….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 […]

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 […]

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 […]

The Guernsey Financial Services Commission (the “Commission”) is consulting with financial services businesses on a proposed corporate governance code (the “Code”). The Code comprises a set of outcomes, best practice provisions, guidance and a “comply or explain” methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission’s current […]

The Guernsey Financial Services Commission has published the final draft of new Capital Adequacy Rules, mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The release of the Rules in the their final form is culmination of a November 2009 consultation. The Capital Adequacy Rules will become effective on […]

The Bribery Act has been introduced as a result of pressure to reform the law regarding bribery and corruption in the UK as the current law is out of date, ineffective and not suitable for the modern global economy. The purpose of the proposed legislation is to simplify the law on bribery and to allow […]