Revised and enhanced identification checking process from 28 May 2012 – On the 28 May, the Criminal Records Bureau (CRB) introduced new guidelines for identity (ID) checks, which apply to all CRB applications. The new guidelines have been introduced to strengthen the checking process, making it more difficult for applicants with previous criminal records to […]

Analysis of FSA AML FINE Habib Bank & MLRO – FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements – In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) […]

Confusion as French trust law filing date approaches – Financial advisers in France report that a state of confusion exists in fiduciary companies and… ‘French mini-FATCA’ fears as France goes after trusts – Tax experts who have been studying France’s new tax regime for wealthy individuals are likening… Financial advisers in France report that a […]

FSA bans and fines hedge fund chief £3m – Regulator hands out largest fine for an individual in a non market abuse case. – The Financial Services Authority (FSA) has today (29 May) fined Alberto Micalizzi £3m and banned him from performing any role in regulated financial services. At the relevant time, Micalizzi was the […]

Court quashes FSA decision notice – Judicial review of a decision made by the FSA’s Regulatory Decisions Committee (RDC) succeeded because the RDC failed to give adequate reasons for its decision and rejecting an individual’s submissions. This is an interesting decision since judicial review proceedings against the FSA rarely succeed but the FSA is likely […]

UK Bribery Act: should you worry about taking customers to the Olympic Games? – The 2012 Summer Olympic and Paralympic Games in London offer a unique opportunity for companies to promote their businesses through entertainment of customers or clients at the various game venues. Has the UK Bribery Act 2010 put a damper on these […]

A mixed report for money laundering officers – Last week saw mixed fortunes for the individuals within financial institutions who act as Money laundering Reporting Officers (“MLROs”) and who oversee anti-money laundering (“AML”) controls. The High Court has rejected a long running challenge by former customers to a bank’s decisions to make Suspicious Activity Reports […]

Suitability letters Better Business Regulation – The Financial Services Authority (FSA) has told paraplanners they should challenge their financial advisers on suitability letters to help meet regulatory requirements and improve relationships with clients. Speaking at the Institute of Financial Planning’s Paraplanner Conference, Chris Hewitt, a member of the FSA’s Investment Intermediaries Department, explained some of […]