The Council of Europe’s anti-money laundering watchdog said that Cyprus banks seem to have made significant progress in banking checks and will report on its next assessment in September. Money laundering – the process through which criminals give an apparently legitimate origin to proceeds of crime – is an expanding and increasingly international phenomenon. Current […]

Mortgage fraud was one of the main reasons of the collapse of the financial system Most of the largest fines are in relation to operations carried out by financial institutions in the lead up to, and in the wake of the mortgage-market collapse. Banking fraud is not a new phenomenon, neither is the fact that […]

The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with first-hand knowledge of the matter said. ”BNP basically was the Sudanese economy. They were just huge in helping the government […]

1. The Banking (Depositors Compensation) (Amendment) (Jersey) Regulations 2010 came into force on 10 February 2010.  The Regulations amend the Banking (Depositors Compensation) (Jersey) Regulations 2009 to impose restrictions on the disclosure of information received under the Regulations. 2. The Companies (Amendment No. 4) (Jersey) Regulations 2009 came into force in part on 10 December […]

The Financial Ombudsman Service (FOS) has published issue 115 of ombudsman news. The newsletter focuses on annuities and cases involving bad weather-related insurance claims. A copy of the newsletter is available. http://www.financial-ombudsman.org.uk/publications/ombudsman-news/115/issue115.pdf

The FCA has published a report summarising the results of its thematic review into banks’ control of financial crime risk in trade finance. The report highlights areas of common weakness between the banks visited and also sets out examples of good and poor practice. It covers the following areas: governance and management information, risk assessment, policies and […]

Cyprus has brought in controls to raise the 5.8bn euros needed to qualify for the bailoutJersey banks are being warned about approaches from Cypriot firms following a 10bn euro bailout deal. Jersey’s Financial Services Commission (JFSC) has contacted its members to warn deposits from Cyprus were “considered high risk”. However a JFSC spokesman said it […]