08/12/2020
UCITS can no longer invest in loans
This new position is the result of a detailed eligibility assessment of loans by the CSSF, and reflects discussions held at ESMA level as well as the regulatory practices of other EU Member States.
Legal, Regulation & Compliance
08/12/2020
Fimbank fined €168,943 for ‘serious’ anti-money laundering failures
FIAU says remedial action being undertaken by bank at the time of review
08/12/2020
Third supervisory organisation authorised by Finma
Two other supervisory organisations were granted licences in July.
08/12/2020
German police launch raids in Russia money laundering probe
The bank allegedly maintained a network of offshore firms with accounts in the Baltic region.
08/12/2020
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.
08/12/2020
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.
08/11/2020
Over 100 advice firms currently under investigation
UK regulator says that cases are not ‘solely confined to concerns about potential misconduct’
08/11/2020
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
08/11/2020
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.
08/11/2020
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
08/11/2020
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.
08/11/2020
Business as usual for Covid-free Guernsey
We frequently state that Guernsey is a great place to live and to do business.
08/11/2020
Liechtenstein’s Union Bank decides to liquidate
Media reports have linked the bank to criminal activity.
08/10/2020
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.
08/10/2020
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
08/10/2020
UK financial advice firm fails
Lifeboat service has received ‘around 100 claims for compensation’
08/10/2020
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
08/10/2020
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.
08/10/2020
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.
08/10/2020
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.