The Financial Services Authority risks putting itself in the firing line for company failures by taking more responsibility for vetting directors, the Chartered Institute for Securities & Investment warned. CISI said on Thursday that the watchdog would struggle to assess boards and that by taking responsibility it risked its reputation if directors led companies into […]

….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 […]

Nicola Boulton is one of the founding partners of Byrne & Partners and specialises in fraud and financial services and commodities litigation. She is a member of the Law Society’s Money Laundering Taskforce. As soon as the proceeds of crime become an issue, solicitors have to think carefully about what they can tell their clients. […]

Launderers in the news – http://www.lawsociety.org.uk/newsandevents/news/view=newsarticle.law?NEWSID=427051 Property salesman admits almost £4m money laundering offences – Devon A semi-retired property salesman has admitted £4m in money laundering offences after he was caught trying to smuggle nearly £60,000 in cash out of the country in his underpants. The man was being monitored by the authorities as he […]

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 […]

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 […]

FSA’s corporate governance framework and intensive supervisory approach – Corporate governance is currently high on the FSA’s radar and it is clear that issues relating to corporate governance are a key component of the FSA’s new intensive supervisory approach. This briefing discusses some of the recent regulatory proposals relating to corporate governance, notably those found […]

Identifying regulatory misconduct within the finance industry is an important function of the Commission. The Commission has introduced an anonymous and untraceable whistleblowing telephone line to assist in the collection of information to identify regulatory misconduct. All calls made to the whistleblowing line will be regarded as intelligence to assist the Commission in the exercise […]