- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Fimbank fined €168,943 for ‘serious’ anti-money laundering failures

FIAU says remedial action being undertaken by bank at the time of review

Third supervisory organisation authorised by Finma

Two other supervisory organisations were granted licences in July.

German police launch raids in Russia money laundering probe

The bank allegedly maintained a network of offshore firms with accounts in the Baltic region.

Upper Tribunal confirms £1 million VAT bill for essay-writing provider

HMRC took the view that All Answers sold the essay-writing service as principal and was therefore liable to account for output tax on the full fee charged to students.

Europe's dividend ban hurts bank investors. These shares are most impacted

Market participants warn the move could starve investors of a key revenue source, and that a blanket ban could unnecessarily punish better-capitalized banks, pushing up cost of capital.

Over 100 advice firms currently under investigation

UK regulator says that cases are not ‘solely confined to concerns about potential misconduct’

FCA: Letter from Interim Chief Executive to senior partners and directors of audit firms on reporting obligations

The BoE will enable enhanced data to be sent and received during the first half of 2023

SRB publishes guidance documents for the bail-in operationalisation

The documents are not a new set of SRB policies, but rather a guide to help banks ensure the required preparation for bail-in application during the resolution planning phase and to fulfil the SRB Expectations for Banks, which is to ensure resolvability.

Dirty money law to give State power to seize luxury assets without criminal conviction

Law will empower Asset Recovery Bureau to confiscate assets acquired through criminal means without criminal conviction

Police recover £3m after wealth manager boss’ Ponzi-scheme

The case was referred to the police by the FCA after the regulator became suspicious of HBFS’ bank accounts.

Business as usual for Covid-free Guernsey

We frequently state that Guernsey is a great place to live and to do business.

Liechtenstein’s Union Bank decides to liquidate

Media reports have linked the bank to criminal activity.

Barclays probed by privacy watchdog over reports of spying on staff

The UK’s data and privacy watchdog said a formal probe is ongoing, but could not say when it may conclude.

HMRC investigating 246 players and 55 agents over tax avoidance with image rights

World class footballers and top agents are being probed by HMRC regarding image rights deals used to avoid tax, and the number being investigated has soared since 2019

UK financial advice firm fails

Lifeboat service has received ‘around 100 claims for compensation’

Banks braced as pandemic poses biggest test since financial crisis

Provisions for loan losses are at the highest in a decade as lenders prepare for large-scale company bankruptcies

Finnish insurer Sampo backs Pension Super Fund

PSF is the brainchild of Edi Truell, the financier who ran Duke Street Capital in the 1990s, founded Pension Corporation and went on to advise Boris Johnson on pensions when he was the mayor of London.

Euro area bank bailout policies after the global financial crisis sowed seeds of the next crisis

These results have potential implications for the ongoing COVID-19 pandemic as, if the economic situation further deterioriates, banking sector stability is likely to be adversely affected.

Wolfsberg Group Issues Guidance on Source-of-Wealth, Source-of-Funds Checks

In line with regulatory expectations, FIs should adopt a risk based approach with respect to the amount of information collected, and corroboration required, for SoW/SoF purposes.

EFAMA calls for urgent PRIIPS review and extension of the UCITS exemption

To avoid further confusion among investors and preserve the worldwide reputation of the UCITS framework

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