The Jersey Financial Services Commission (JFSC) recently updated its AML/CFT Handbook for regulated financial services businesses (Handbook) to expressly permit evidence of identity to come from electronic sources (E-ID) as an alternative to original “wet ink” documents. Background The current version of the Handbook, which was first published on 1 January 2015, has been updated […]

Ulster Bank had ‘unacceptable weaknesses’ in its anti-money-laundering framework Ulster Bank Ireland has been hit with a €3.3 million fine for breaches of anti-money-laundering and terrorist-financing regulations. Regulators said the bank had admitted the breaches, which occurred over a six-year period, and said the incidents highlighted “significant failings” in the company’s procedures. Under the Criminal […]

The Central Bank has reprimanded Ulster Bank Ireland and announced fines of more than €3.3m. A Central Bank investigation found the bank had had left itself vulnerable to money-laundering and terrorist financing. The fines are in respect of anti-money laundering and terrorist financing failures, under the Criminal Justice Act. The Central Bank’s investigation identified eight […]

The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. The Commission seeks feedback on a number of proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The Commission recognises that technology is changing traditional methods of undertaking due diligence. Demand from […]

The following statement has been issued by the JFSC on 20th March 2015 1.       Innovative technology – Technology now offers the possibility of collecting information and obtaining evidence of an individual’s identity in new and different ways. 2.       Accordingly, the Jersey Financial Services Commission (JFSC) has started to consider what additional guidance may be needed […]

The tightening of international banking standards is making it difficult for low-income people in the global south to get access to banking service When people in developing countries don’t have access to a bank account, physical proximity to a bank is usually the first challenge that springs to mind, but sometimes the reason a person […]

On 1 June 2014, new customer due diligence requirements were introduced in Australia to amend the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML Rules). New customer due diligence requirements In brief, key obligations under the new customer due diligence requirements include:  requirements to identify and verify the identity of settlors of […]

Establishing Risk Appetite a) Undertaking a business risk assessment allows the business to formulate its “risk appetite”. b) The term “risk appetite” refers to a business’ overall willingness or acceptance threshold for new business and the associated financial crime risks that will need to be mitigated. c) A business should be able to formulate a […]