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Friday 23rd February 2018
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Comsure operates in:the UK, Jersey, Guernsey

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GROUP-WIDE AML/CTF COMPLIANCE: NEW OBLIGATIONS FOR FIRMS WITH OVERSEAS BRANCHES AND SUBSIDIARIES?

In December 2017, the European Supervisory Authorities published a Report on draft Joint Regulatory Technical Standards (“RTS“) on the measures that credit and financial institutions should take to manage money laundering risk in their non-EU overseas branches and subsidiaries. The RTS focusses on the measures that EU firms must adopt when local law prevents their branches […]

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Bulgaria to pass EU anti money laundering act

The Bulgarian Parliament is about to pass the Measures Against Money Laundering Act (the “Bill”) mandated by the EU’s 4th Anti-Money Laundering Directive, No. 2015/849 (4th AMLD) of 26 June 2015.  Approved on its first hearing on 6 October 2017, the Bill will repeal and replace existing anti-money laundering legislation. Currently going through its second […]

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Honduran lawyer gets 14 months in U.S. money laundering case

A Honduran lawyer who once worked for a company owned by a powerful political family in the Central American country was sentenced in Manhattan to 14 months in prison on Friday after he pleaded guilty to laundering drug money. U.S. District Judge John Koeltl said Andres Acosta Garcia’s sentence, less than the 41 to 51 […]

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Ship that took Russian fuel to North Korea hit by U.S. sanctions

The United States has imposed sanctions on a vessel that Reuters revealed last year was delivering oil products from Russia to North Korea. The vessel, the Kum Un San, was one of eight vessels which Reuters found had left Russia with cargoes of fuel headed for North Korea despite declaring other destinations. U.S. officials say […]

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Facebook makes privacy push ahead of strict EU law

Facebook said on Monday it was publishing its privacy principles for the first time and rolling out educational videos to help users control who has access to their information, as it prepares for the start of a tough new EU data protection law. The videos will show users how to manage the data that Facebook […]

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GDPR and Privacy notices and some immediate steps

INTRO One of the most noticeable changes that organisations will see in their day-to-day handling of personal data is the new requirement to provide ‘privacy notices’. Where the data controller obtains the personal data directly from the data subject, the data controller will need to provide the notice at the time the personal data is […]

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JFSC issues Examination Guide

The Jersey Financial Services Commission (JFSC) has published its Supervision Examination Guide which is linked below. https://www.jerseyfsc.org/media/1684/jfsc-examination-visit-guide-jan-2018.pdf 

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Business fraud in the UK hits 15-year high

Fraud in the UK hit its highest level in 15 years in 2017, according to a new analysis, with financial services frauds quadrupling year-on-year. The total value of large reported frauds reached £2.11bn during the last year, according to accountants BDO. The research found a total of 577 cases in 2017, almost triple the 212 […]

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