Compliance: Standard Chartered deferred prosecution agreements extended, again
14th January 2019
Compliance: Standard Chartered deferred prosecution agreements extended, again
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
UK appoints former Deloitte exec as new Tax Director
14th January 2019
UK appoints former Deloitte exec as new Tax Director
The United Kingdom has announced the new appointment of Bill Dodwell as Tax Director of the Office of Tax Simplification (OTS). As part of his portfolio, Dodwell will provide’ expert advice, guidance and direction’ to the OTS and its Board as a Non-Executive Member, the Treasury department said. OTS… Read More
Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June
11th January 2019
Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June
Germany’s financial markets watchdog is requiring Deutsche Bank to re-examine the files of about 20,000 risky clients by the end of June as part of its “know your customer” process, a person familiar with the matter said on Wednesday. Deutsche Bank has come under fire for weaknesses in its procedures… Read More
US: Sanctions for TV mogul, Venezuelan firms over $2 billion scam
10th January 2019
US: Sanctions for TV mogul, Venezuelan firms over $2 billion scam
The US has imposed sanctions on the owner of a TV station, former Venezuelan government officials and other companies it says were part of a bribery and currency exchange scheme that generated over $2.4 billion in corrupt proceeds. Venezuelan officials plundered funds from the government through conducting illegal foreign… Read More
Anti-money laundering analysis: UK FCA and EU blacklists update
10th January 2019
Anti-money laundering analysis: UK FCA and EU blacklists update
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More
Iran approves anti-money laundering bill to ease foreign trade
7th January 2019
Iran approves anti-money laundering bill to ease foreign trade
A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions. Iran has been trying to implement standards set by the Financial… Read More
EU renews sanctions against Russia
7th January 2019
EU renews sanctions against Russia
The European Union has extended its economic sanctions targeting specific sectors of the Russian economy until 31 July 2019, citing a lack of progress in implementing an agreement over Moscow’s conflict with Ukraine. The measures, which target the financial, energy and defence sectors, and the area of dual-use goods, were… Read More
Switzerland relaxes anti-money laundering due diligence rules for small fintech firms
4th January 2019
Switzerland relaxes anti-money laundering due diligence rules for small fintech firms
Swiss financial regulator FINMA has introduced a relaxed anti-money laundering regime for smaller financial technology firms as it looks to promote innovation. The companies will still be subject to the Anti-Money Laundering Act, under the new licensing category – known as the FinTech licence – in Article 1b of the… Read More
Montenegro launches scheme offering citizenship for investment
4th January 2019
Montenegro launches scheme offering citizenship for investment
Montenegro has launched a programme offering citizenship to up to 2,000 foreigners in return for investment over the next three years to help speed up its economic development, the government said on Thursday. A passport from Montenegro, an Adriatic country with a population of 620,000 which has joined NATO and… Read More
Regulation: UK’s position on Gibraltar after Brexit
3rd January 2019
Regulation: UK’s position on Gibraltar after Brexit
On the day the United Kingdom leaves the European Union, it will be looking to preserve its current regulatory position on Gibraltar within the Financial Conduct Authority’s (FCA) handbook, the watchdog said. The announcement is in line with the UK’s position that Gibraltar financial services firms should, until December 2020,… Read More
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