Speed read Standard Bank Jersey Limited was found guilty in the Jersey Royal Court after it admitted allowing a woman to use her deceased partner’s bank account to pay her rent and shopping bills. Standard Bank Jersey Limited was sentenced for allowing the woman to access the account – which it accepted should have been […]

The UK’s data privacy regulator has said it plans to fine the US hotel group Marriott International £99.2m. The penalty relates to a data breach that resulted in about 339 million guests having had their personal details exposed. The incident is thought to date back to 2014 but was only discovered in 2018. It comes […]

First UK Sanction (OFSI) monetary penalty On 21 January 2019, OFSI imposed its first monetary penalty. The penalty is £5,000 on Raphaels Bank in the UK for violating EU Egypt sanctions, namely dealing with £200 in funds belonging to a designated person. OFSI reduced the penalty by 50% from £10,000 because Raphaels Banks itself disclosed […]

Standard Chartered is putting aside $900m (£690m) for potential fines involving investigations in Britain and the US. The money will cover separate investigations into breaches of US sanctions and foreign exchange trading issues. It also covers a £102.2m fine from the UK’s Financial Conduct Authority related to financial crime controls. The provision will be included […]

In march 2018 it was reported in the FT that following a review of 50 firms two-thirds found lagging in compliance procedures. In a review of 50 firms designed to test the sector’s compliance with new, tougher anti-money laundering regulations, the watchdog found only a third had carried out a mandatory risk assessment of their […]

A former law firm compliance and money laundering reporting officer has been fined £10,000 for the way he handled five conveyancing transactions. A judgment from the Solicitors Disciplinary Tribunal said the case should serve as a warning to lawyers to ensure they ‘discharge’ their senior duties. Anthony Gale, former partner at Yorkshire firm Maurice Smiths […]

A United Kingdom tribunal has penalized a solicitor and firm financial crime compliance officer 45,000 pounds for failing to do even an internet search to check whether his clients were tied to powerful political officials, in the first disciplinary matter to involve infamous offshore law firm Mossack Fonseca – the entity at the heart of […]