24th August 2017
The number of senior managers in financial services firms who could be held personally responsible for misconduct has increased to 72,000, according to new research from law firm Cleveland & Co. This comes after City watchdog the Financial Conduct Authority announced it would broaden the scope of the Senior Managers… Read More
23rd August 2017
Theresa May has insisted the jurisdiction of the European Court of Justice in the UK will come to an end with Brexit. As the government published new details of its position, the PM said the UK would ‘take back control of our laws;’ but critics say it will be… Read More
22nd August 2017
Business leaders are concerned over potential declining profits once the Anti-Money Laundering and Terrorism Financing Law is enforced. The construction and real estate sector fear a likely decline in economic activity, while industrialists see a negative impact on drawing investments by businesses across the country. Read More
22nd August 2017
President Jacob Zuma signed the Financial Sector Regulation Act, 2017 into law, the Presidency said on Monday. “The Act establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to provide them with a range of supervisory… Read More
21st August 2017
A money laundering probe at Commonwealth Bank of Australia is the latest in a slew of scandals denting the reputation of Australian banks as simple, reliable lenders at the forefront in the battle against financial crime. Australian banks have lagged their global peers in both their spending and their approach… Read More
18th August 2017
https://www.ftadviser.com/regulation/2017/08/17/fca-stops-200-trading-firms-over-basic-requirements/ Read More
18th August 2017
Australia’s money-laundering regulator has found no breaches similar to those of the country’s biggest mortgage lender, Commonwealth Bank of Australia, at other major banks, after a check of their systems, a top official said on Friday. Financial intelligence agency AUSTRAC this month launched a civil lawsuit against CBA – Australia’s… Read More
18th August 2017
Disobeying summons issued by an investigating agency under the money laundering law amounts to a criminal offence, the Supreme Court said on Thursday. The apex court’s order came as it set aside a Karnataka High Court order which had held that disobedience of summons for appearance did not amount to… Read More
17th August 2017
Australia announced a bill on Thursday to strengthen its money laundering laws, including bringing bitcoin providers under the remit of AUSTRAC, the government’s financial intelligence unit. This would be the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act, Minister of Justice Michael Keenan… Read More
15th August 2017
Malta’s finance ministry has committed itself to passing the fourth EU anti-money laundering directive through parliament after the summer recess. The EU Commission some weeks ago penned a letter to the government asking why it failed to transpose the fourth anti-money laundering directive – aimed at making it harder for… Read More