17th May 2016
The idea that a “fifth pillar” of Anti-Money Laundering (“AML”) compliance – customer due diligence requiring U.S. banks, broker-dealers, mutual funds, commodity futures merchants, and introducing brokers (“covered financial institutions”) to identify and verify beneficial owners – would, at some point, augment the long-standing four-pillared foundation of AML compliance has been in the air for a number of years. Covered financial institutions have been aware of its imminence since March 2012 when the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued the Advanced Notice of Proposed Rulemaking concerning customer due diligence. Read More
13th May 2016
The review of the Anti-Money Laundering and Counter Terrorism Financing Act advocates making the Act simpler and more principles-based, and the AML/CTF Rules rationalised and more user-friendly. Read More
11th May 2016
The “Mauritius route”, which has long bedevilled India’s attempts to chase down black money and to introduce greater transparency into its financial sector, is finally set to become history. Read More
10th May 2016
The Isle of Man Financial Services Authority has been notified that the Isle of Man Treasury has recently published new and updated information regarding sanction regimes relating to Libya North, Korea, Iran, ISIL (Da’esh) and Al Qaida and Terrorism and Terrorist Financing. Read More
Greg Brandman, partner and Head of Contentious Regulatory work in Eversheds’ Financial Services, Investigations and Disputes team, and Shobi Galassi, Eversheds associate, consider Parliament’s revisions to the new conduct rules regime for senior managers, and discuss whether these signify a genuine shift in the balance of risk. Read More
29th April 2016
Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings. Read More
29th April 2016
Australia’s financial intelligence agency, AUSTRAC, today welcomed recommendations to simplify and modernise legislation to protect our economy from serious and organised crime and terrorism financing. Read More
28th April 2016
The FMA must increasingly deal with new financial technologies. Along with more detailed and more extensive regulations and specialized business models of new market participants, supervisory work is becoming more and more complex. Read More
28th April 2016
The Isle of Man Financial Services Authority has today issued a public consultation on the draft Financial Services Rule Book 2016, which we intend will replace the current Rule Book on 1 January 2017. Read More
28th April 2016
This Notice is issued further to the addition of five natural persons to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Read More