03/21/2021
OFSI updates its guidance on the imposition of monetary penalties
The updated Guidance comes into force on 1 April 2021. Any breaches reported to OFSI after this date will be dealt with under the new guidance.
Legal, Regulation & Compliance
03/21/2021
Financial Conduct Authority refuses to hand over Neil Woodford probe to independent investigator
Wealth manager St James’s Place ended its contract with Woodford to manage three of its funds.
03/21/2021
Supervisory flexibility on RTS 27 reports and 10% depreciation notifications
We are putting in place temporary measures with respect to RTS 27 reports and 10% depreciation notifications while we consult on changes to these requirements later this Spring. These temporary measures will be in place until the end of 2021.
03/21/2021
Financial Regulation: Daily Update
Under the temporary measures, the FCA will not take action against firms who do not produce RTS 27 reports for the rest of 2021
03/21/2021
'Oversight failure': Over 14,000 get £10m compensation over collapse of SIX Scots community banks
The Financial Services Compensation Scheme intervention has come as losses from administrators being unable to claim back loans from customers is expected to total at least £1.9m, it has emerged.
03/21/2021
London galleries issued with money laundering ‘amber alert’ on top artworks
The art market in the UK is $12.7 billion (£9.11 billion), it’s the second biggest in the world and is a relatively high risk area for money laundering because it is a market used to operating with anonymity
03/21/2021
ABN AMRO board of directors block research into claims of money laundering back in 2014
The bank was accused of not reporting suspicious transactions or doing so late and not properly screening its customers for suspicious activity.
03/19/2021
FCA Regulation Round-up: March 2021
This issue covers the hot topic of the upcoming launch of the FCA's new fees portal
03/19/2021
Ireland’s Investment Limited Partnership Reform – The Future Looks Bright
The Act is intended to modernise Ireland’s existing legal framework applicable to regulated investment limited partnerships (ILPs) bringing it in line with comparable partnership vehicles available in other leading fund jurisdictions.
03/19/2021
ESMA sees high risk for investors in non-regulated crypto assetstest
The significant rebound of equity markets and the valuation of debt indices which reached pre-pandemic levels, contrast with weak economic fundamentals.
03/19/2021
Pensions Regulator issues draft guidance on new criminal powers
What it means for restructuring activity
03/19/2021
OneSavings Bank flags £28.6m fraud by corporate customer
OneSavings Bank has delayed its results after discovering potential fraud by one of its corporate customers.
03/19/2021
FCMC fines ABLV Asset Management for breaches of AML/CTPF laws
In deciding on the entering into the administrative agreement and applying the fine, the FCMC noted that ABLV Asset Management, IPAS had acknowledged infringements within the administrative proceedings
03/19/2021
Finma: ZKB and Raiffeisen have improved emergency planning
The watchdog also said it continues to consider the plans of the so called ‘global systemically important banks’ UBS and Credit Suisse feasible.
03/19/2021
Trade-Based Money Laundering: Risk Indicators
The trade-based money laundering: risk indicators supplement this report and will help public and private sector identify possible trade-based money laundering.
03/19/2021
AML: EU blacklisting of Cayman to come next
The EU last year changed the methodology for its list of high-risk third countries that are deemed to have strategic deficiencies in their anti-money laundering and counter-terrorism financing regime.
03/19/2021
Brexit's Impact on UK-Based Charities
In 2018, there were more than 168,000 registered charities in England and Wales.
03/19/2021
Setting up a Company in the Netherlands
Other reasons to set up a company in the Netherlands include the country’s very stable political economy, highly educated workforce, extensive double tax treaties and pragmatic culture.
03/19/2021
When the entrepreneur can return to command: withdrawal from the family agreement
Once the family pact has been signed, the ownership of the shareholdings or the company is transferred to the individuals identified for the continuation of the family business.
03/19/2021
Eleven deals in eleven days for the Cripps corporate team
The transactions took place across London and the South East