News Archives - ComsureComsure
Saturday 22nd July 2017
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Comsure operates in:the UK, Jersey, Guernsey

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Recent changes to SARs: Managing customer relationships and the issue of de-risking

Regulatory scrutiny and significant fines relating to anti-money laundering (AML) regulation have caused some firms in the market to undertake a process of de-risking. Last year, the FCA published research by John Howell & Co Ltd on the ‘Drivers and Impacts of De-risking’. The report, published on the 24th May 2016, concluded with the view […]

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‘Occupation: Fraudster. Address: Street of 40 Thieves’ — how Italians mocked UK company rules

When alleged mafia money launderer Antonio Righi wanted to do shady deals out of sight, it was to London, not just Naples, that he turned to hide his trail, according to Italian prosecutors. Righi — aka Tonino the Blond — is standing trial over claims that he laundered ill-gotten cash for the feared Camorra crime […]

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The UK trusts register – the impact on non-UK trustees

On 22 June 2017, as one of its first pieces of business, the new UK Parliament enacted the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (The Regulations). The Regulations implement Directive 2015/849/EU, the EU’s “4th Anti-Money Laundering Directive”, and took effect on 26 June 2017. Contained within the Regulations are […]

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Australia a ‘place of choice’ for money laundering due to lack of regulation: ANZ

ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property. Australia’s anti-money laundering […]

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How MiFID II impacts LEIs and entities anywhere in the world including jersey

From 3 January 2018 firms subject to MiFID II transaction reporting obligations will not be able to execute a trade on behalf of a client who is eligible for a Legal Entity Identifier (LEI) and does not have one. It is worth noting although 3 Jan 2108 seems far away it is not and therefore such […]

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Banker admits money laundering

Yeo Jiawei, a former banker serving the longest jail term in Singapore’s 1MDB investigations, admitted to charges including money laundering. Yeo played a role in the transactions involving the fund and made secret profits on the side, prosecutors said. Yeo, who also pleaded guilty to cheating his former employer, agreed to help with Singapore’s money-laundering […]

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Jersey given £20k after fraudster hid assets in island bank accounts

Jersey has been given £20,000 after a Danish fraudster used the island to hide his assets. Bjorn Steidl stole nearly £40 million pounds from various companies, and was sentenced in 1999. Courts in Denmark ordered nearly £8 million be retrieved from his assets. In 2014 it was discovered Steidl held money in bank accounts in […]

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Former banker jailed for 8 years (6+2) for accepting bribes and money laundering

On 20 June 2017, Reuters published an article reporting that a former banker has been jailed for six years for accepting bribes and money laundering by concealing, disguising, converting and transferring criminal property The article states that the individual, who was a banker at the London-based European Bank for Reconstruction and Development (EBRD) at the […]

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