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

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‘Sloppy, lazy and careless’: tribunal raps ex-compliance officer

A former law firm compliance and money laundering reporting officer has been fined £10,000 for the way he handled five conveyancing transactions. A judgment from the Solicitors Disciplinary Tribunal said the case should serve as a warning to lawyers to ensure they ‘discharge’ their senior duties. Anthony Gale, former partner at Yorkshire firm Maurice Smiths […]

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The JFSC have issue their Supervisory Thematic Programme for 2019.

By way of background “Thematic examinations” allows the JFSC to better understand particular thematic risks that cut across a range of firms in a specific sector or affect a sector as a whole.  In conductiong these thematic reviews the JFSC, address thematic risks using a range of tools including questionnaires, on-site visits and guidance. For […]

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Cayman and MLROs, DMMLROs and COs

On 13th December 2017, new and far-reaching Anti-Money Laundering (AML) Regulation came into effect. The changes in the AML regulations affect financial businesses domiciled in the Cayman Islands. The entities that fall into scope are all entities that are otherwise investing, lending, administering or managing funds or money on behalf of other persons (this includes […]

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FEDERAL COURT: FORMER MONEYGRAM COMPLIANCE CHIEF PERSONALLY LIABLE FOR AML FAILURES

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has the power to punish compliance officers and other individuals for their company’s anti-money laundering control failures under the Bank Secrecy Act, a U.S. District Court in Minnesota ruled last week. The case involved a $1 million fine FinCEN imposed in December 2014 against the former chief […]

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Hong Kong SFC bans former CEO of securities company for 12 months over internal control failures

The Hong Kong Securities and Futures Commission (SFC) has banned Mr He Zhi Hua, former chief executive officer of Ping An of China Securities (Hong Kong) Company Limited (Ping An), for 12 months from any regulated activities due to his role in contributing to serious internal control deficiencies and other matters at Ping An between […]

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Lawyers “perfect storm” on money laundering as SRA uncovers “genuinely shocking” money laundering by law firms!!!

Some “genuinely shocking” cases of money laundering by law firms are currently going through the disciplinary system, a senior manager at the Solicitors Regulation Authority (SRA) has warned the profession. Sam Palmer, manager of regulatory management at the SRA, said “landmark” money laundering cases “will become public knowledge when the disciplinary process has taken place”. […]

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Estate agents penalised for MLR 2007 failures (31 march 2014)

One of the final acts of the Office of Fair Trading before it was disbanded on 31 March 2014 was to penalise three firms of estate agents for anti-money laundering failures. Hastings International UK Limited is an estate agent with two premises in south London and was fined £47,966. Jackson Grundy Limited operates its estate […]

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RUSSIA BANS WESTERN FOOD OVER UKRAINE SANCTIONS

Russia on Thursday banned most food imports from the West in retaliation for sanctions over Ukraine — a sweeping move that will cost Western farmers billions of dollars but could also lead to empty shelves in Russian cities. The decision shows that President Vladimir Putin has no intention of bowing to Western pressure over Ukraine […]

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