Wednesday 19th December 2018
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Comsure operates in:the UK, Jersey, Guernsey

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Bank fined £25K for transferring $400K from dead man’s account

A MIDDLE-EASTERN bank has been fined £25,000 and ordered to pay £2,805 in compensation after transferring $401,103 from a deceased man’s Jersey account without the correct authorisation. Abu Dhabi Commercial Bank PJSC appeared in the Royal Court on Friday after pleading guilty to the offence of ‘intermeddling’. Crown Advocate Julian Gollop, prosecuting, explained how on […]

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FATF GUIDANCE FOR A RISK-BASED APPROACH FOR THE BANKING SECTOR

The Financial Action Task Force (FATF) has published updated guidance in respect of a risk-based approach for the banking sector. This guidance is intended to assist in the design and implementation of a risk-based approach for the banking sector, taking into account national risk assessments and the national legal and regulatory framework. FATF intends for […]

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FSA Calendar Year

– End Update 2012 – Fines imposed by the Financial Services Authority (FSA) since 1 January 2012 (through 20 December) have totalled £310 million, more than four times the total for 2011 (see Figure 1). This increase is due to a handful of very large fines, including the £160 million fine against UBS for LIBOR […]

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Jersey Pledges to Examine HSBC Procedures

Jersey Pledges to Examine HSBC Procedures – 13 Nov 2012 Britain’s biggest bank under fire over offshore allegations – The Jersey Financial Services Commission (JFSC) has responded to claims that HSBC offshore accounts on the island are being used by known criminals. In a statement, the JFSC said that, “any concerns regarding the use of […]

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JFSC PRESS RELEASE 9 November 2012 –

JFSC PRESS RELEASE 9 November 2012 – 13 Nov 2012 DAILY TELEGRAPH ARTICLE IN RELATION TO HSBC ACCOUNTS IN JERSEY The Commission is aware of the Daily Telegraph report this morning in relation to HSBC accounts in Jersey and wishes to make the following statement. “The Commission is unable to discuss individual licence holder matters […]

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HSBC customers face French money laundering investigation

French prosecutors have launched an investigation into possible money laundering by HSBC private banking clients after buying data stolen by a former employee of the bank. Eric de Montgolfier, the prosecutor from Nice in the south of France, revealed yesterday that his team are looking into thousands of accounts for evidence of money laundering, having […]

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Jersey’s action plan in response to IMF Recommendations

In October/November 2008, the International Monetary Fund (the “IMF”) visited Jersey to carry out an assessment of Jersey’s regulatory and anti-money laundering regimes as part of the Financial Sector Assessment Programme. In response to this IMF review and their report the Jersey’s authorities have now responded. These responses may be found in 4 seperate reports, […]

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Indian businessman guilty of laundering nearly £30 million through Jersey

In a follow-up to a story dated 26 January 2010, Indian businessman Raj Arjandas Bhojwani has been found guilty of “greed and corruption on a massive scale” in Jersey’s Royal Court. For five weeks, in one of Jersey’s largest ever money laundering cases, the Royal Court heard how Bhojwani laundered US$43.9 million [about £29.1 million] […]

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