£550,000 fine for Jersey trust company demonstrates importance of effective and consistent anti-money laundering procedures

In a recent judgment the Royal Court has imposed a hefty £550,000 fine on a firm for failing to ensure that, in practice, its AML policies and procedures were being applied effectively and consistently.

Related briefings

The changing ESG landscape: keeping Guernsey ahead of the curve

Instead of fading out as a result of the global health crisis, there has been a marked expansion in funds with a strong sustainable focus – answering the calls of investors for the recovery from the pandemic to be green. But with this has come an ever-changing regulatory landscape.

BVI Incubator and Approved Funds – when and how to convert

In 2015, the Financial Services Commission (FSC) of the British Virgin Islands (BVI) introduced two new fund regimes to provide an efficient route for start-up managers to establish a track record and for smaller funds with friends and family money to establish open ended funds, being the Incubator Fund regime and the Approved Fund regime respectively.

Will 2021 be the year of special purpose acquisition companies (SPACs) in Luxembourg?

While SPACs have existed for decades on public markets, a revival seems to be taking place, with SPACs representing about 60 percent of IPOs in the US in 2020. February 2021 saw the launch of the first Luxembourg SPAC in more than 10 years, highlighting the potential for Luxembourg to become the European hub for this type of funding structure. The jurisdiction not only offers a flexible and tax efficient legal framework but also the ability to rely on the European passport mechanism set forth in the Prospectus Regulation.

Latest Briefings

Irish regulation in focus: Culture and individual accountability

Increasingly, there is a focus on culture and individual accountability in regulated firms. This has been heightened by various consumer protection issues which have been investigated including the tracker mortgage examination; high profile enforcement actions and the recent engagement with insurers on business interruption cover during COVID-19. Consistently, the Central Bank of Ireland (“Central Bank”) […]

Recommended

Litigation duo join forces in merger deal

Disputes firms Byrne & Partners and PCB Litigation are to merge in a deal bringing together the pair’s 14 City partners. Also housing 49 fee-earners, the new firm called PCB Byrne will go live at the start of April. PCB staff will move into 1 Plough Place in Holborn, currently the headquarters of Byrne & […]

Bar must act now to ensure more Black barristers apply for silk

How depressingly familiar. The annual silks round is supposed to be a celebration of the best and brightest at the Bar. Except it’s not. The abject lack of encouragement and support for Black barristers who might be thinking of taking their first steps on the road to becoming a QC has become a fundamental and […]

HSF

HSF dishes out one-off bonuses to staff

Herbert Smith Freehills is paying all staff globally a one-off financial payment of 5 per cent of their salary, on the back of positive performance so far this year. The bonus will be made in March to all employees, with salary costs totalling £400.5m according to the firm’s last global LLP accounts. This would see […]

Dentons changes policy to fund taxis for staff working late

Dentons has adjusted its out of hours taxi policy to make it easier for people to get home safely after working late. The changes come as lockdown restrictions are eased and firms plan their return to the office. Previously, employees were not able to claim expenses for taxis where public transport is available, unless it […]

Women and the Pandemic: three actions for equality we can take right now

Countless headlines this past year proclaimed that the pandemic has created a game changing acceptance of flexible working. What was previously a request commonly rejected as not being commercially viable, or, at best, accepted as a tolerated version of career plateau, is now being hailed as ‘the new normal’.  Organisations in some sectors are making […]

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