guernsey based licensed fiduciary services company and issued a public statement under section 11C of The Financial Services Commission (Bailiwick of Guernsey) Law 1987 (as amended) (the “Financial Services Commission Law”). This was the first such regulatory […]

the changes proposed in the recently released UK JMLSG consultation for Part III of the Guidance Notes illustrate why regulation is frequently bought in to comply with yesteday’s crises and problems. The consultative document  aims to bring the UK further in line with the FATF 40+9 recommendations and plug gaps identified in its last review […]

MLROs should treat domestic PEPs the same as foreign ones, says FSA – Firms should treat domestic politically exposed persons in much the same way they treat foreign PEPs, the Financial Services Authority told money laundering reporting officers yesterday. HM Treasury also told the MLROs that it was thinking about extending the time limit that […]

Review of firms’ implementation of a risk-based approach to anti-money laundering (AML) – March 2008 – http://www.fsa.gov.uk/pubs/other/jmlsg_guidance.pdf

The Financial Services and Markets Tribunal upheld a Financial Services Authority (FSA) decision permanently banning Andrew Greystoke from working in financial services. It also fined him and Atlantic Law LLP (Atlantic Law), an FSA-regulated law firm of which he is senior partner, a total of £400,000. The tribunal found that Greystoke recklessly signed off Atlantic […]

The Board indicated in its note of 6 August 2009 that it was contemplating an additional Part III, which would include certain existing material that for various reasons did not sit comfortably within Parts I or II, and some additional, new material. Unlike Parts I and II, JMLSG does not anticipate that the Part III […]

the Jersey Financial Services Commission (JFSC) recently [Issued: March 2010] published a report on findings into it’s Anti-Money Laundering examination of Trust Company Business in Jersey. TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2009 – SUMMARY FINDINGS http://www.jerseyfsc.org/pdf/TCB_2009_Examination_feedback_March_2010.pdf in the report the JFSC reported on the following matters Business Risk Assessment and Strategy Customer Profiling and […]

The Financial Services Authority (FSA) has banned Martyn Powsney, the former director of Manchester-based IFA Powsney & Co Ltd from holding positions of significant influence in any FSA authorised firm. Mr Pownsey, who failed to put in place systems and controls to ensure that customers received suitable advice and failed to take sufficient remedial action, […]