On 1 March 2017 the Jersey Financial Services Commission published the final text of its amended Outsourcing Policy. http://bit.ly/2lNMKgL Although many of the principles in the revised Outsourcing Policy are similar to those in the existing Outsourcing Policy, some amendments within the body of the new document and should be considered carefully. IMPORTANT TO NOTE […]

Ulster Bank had ‘unacceptable weaknesses’ in its anti-money-laundering framework Ulster Bank Ireland has been hit with a €3.3 million fine for breaches of anti-money-laundering and terrorist-financing regulations. Regulators said the bank had admitted the breaches, which occurred over a six-year period, and said the incidents highlighted “significant failings” in the company’s procedures. Under the Criminal […]

The Central Bank has reprimanded Ulster Bank Ireland and announced fines of more than €3.3m. A Central Bank investigation found the bank had had left itself vulnerable to money-laundering and terrorist financing. The fines are in respect of anti-money laundering and terrorist financing failures, under the Criminal Justice Act. The Central Bank’s investigation identified eight […]

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. http://www.fca.org.uk/static/fca/article-type/news/fg16-5.pdf When the FCA talks about the cloud, it is referring to the full range of cloud solutions which have evolved (such […]

Summary The recent financial penalty imposed on R. Raphael & Sons Plc (“Raphaels”) by the Prudential Regulatory Authority (“PRA”) underlines the importance of having proper and formalised outsourcing arrangements in place with service providers (even where these are intra-group). Although authorised financial institutions may outsource important operational functions, the responsibility to comply with regulation will […]

The FCA has published proposed guidance on its rules relating to outsourcing to the cloud and other third-party IT services (Guidance Consultation 15/06). The guidance sets out areas of interest for firms to consider in outsourcing, namely: legal and regulatory considerations; risk management; international standards; oversight of the service provider; data security; the Data Protection […]

When banks outsource the delivery of critical banking services to suppliers they are required to adhere to a number of regulatory obligations and must obtain notify the FCA before implementing those arrangements. In its paper containing its checklist of things banks should give consideration to when thinking about entering into critical technology outsourcing agreements (6-page […]

The Financial Conduct Authority (FCA) has published the results of its thematic review of delegated authority arrangements in the general insurance market click here http://bit.ly/1G9Ggwg The review revealed that some firms do not treat their delegated authority arrangements as outsourcing, or have not adequately considered their regulatory obligations in relation to the outsourced functions. The FCA […]