08/24/2021
Key market developments in the Isle of Man
The Isle of Man Government recently passed the Beneficial Ownership (Amendment) Act 2021 which comes into force on 1 September 2021.
Legal, Regulation & Compliance
08/24/2021
Financial Regulation Daily Update
The survey for firms in the temporary permissions regime and supervisory run off regime is also being rerun
08/23/2021
Clifford Chance advises Block.one
Taking into account this transaction, Block.one will hold an interest of approximately 18.2 percent in Northern Data.
08/23/2021
Mortgage adviser wins £23k after dismissal for ‘moaning’
Five days after she inquired about unpaid sick pay to the tune of £726.92, McMahon was fired.
08/23/2021
PFS to pay €500,000 to clean up laundering
Tom Cregan, the EML managing director, said last week that new directors and an independent chairman have been appointed at its Irish subsidiary, although PFS was unable to confirm their identities on Friday.
08/23/2021
Anti-money laundering fines surge as watchdogs impose tougher penalties
Authorities levied $1bn in the first half of 2021, on track to hit last year’s total of $2.2bn
08/23/2021
Financial Regulation: Daily Update
The Financial Services Compensation Scheme (FSCS), under its fraud and scam prevention initiative, has published advice for consumers on protecting their savings and investments.
08/22/2021
Financial Regulation Daily Update
This decision follows on from the FCA's Consultation Paper 21/3 (CP21/3) earlier this year.
08/22/2021
Tools for measuring culture: quality, quantity - or both?
A series of recent publications on the topic provide interesting food for thought on how to tackle those challenges
08/22/2021
Milbank Advises Park Square Capital, SMBC and HayFin
The Milbank team, that advised the lenders on the financial aspects of the transaction
08/22/2021
Disclosure of Beneficial Ownership in 2021 – Italy Perspectives – Alert 4 of the Series
Transposal of EU Beneficial Ownership Regulation into Italian law
08/20/2021
Prepare for the new UK prudential regime
he changes include potentially holding increased regulatory capital (at individual and parent level); additional liquid assets, enhanced regulatory reporting and robust governance frameworks on financial resilience.
08/20/2021
Fines for money laundering breaches total around $930m globally, drop 40% in second pandemic year
It comes despite widespread predictions of an uptick in financial crime during the Covid crisis
08/20/2021
Alleged Italian drugs kingpin linked to stolen Van Goghs arrested in Dubai
Raffaele Imperiale, suspected of buying Van Gogh paintings on black market, considered one of Italy’s most dangerous fugitives
08/20/2021
Isle of Man issues AML guidance tailored for tax advisors and accountants
The new guidance covers the unique money laundering and financing of terrorism risks faced by the sectors and provides further guidance in respect of approaches to customer due diligence.
08/20/2021
Revolut Taps BearingPoint RegTech To Meet Regulatory Reporting for Its UK Bank
In total, three additional modules; UK Statistical Reporting Module, EBA Solo Reporting Modules, and EBA Consolidated Modules are now being added to the solution to meet the requirements imposed by UK regulators with regards to Prudential Regulation Autho
08/20/2021
Law firm Irwin Mitchell reaches 'landmark' £1bn assets under management
Irwin Mitchell’s wealth management team has reached £1bn of assets under management (AUM) this week, the company has announced today.
08/20/2021
Ogier launches ESG Align – a new compliance tool to get fund managers climate ready
ESG Align is designed to elevate managers' understanding of climate-related risk in portfolio management, and provide a useful compliance check against the new SFC requirements.
08/19/2021
Clifford Chance advises on the first ever syndicated factoring programme in Poland
It was the first transaction on the Polish market involving a factoring consortium.
08/19/2021
Swiss Bank Executive Arrested in Mallorca
A spokesman for Ihag confirmed that Rueegg cannot leave Spain due to a U.S. request for legal assistance, and that he had been suspended from his duties at the bank.