Personal management licence holders at Casino 36 must undertake extra training as part of a £300,000 penalty package for money laundering and social responsibility failures. A Gambling Commission investigation revealed the operator had failed to ensure adequate customer Enhanced Due Diligence (EDD), Source of Funds (SOF) and Source of Wealth (SOW) checks were carried out […]

Politically exposed persons, who are treated as high-risk customers under anti-money laundering and counter-terrorism financing law, may continue to pose a high risk even after they cease holding a public position. The anti-money laundering and counter-terrorism financing regulator Austrac has issued a draft guidance note spelling out its definition of a politically exposed person, with […]

On June 27, 2014, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic AML/CFT deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions. For further details please follow the link : http://1.usa.gov/X6rU0C    

On 20/06/2014 the Jersey Financial Services Commission (the “Commission”) issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended […]