02/25/2021
World auditors voice concern at access to Cyprus cash-for-passport scheme records
Before that, authorities had defended the initiative, which was popular with Russians, Ukrainians, Chinese and Cambodians.
Legal, Regulation & Compliance
02/25/2021
Guernsey’s fast track pre-authorisations expected to help boost captive formations in 2021
A captive can go ahead with changes to retentions, changes to reinsurance, to fronting arrangements, they can add new lines of business and they can do that without needing to provide any notification or await any approval from the Commission.
02/25/2021
FCA censures Premier FX for payment rule breaches
In doing so, Premier FX seriously misled its customers about the services it was authorised to provide and how it held customers’ money.
02/25/2021
Withers wins Swiss Estate Planning Team of the Year Award
The awards recognise firms working in Switzerland’s wealth management and advisory fields, and are judged by a panel of leading professionals working in these industries.
02/24/2021
Fideuram Intesa Sanpaolo Private Banking: Agreement For State Street To Serve As Depositary Bank And Fund Administrator
The completion of the transaction, which is conditional on the necessary authorizations from the competent authorities, is expected by the end of June 2021.
02/24/2021
Financial Regulation: Daily Update
The FCA emphasises that the fair treatment of vulnerable customers should be embedded as part of a firm's healthy culture.
02/24/2021
How the EU is catching up to the U.K. in open banking adoption
TrueLayer raised $25 million in September 2020, PayPal Ventures put £9 million into Modulr in November 2020, Tink raised €85 million in December 2020, and Token raised $15 million in January 2021.
02/24/2021
Ex-Privatbank CEO Named as Suspect in $5.5 Billion Fraud Case
Zelenskiy has vowed to claw back the state’s rescue funds -- something foreign donors including the International Monetary Fund also want
02/24/2021
FCA launches guidance for firms on the fair treatment of vulnerable customers
Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers.
02/24/2021
FCA returns £3.4m to Ucis victims
The schemes raised more than £15m from 1,000 individual accounts.
02/23/2021
HMRC loses appeal against TV presenter in IR35 case
According to some commentators, this case could now provide comfort to other media-based freelancers who are currently on HMRC’s radar.
02/23/2021
EBA calls on national authorities to take supervisory actions for the removal of obstacles to account access under the Payment Services Directive
The Opinion sets out the EBA’s expectations on the actions NCAs should take to ensure that remaining obstacles are removed from the interfaces of account servicing payment service providers (ASPSPs).
02/23/2021
Rewriting the narrative of Malta’s enforcement against AML practices
In order to be sanctioned, these individuals must have been found to be responsible (thus who have caused or contributed to) for AML/CFT breaches committed by that subject person.
02/23/2021
FCA vulnerability guidance a big step in the right direction
It is not a problem that is going away, and therefore it is imperative to have comprehensive guidance from the regulator on how companies in the financial services sector should recognise and deal with vulnerable customers.
02/23/2021
Luxembourg digitalises the AML/CFT Market Entry Form (Funds and IFM)
The Form must be initiated and submitted by the compliance officer in charge of the control of compliance with the professional obligations of the Fund respectively the IFM, or by the person responsible for compliance with the professional obligations.
02/23/2021
PRI's new reporting framework – are you ready?
It is compulsory for signatories to report on their responsible investment (RI) activities annually
02/23/2021
Broken regulation has crushed adviser morale: Pimfa
This has been a core theme throughout the pandemic, Field said, and she said she expected it to continue as businesses continue to "put people before profit" during the pandemic.
02/23/2021
Budget 2021: Considering the changing landscape of tax compliance and enforcement
Promoters of tax avoidance schemes: Further measures to reduce the scope for promoters to market tax avoidance schemes.
02/22/2021
Financial Regulation: Daily Update
The UK Government (UKG) has welcomed the European Commission's draft data adequacy decisions under the EU General Data Protection Regulation (EU GDPR) and the Law Enforcement Directive (LED).
02/22/2021
IFAs left in 'limbo' as banks deny business accounts
Yvonne Cooper, director of IWMC, said the firm had banked with Barclays for more than 20 years.