Financial Services & Regulatory: Summer Update — July 2014

By Matthew Shaxson

It’s been another very busy quarter for the team across all aspects of our regulatory practice. The topics considered in this update have, by accident rather than design, an anti-money laundering (AML) flavour to them: Simon’s Spotlight article on the important and perhaps unintended implications of removing the requirement of prejudicing an investigation from the offence of tipping off, James’s article on the extension of the upcoming civil penalties to include breaches of the AML Handbook; and last but not least Sarah’s article on the proposed revisions to the Money Laundering (Jersey) Order 2008 in relation CDD measures in anticipation of MONEYVAL’s Jersey visit in Q4.

I also can’t avoid mentioning the very recent announcement by the UK government on 25 June 2014 that, following on from the recommendations of Sir John Vickers, subsidiary and branch offices of banks in the crown dependencies will not be permitted to be part of a UK banks’ ring-fenced operations — essentially the dependencies will be in the same position as other non-EU/EEA jurisdictions. This could well have significant implications for the UK clearing banks operating in the dependencies and you will certainly be hearing more about this in future updates…

Click on the link below to read the rest of the Mourant Ozannes briefing.

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