On 21 July 2009 the SFO, one of the bodies whose consent is required before proceedings can be instituted under the Bribery Act and who will be responsible for enforcing the Bribery Act in respect of overseas corruption published a press release setting out its approach to dealing with overseas corruption (Guidance). The Guidance sets […]

In April 2009, the Financial Services Authority (FSA) published a thematic review on the approach of financial services firms to UK financial sanctions, which was produced by its Financial Crime and Intelligence Division (FCID). http://www.fsa.gov.uk/pubs/other/Sanctions%20Final%20Report.pdf The report outlined the FSA’s findings following a review of firms’ compliance with the FSA’s financial crime requirements relating to […]

Practical steps to ensure compliance with the UK financial sanctions – There is no positive obligation under UK sanctions legislation to check whether a customer or a third party is a sanctions target (in contrast to anti-money laundering rules and the US sanctions regime). A financial institution that does not carry out checks and never […]

….Investors the world over breathed a sigh of relief on October 16 when the Swiss government rescued UBS. But unbeknownst to them at the time, the bank faced a potentially devastating crisis on a very different front. One day after the bailout, top executives from UBS and Swiss regulators were summoned to a closed-door meeting […]

In many ways, client identification and verification is secondary in anti-money laundering compliance to understanding the source of funds and the purpose of a retainer. Essentially AML compliance is about limiting the opportunities for criminals to use criminal property. If there is no criminal property, then there is no money laundering. Client identification is included […]

A white paper has been produced that examines the psychopathology of the white-collar criminal acting as a corporate leader. It looks at the impact of a leader’s behaviour on other employees and the organisational culture developed during his or her reign. the authors propose a 12-step process to explain how an organisation can move from […]

You do not just draw a line under the matter and move on. The SAR can have a variety of consequences, and your business needs to consider them and decide how to manage the client relationship from now on. Some key tips Do not do anything that might tip off the client that a SAR […]

Jersey: The Increasing Importance Of Non-Executive Directors – Recent high-profile judgments and investigations regarding investment fund structures have highlighted some key points to be bourne in mind both by investors and by fund services businesses. The Jersey Financial Services Commission (the “JFSC”) has been publicly flexing its muscles through active participation in Court proceedings and […]