Tuesday 16th July 2019
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Comsure operates in:the UK, Jersey, Guernsey

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Canada’s updated AML rules to require crypto exchanges to register as MSBs

The government of Canada has updated its Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) rules, CoinDesk reported. The amendments, which were finalized last month, target cryptocurrency exchanges operating in the country, among other things. The objective of these amendments is to address and close the gaps that exist in Canada’s AML/ATF Regime. According […]

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New licence conditions for casino with money laundering and social responsibility failures

Personal management licence holders at Casino 36 must undertake extra training as part of a £300,000 penalty package for money laundering and social responsibility failures. A Gambling Commission investigation revealed the operator had failed to ensure adequate customer Enhanced Due Diligence (EDD), Source of Funds (SOF) and Source of Wealth (SOW) checks were carried out […]

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Risk-based Approach for Trust and Company Service Providers

Trust and company service providers (TCSPs) are involved in a wide range of services and activities for their clients. These services include: acting as a director or secretary of a company or similar position, providing a registered office or business address for a company, acting as trustees of an express trusts, among others. Not all […]

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JFSC close to issuing its FIRST civil fine for breaches of AML codes

As at writing (28th June 2019), the JFSC has not issued a civil fine – however the JFSC claim to have issued a TCB  with Civil Penalty warning. After issuing the warning, they first wanted a reporting professional to provide an independent report on the state of the TCB systems and controls. The result of the report was a positive […]

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Bermuda fines Estera trust provider over money laundering failures

Speed read Trust and fiduciary services provider Estera has been hit with heavy penalties by the Bermuda Monetary Authority (BMA) after it failed to address anti-money laundering issues in its internal processes. The hefty fine of $500,000 (£400,000; €447,000) relates to the Jersey-headquartered firm’s failure to comply with anti-money laundering and counter-terrorist financing (AML/CTF) legislation […]

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The Guernsey court of appeal reinstate some GFSC’s Enforcement Powers [18th June 2019]

In enforcement cases, the GFSC can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry.  Often, such prohibitions have been time-limited, although the GFSC could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent […]

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Guernsey trust company (Louvre) and its directors (inc a NED) fined (18th June 2019) for AML failures

On 18 June 2019 the Guernsey Financial Services Commission (“the Commission”) announced it has fined Louvre Trust (Guernsey) Limited, Derek Paul Baudains, Jonathan Ross Bachelet, Haidee Louise Stephens, Julian Dai Lane, Charles Peter Gervais Tracy as follows £70,000 on Louvre Trust (Guernsey Limited) (the “Licensee” or the “Firm”) under section 11D of the Financial Services […]

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Should Jersey ask the same questions [as the UK] about its AML and sanction regimes after the EN+ Group issue in 2018?

On the Nov 8, 2018 the Jersey Evening Post (https://jerseyeveningpost.com/news/2018/11/08/trump-sanctions-prompt-exit-of-russian-owned-businesses/) reported a story about Oleg Deripaska, a Russian oligarch and his company SANCTIONS imposed by the Trump administration have caused two Jersey-based businesses owned by one of Russia’s richest men to press ahead with plans to leave the Island. It went on to say “According […]

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