IN 2004 the following was reported about Standard Chartered – was this a warning? Bank ‘is tightening its checks’ – THE bank investigated for possible breaches of international sanctions has satisfied the Island’s regulator that it is improving controls. In March last year [2003] the Jersey branch of multinational finance firm Standard Chartered was ordered […]

Lloyd’s market bulletin – FATCA – Lloyd’s has published a market bulletin, the purpose of which is to provide initial information to the market on how the proposed US Foreign Account Tax Compliance Act (FATCA) reporting requirements on foreign financial accounts and the associated withholding tax rules are likely to affect the Lloyd’s market, and […]

Shells, Shams and Corporate Scams – Corporate secrecy, which involves hiding the identities of company owners from tax and other legal authorities, is itself no secret. It is well known that offshore banking centers such as Switzerland, Liechtenstein and the Cayman Islands have for many years enabled fraudsters all over the world to carry out […]

Analysis and case study Habib Bank AG Zurich (“Habib”) = 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”) […]

HBOS whistleblower hits out at bank regulators – The Libor rate-rigging scandal that is currently engulfing the banking sector has led to further condemnation of the behaviour of bankers and calls for criminal prosecutions for those involved. Among the most vocal is the man who became known as the HBOS whistleblower – (namely Paul Moore […]

Russian oligarch Oleg Deripaska hits out at rival Michael Cherney – Russian oligarch Oleg Deripaska will accuse rival Michael Cherney of being “a lifelong criminal” in a multi-billion-pound battle in the High Court. Mr Deripaska has turned himself into one of Russia’s richest men through his control of a chunk of the country’s natural resources […]

Critical Success Factors & an effective ISMS – Internal Auditing is a mandatory clause within the ISO 27001 standard. Thorough Internal Auditing is imperative in maintaining an effective Information Security Management System [ISMS], and gives confidence to your External Auditor – so they don’t have to look as deep. Plan your audit scope to ensure […]

FSA fines bank £59.5m following LIBOR and EURIBOR investigation – The FSA has fined Barclays Bank Plc (Barclays) £59.5m (including a 30% discount) for misconduct in its submissions for the setting of the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). In breach of Principle 2 (reasonable skill and care), Principle […]