The Crédit Agricole v Papadimitiou decision shines a spotlight on what are sometimes perceived as the more difficult areas to interpret in the Jersey Financial Services Commission’s AML/CFT Handbook and provides guidance as to what constitutes understanding the ‘commercial rationale’ of a structure and related transactions. It should give banks and other financial services businesses […]

Privy Council decision goes to the heart of what financial institutions should know about the commercial rationale behind transactions and the source of customers’ funds. This case provides important guidance as to the circumstances in which a financial institution may be held to have had notice of impropriety based on its failure to ask proper […]