11/14/2018
Danske Scandal Could Involve US Banks
Danske Bank, Denmark’s largest bank, is being investigated over what has been termed “massive money laundering flows” from Russia and several former Soviet states.
Legal, Regulation & Compliance
11/13/2018
The temporary permissions regime for inbound passporting EEA firms and funds – our approach
The temporary permissions regime will enable relevant firms and funds which passport into the UK to continue operating in the UK if the passporting regime falls away abruptly when the UK leaves the EU.
11/13/2018
ECB publishes final guides for banks on their capital and liquidity management
Banks are expected to assess the risks they face and, in a forward-looking manner, ensure that all material risks are identified, effectively managed and covered by adequate capital and liquidity levels at all times.
11/13/2018
Supreme Court Rules Against Barnardo's Switching to CPI
Barnardo's submissions were unanimously refused by the Supreme Court
11/13/2018
Rabobank explores sale of U.S. retail, wealth operations: sources
The sources said that the business up for sale is part of Rabobank N.A., the California-based unit of the bank
11/13/2018
Financial services legislation under the EU (Withdrawal) Act 2018
HM Treasury’s programme of secondary legislation to ensure that the UK continues to have a functioning financial services regulatory regime in all scenarios, when the UK leaves the EU in March 2019.
11/13/2018
Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018
Draft text of a statutory instrument, which will make amendments to anti-money laundering law (the Money Laundering Regulations 2017; EU Funds Transfer Regulation; and Oversight of Professional Body AML Supervision Regulations 2017), to be laid under the
11/12/2018
Wells Fargo reportedly ends investigation of gender bias in wealth management unit
Wealth management head Jay Welker, a focus of many complaints, announced plans to retire on Tuesday
11/12/2018
How Goldman’s high-flying Italian partner was embroiled in scandal
Andrea Vella was placed on leave by the bank after being caught up in the 1MDB affair
11/12/2018
Europe’s third largest insurance company turns away from coal
It is not just a matter of securing the survival of our planet, but of the insurance industry as well.
11/12/2018
Billions lost in cash crackdown on money laundering
In recent months, there have been stories of people who have closed their accounts rather than go through the hassle, while others had to endure the third degree from compliance officers.
11/12/2018
Football’s super-rich play the game by their own rules
The Football Leaks revelations show how little the views of fans and regulators matter
11/12/2018
FCA bans on the rise amid conduct crack-down
The firm warned that as the remit of the watchdog’s senior managers regime expands next year, the industry should expect more exclusions.
11/12/2018
Cyprus: New guidelines on shell companies improves anti-money laundering practices
Not defined as shell companies are holding companies of entities engaged in legitimate businesses and that have identifiable ultimate beneficial owners.
11/12/2018
Amundi to cut 55 cross-border retail funds
Asset manager’s acquisition of Pioneer Investments the ‘main driver’ for streamlining the range
11/12/2018
Regulators are taking a tough stance on golden visas
As demand for residency or citizenship in EU member states grows, the golden visa schemes are under intense scrutiny from regulators for making it too easy for organized crime figures, tax-evaders, and people whose wealth cannot be easily explained to ge
11/12/2018
Malta’s financial services reputation under fire
Customers and businesses threaten to turn their backs on the island amid Satabank sanctions
11/11/2018
Strengthening accountability: implementing the extension of the SM&CR to insurers (Part 2)
The FCA’s final rules for the implementation of the SM&CR for insurers can be found in FCA Handbook Notice 58.
11/11/2018
Consumers' access to financial services inquiry launched
The Committee will scrutinise whether certain groups of consumers are excluded from obtaining a basic level of service from financial services providers.
11/11/2018
ESMA launches call for evidence on periodic auctions for equity instruments
ESMA, following the first suspensions under the double volume cap mechanism, has been approached by stakeholders raising concerns that frequent batch auctions may be used to circumvent the DVC.