News Archives - ComsureComsure
Sunday 22nd April 2018
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Comsure operates in:the UK, Jersey, Guernsey

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Wolfsberg Group issues country risk assessment FAQs

  The Wolfsberg Group, a nongovernmental association of thirteen global banks, published a Frequently Asked Questions (FAQs) update on how to manage country risk in the context of financial crime compliance. As part of the risk-based approach, financial institutions are required to consider not only the financial crime risk related to the customer and the […]

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UBOs and significant control – what does this mean in PSC regime?

Since 2016, most companies have been required to keep a register of people with significant control over the company. The purpose of this requirement is to make the ownership and control of companies more transparent and to prevent money laundering and tax evasion. It applies to all UK companies, apart from those listed on the […]

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The first contested “failure to prevent” case

  The first contested “failure to prevent” case, in which a company sought to rely on having adequate procedures in place, concluded with Skansen Interiors, a British refurbishment company, being found guilty.   Skansen Interiors Limited, now a dormant office interiors contractor, self-reported to the UK National Crime Agency that its former managing director had […]

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Guernsey – the Richmond Fiduciary Group Limited is fined £45,500.00 by GFSC – Jersey cos watch out!!

The following news update is about a regulatory action in Guernsey. On the 12th April 2018, the GFSC published a General, Public Statements and its regulatory action (including a fine) against the Richmond Fiduciary Group Limited Although this is Guernsey, there are lessons to be learnt for Jersey firms.  Also, please remember the JFSC to […]

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CHARGED WITH SIX COUNTS OF SANCTIONS EVASION BEFORE A MANHATTAN COURT.

  Ali Sadr Hashemi Nejad, an Iranian national and former chairman of the Maltese Pilatus Bank, was arrested and charged with six counts of sanctions evasion before a Manhattan court. His family allegedly controlled an Iranian conglomerate called Stratus Group. Its purported subsidiary Iranian International Housing Corporation allegedly entered into a USD 476 million contract […]

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HSBC assist in spotting USD 500 million embezzlement in Angola (not sure what Credit Suisse or Standard Chartered did?) Angolan authorities charged Jose Filomeno dos Santos (Zenu), the son of the former long-time president Eduardo dos Santos, and Valter Filipe da Silva, a former governor of Angola’s central bank, with embezzling USD 500 million. His […]

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Jersey, Russian sanction and some background

Content: The JEP Story OFAC and what happened last Friday? Sanctions and US law Why regulated business should take this seriously Closing thoughts Ask any questions The JEP Story The US Treasury has applied strict penalties, including asset freezes and a ban on dealing with American citizens, against seven Russian oligarchs, 12 companies they own […]

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CHANNEL ISLAND TRUSTEES – HOW TO RESPOND TO PSC NOTICES Comsure thought you might be interested in a Pinel Advocates briefing note (link at the bottom of page) that provides an outline on how to respond to requests and how to consider changing a trust instrument if a PSC wishes not to be disclosed. The […]

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