When assessing anti-money laundering risk and exposure, global financial institutions should be mindful of the complex landscape and assertions of broad authority by U.S. authorities and banking regulators. U.S. banking regulators, in conjunction with U.S. criminal and civil authorities, have traditionally pursued anti-money laundering and sanctions enforcement cases against multinational banks in relation to conduct […]

It has come to our attention that the International Consortium of Investigative Journalists (ICIJ), in partnership with l’Express, a local newspaper, has released a report on Mauritius (‘Mauritius Leaks’) on July 23, 2019. By the ICIJ’s own admission, their so-called “investigation” has been based on a USB key that was handed over to them anonymously. […]

17 July 2019 Financial Services (Jersey) Law 1998, as amended (the FS(J)L) Code of Practice for Fund Services Business and Code of Practice for Trust Company Business (together, the Codes) 1 Action 1.1 The Jersey Financial Services Commission (JFSC) issues this public statement pursuant to Article 25(ba) of the FS(J)L. 1.2 The JFSC’s actions support […]

Whilst its relevance becomes more and more acute to the point where it is now seen as a business essential, for some reason, Cyber insurance remains shrouded in mystery. The ongoing Mondelez case relating to losses incurred as a result of the 2017 NotPetya attacks    shines a spotlight on the collateral fallout of what appeared to […]

The Law Commission published its Anti-money laundering: the SARs regime report on 18 June. The report reviews and makes recommendations for the improvement of the consent regime in Part 7 of the Proceeds of Crime Act 2002 (POCA) and Part 3 of the Terrorism Act 2000. The report identifies the high volume of low-quality suspicious […]

A former director of a trust company is suing the GFSC for £7.4million, claiming it allegedly breached his human rights during an investigation it carried out in to his conduct when working in financial services. Alan Chick was sanctioned by the Guernsey Financial Services Commission in 2018 because it found he had breached regulations people […]

The Financial Conduct Authority (FCA) has today fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately […]

A Jersey trust firm [Volaw Trust and Corporate Services] will have to hand over documents relating to its dealings with a Norwegian oil baron as part of a probe into suspected fraud, after the Attorney General won a landmark battle. The decision – handed down this week by the Privy Council, Jersey’s highest court of […]