05/01/2019
Money-laundering crisis reshapes Estonia’s relations with non-resident businesses
“E-residents can then conduct business using an EU company that they can run entirely online from anywhere, with minimal costs and hassle.”
Legal, Regulation & Compliance
05/01/2019
European regulators fear Deutsche Bank U.S. stress test failure
Deutsche Bank's future in the United States, where it opened 40 years ago with just 76 employees before expanding rapidly in 1999 by buying Bankers Trust, is already in doubt.
05/01/2019
DNB, Nordnet and Swedbank Robur funds must change names, rules Ethical Committee for Fund Marketing
In its decision, ENF said it had found that the three had failed to implement best practice as defined by the Swedish Investment Fund Association's guidelines for marketing and information.
05/01/2019
FCA launches advice market review amid ‘concerns’
The review will consider whether these initiatives have been successful in achieving their objectives and will look at what consumers want from the market and how the market works to deliver this.
04/30/2019
FCA Announces Cross Border Tests with GFIN, Most Participants are Blockchain Focused
The FCA noted that a high number of applications were from firms with Regtech and cryptoasset related business models.
04/30/2019
Swiss Re to manage Freedom remediation
Under the agreement, Swiss Re, AIA Australia and NobleOak will end Freedom's product development and distribution, and its policy administration agreements.
04/30/2019
FSCS announces its final levy for 2019/20 at £532m
The main reasons for the relatively small increase (£16m) between the forecast levy and the final levy are an uplift in the number of claims expected against SIPP operators and an upwards revision to the expected continuing costs in some historic in
04/30/2019
Brussels vows to pursue probe into Danske Bank
Commission angered by European Banking Authority’s decision to reject own findings
04/30/2019
Thousands of Brits affected by Malta’s pension regulation overhaul
The tougher regulations further enhance client protections, as it is no longer enough for the financial adviser to only be licensed.
04/30/2019
Media partnership with LGBT Great
The collaboration will promote and critically assess LGBT+ inclusion through the distribution of exclusive research content and benchmarking objectives.
04/30/2019
Estera Comes Under One Roof in Guernsey
The move to the 17,600 sq ft offices at Trafalgar Court in St Peter Port, brings together the 100 members of the Guernsey team under one roof.
04/30/2019
KPMG fined £6m and ‘severely reprimanded’ over audit
The Tribunal also made costs orders against all of the Respondents.
04/30/2019
FCA sets out progress and next steps in promoting innovation in financial services
We have also published a number of announcements
04/30/2019
Current vulnerabilities in the global financial system
The report, which includes a discussion of approaches and mechanisms that may enhance the effectiveness and efficiency of international cooperation, will be published and submitted to the June meeting of G20 Finance Ministers and Central Bank Governors.
04/30/2019
FSB publishes peer review on bank resolution planning
The peer review evaluates the implementation by FSB jurisdictions of the resolution planning standard as set out in the Key Attributes and in associated guidance.
04/30/2019
Central Bank slaps €1.24m fine on Canadian banking unit
The regulator said the previous enforcement action was "an aggravating factor" in this case.
04/30/2019
Trump Family Sues Deutsche Bank To Keep Financial Records Secret
The bank hasn’t yet handed over any client-related records to the House committees and will wait for the outcome of the legal proceedings, said the person, asking not to be identified in disclosing internal information.
04/30/2019
Guidance on Guernsey's economic substance requirements published
The Code of Conduct Group were then instructed by the EU Council to undertake a screening process whereby jurisdictions, including Guernsey, were assessed
04/30/2019
The “Troika Laundromat Fraud”: Exposing the weaknesses in UK’s Anti-Money Laundering regime
This chink in the UK’s anti-money laundering armour has the potential to have a detrimental impact on the effectiveness of regulated persons’ customer due diligence capabilities, and therefore on the effectiveness of the UK’s AML regime
04/30/2019
Money Laundering and the Regulations: When to Report ‘Suspicious Activity’
Where a suspicion does arise, a report to the National Crime Agency may be necessary to obtain a defence before handling such property or becoming concerned in such arrangements.