The Society of Lloyd’s has published a market bulletin (Y4861) in order to provide the market with guidance on developing appropriate and risk-based systems and controls to comply with international sanctions. The guidance is split into three parts, which cover: Compliance – the guidance on compliance is aimed at Lloyd’s managing agents to assist them […]

How small banks manage money laundering and sanctions risk: NOV 2014 Update and report follows the Financial Services Authority’s 2011 report on Bank’s management of high money-laundering risk situations (the 2011 AML review) and the subsequent enforcement action and regulatory guidance. It sets out the findings of our thematic review into how small banks manage […]

It has been reported in The TIMES (UK) today (4 Nov 201) that HSBC is hiring 100 compliance officers a week. It was reported that 1. Stuart Gulliver, the chief executive, revealed that he had hired 1,400 extra people in risk and compliance in the third quarter alone as the bank grapples with conduct issues […]

Even those nations that do have the capacity and resources are often failing to enforce the regulations. Despite the increased scrutiny of the United States and its European allies, the innate weaknesses of the international sanctions regime are evident in the cases of both Nada and Nasreddin. Despite a travel ban and a supposed freeze […]

It has recently been reported (Risk & Compliance Journal, The Wall Street Journal) that the company (Reeds Business Information/Accuity ), which publishes screening database products such as Bankers Almanac, allegedly sold its products to U.K. and U.S.-blacklisted entities in Iran and Syria, according to documents seen by Risk & Compliance Journal. http://on.wsj.com/1x8Zuyk

The EU has enacted new legislation expanding its existing sanctions against Russia. Herbert smith have published a briefing providing an overview of the new measures, namely: an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks; the application of these restrictions to listed Russian companies in the military and oil […]

On the 15th sept the GFSC advised that some amendments by the Council of the European Union to the sanctions measures in place regarding the Territorial Integrity etc. of the Ukraine and the Russian Federation have been published today with immediate effect. These amendments, which have direct effect in the Bailiwick, are as follows; Territorial Integrity […]

Deloitte LLP’s financial advisory unit will pay $10 million and refrain for one year from new business with certain New York banks to settle accusations over its review of money laundering controls at Standard Chartered Bank. Deloitte Financial Advisory Services also agreed to reforms designed to address potential conflicts of interest, the state Department of […]