Featured Regulatory Update

Banks have not moved enough staff from London to EU for Brexit: Bundesbank

FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More

EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)

The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and… Read More

Q and A: EU money laundering blacklist explained

The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More
14th February 2019
Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More
14th February 2019
AP — Cyprus has strengthened the eligibility rules for a lucrative “golden passport” program that grants the document to wealthy foreign investors, ruling out applicants who already were turned down by another European Union country with a similar policy, a government official said Wednesday. The EU… Read More
13th February 2019
Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing. Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money… Read More
13th February 2019
Finance ministers from smaller European Union states on Tuesday opposed a plan to limit governments’ power to block EU reforms on tax matters, in a move that further reduces the chances of introducing an EU levy on large digital firms. EU countries with smaller populations have for years blocked efforts… Read More
13th February 2019
The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More
12th February 2019
Senior executives could be jailed for several years if they mismanage workers’ pension schemes under new plans announced by the British government. The move follows efforts to toughen the state’s approach against the abuse of pension funds, following high-profile pension scheme failures such as at retailer BHS and construction firm… Read More
7th February 2019
Fraudulent schemes involving cryptocurrency firms are among the three most commonly reported scams, according to the Financial Conduct Authority (FCA), which also stated that investments scams resulted in over £197 million of reported losses in 2018. The FCA on Wednesday urged investors to be vigilant to the threat posed by… Read More
6th February 2019
The Cayman Islands has been added onto the Netherlands new low-tax jurisdictions list, dubbed blacklist, of 21 jurisdictions considered to be tax havens, as Amsterdam looks to roll out new measures to combat tax avoidance. Companies registered in the jurisdictions on the list face paying 20.5% tax from 2021 on… Read More
6th February 2019
The U.S. Office of Foreign Assets Control (OFAC) recently removed three companies from its Specially Designated Nationals (SDN) List, where they had been each designated under two Executive Orders as part of OFAC’s Ukraine-/Russia-related program. The delisting process for these firms, which was elongated due to the Congressional oversight… Read More
5th February 2019
A key government-appointed inquiry into misconduct and other issues within the Australian banking sector has highlighted a need to reform culture within the industry, and revealed issues of ‘greed’ within industry, where the drive for profit supersedes customer care. In its final report published on Monday, the Royal Commission said… Read More