Anticipating a U.K. financial-services regulation that could require banks to record the mobile-phone conversations of their traders and sales personnel, British mobile operators are introducing services that allow corporate clients to record and retain communications on work-issued cellphones. Telecommunications giant Vodafone Group PLC on Thursday formally rolled out a recording service for clients in Western […]

The affairs of the Indian Premier League have become the subject of a government inquiry in the country amid parliamentary allegations of money-laundering through the competition. Transcripts of a debate in the Indian parliament’s lower house, the Lok Sabha, today show that Pranab Mukherjee, India’s finance minister, confirmed that an inquest into cricket’s richest competition […]

GFSC Consultation Paper on Amendments to Regulatory and AML/CFT Legislation – Interested parties are asked to provide comments in writing to the Policy and International Affairs Division of the Commission by the close of business on 21 May 2010. On-site inspection provisions in the Site Visits Ordinance and the insurance laws – The Site Visits […]

Ex-RBS boss jailed for fraud – Terrance Thackrah diverted commission meant for brokers. Former RBS Insurance exec Terrance Thackrah (58) has been jailed for six years for a £1.1m fraud that diverted commission payments to brokers into his own accounts, the Express reports. Thackrah bought a four-bedroomed detached villa with its own pool in northern […]

On the 20th April 2010 the FSA issued a statement on Goldman Sachs International – the short statement stated Following preliminary investigations the FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. The FSA will be liaising closely with the SEC in this review. http://www.fsa.gov.uk/pages/Library/Communication/Statements/2010/goldman_sachs.shtml […]

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 […]

The Financial Services Authority said on Monday it was looking into US fraud charges against Goldman Sachs after Prime Minister Gordon Brown, accusing the bank of “moral brankruptcy”, urged a probe. “As you would expect the FSA is investigating the circumstances of this case and whether there are any implications for the UK regulated entities […]

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 […]