Saturday 15th December 2018
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Comsure operates in:the UK, Jersey, Guernsey

AML News

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GFSC AML Handbook changes – is your CUSTOMER RISK ASSESSMENT up to the task of duration risk measurements?

  On the 30th June the GFSC issued it’s revised versions of the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (‘the FSB Handbook’) and the Handbook for Prescribed Businesses on Countering Financial Crime and Terrorist Financing (‘the PB Handbook’) to take account of recent changes to the Bailiwick’s legislation in relation to […]

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EU report on the assessment of the risks of money laundering and terrorist finance

European Commission publishes report on the assessment of the risks of money laundering and terrorist finance affecting the internal market and cross-border activity The report focuses on the supranational risk assessment (SNRA) of the risks of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities. It is the […]

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Trust and Company Service Provider (TCSPs) Guilty of Money Laundering – Landmark Decision on Criminal Liability

The following case is salient story about a Judgement against the acting director of Kassar Logistics and World Eastern International for his negligence in incorporating the companies despite evident fraudulent activity. INTRODUCTION The Judgement in Abdul Ghani bin Tahir v Public Prosecutor [2017] SGHC 125 Is especially relevant to nominee directors, proxy directors, company secretaries, […]

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IMFC Trust and Fund Services: a service hatch for bribery payments?

Former Dutch trust service provider IMFC Trust and Fund Services (IMFC) based in Amsterdam has appeared in Dutch and Spanish media as having allegedly facilitated bribery payments originating from Spain, transferred through the Dutch bank accounts of IMFC and paid out in cash to Algerian public officials as part of a public procurement project. The […]

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A look back to the “the biggest corruption case in the Italian history

A look back to the IMI-SIR bribery and money laundering case – described at the time as “the biggest corruption case in the Italian history” The IMI-SIR case sheds light on the difficulties to investigate crimes involving complex webs of trusts and offshore companies. The case concerns bribery allegations against a judge in the context […]

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FCA confirms call-recording and note-taking rules for advisers – In new MiFID II policy statement

The Financial Conduct Authority (FCA) has confirmed that Financial advisers will either have to record or take notes on any phone calls with clients that are “intended to result in a transaction being undertaken”, In its latest Markets in Financial Instruments Directive II (MiFID II) policy statement, the regulator has allowed advice firms of all […]

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Criminal Investigation of ING for Alleged Involvement in VimpelCom Corruption Scandal.

According to a disclosure made by the bank to the Securities Exchange Commission on March 20, 2017 Dutch prosecutors announced their investigation of Netherlands-based bank ING for its alleged involvement in money laundering and corruption in Uzbekistan, According to the Dutch prosecutors, the subject of the investigation includes “unusual payments by VimpelCom to the company […]

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UK Register of Beneficial Ownership of Trusts

BLP Private Wealth Update has provided this very useful briefing as follows; Trustees who are subject to these rules need to ensure they have all the required information on every beneficial owner and that it is accurate and up-to-date. Trustees should ensure that the trust and any letter of wishes reflect the true position and […]

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