01/31/2020
Russia puts out arrest warrant for ex-banker in embezzlement case
A spokesperson for Mints said the case appeared to be an attempt to intimidate him and his family.
Legal, Regulation & Compliance
01/31/2020
Netherlands delays beneficial ownership register
Under the original Bill, each corporate or other entity incorporated or founded in the Netherlands must obtain and register information on the persons who ultimately own or control them.
01/31/2020
CBI Enhances Asset Suitability Review for UCITS Applications
The UCITS regime contains various requirements designed to support investor protection, including rules around eligible assets, diversification, liquidity, valuation, risk management, compliance and oversight and safekeeping of assets.
01/30/2020
LIBOR Transition: Litigation Risk Observations on Suite of Documents Published by the Regulators in January 2020
The latest publications build on the warning given by the FCA at the end of 2019 about conduct risks during LIBOR transition and proposed next steps, as discussed in our banking litigation blog post.
01/30/2020
Lloyds Banking Group set to close 56 bank branches
So far, all branch closures have been managed without compulsory redundancies and Accord expects the same outcome here.
01/30/2020
Sharp rise in equity savings accounts in Norway
The transition period enabled shifting existing investments in equities and equity funds into an account without triggering a tax payment on gains.
01/30/2020
AML, KYC and Sanctions Fines for Global Financial Institutions Top $36 Billion Since Financial Crisis
Fines related to AML, KYC and sanctions violations increased in the 15 months since the last Fenergo report by 160% as the ramifications from the global financial crisis bear a significant impact.
01/30/2020
For whom the Brexit bell tolls
Good advice, even if its scope is vague – but how helpful is this going to be in practice?
01/30/2020
Police investigate "several" Latvian non-resident banks
Police have conducted investigations at various Latvian banks associated with the non-resident banking sector, according to unofficial information reported by Latvian Television (LTV) January 29.
01/30/2020
Danske’s EY Auditors Face Disciplinary Action for Failures
Last year the Business Authority reported to police the local operations of Ernst & Young, which was the external auditor on Danske’s 2014 financial report.
01/30/2020
Banque de France Governor: Fintech now at “core” of financial system
France’s fintech scene has somewhat lagged other European countries in terms of development in recent years but has started to gear up more recently.
01/30/2020
Carey Olsen's Russell Clark named Crown Dependencies lawyer of the year for second consecutive time
Russell, who also heads up the trusts and private wealth practice in Guernsey, was shortlisted for the 2020 award alongside nine other private wealth lawyers from Guernsey, Jersey and the Isle of Man.
01/30/2020
International tax reporting changes: Directive on Administrative Cooperation 6 and the Mandatory Disclosure Rules
The regulations require ‘intermediaries’ and, in some circumstances, taxpayers to report details of cross-border arrangements to HMRC
01/30/2020
BoE shies away from insurance cut and prays for sustainable growth - Fidelity comments
The MPC’s decision took place in a moment of added significance - this is the eve of Brexit.
01/29/2020
Prevention of Money Laundering and Terrorist Financing: Identity of beneficial owners
Professionals should keep records of all actions taken to identify the UBOs under point (i), (ii) or (iii) and they should be ready, when requested, to justify the measures they have taken.
01/29/2020
Russian hackers target African banks
The malicious file is downloaded on to a bank employee’s machine and from their Silence waits and observes.
01/29/2020
Brexit: What's next? What investors expect and the crunch dates
The UK will also no longer be covered by trade deals between the EU and third countries unless these agreements have already been rolled over or new deals have been made.
01/29/2020
ABLV bank raided as part of 50-million-euro money laundering investigation
The prosecutor’s office confirmed that at least 20 authorized searches in Latvia and abroad are being carried out in cooperation with law enforcement agencies of other countries in connection with money laundering of at least EUR 50 million.
01/29/2020
Charities secure exemption from new layer of anti-money-laundering regulation
A technical consultation launched this month, which said: “Charitable trusts are not in scope to register because the risk of these kinds of trusts being used for money laundering or terrorist financing activity is low”.
01/29/2020
SFO Internal Guidance on Evaluating a Compliance Programme
The SFO's Operational Handbook is for internal SFO guidance, does not constitute official guidance to third parties and is published in the interests of transparency.