Regular Training – More than just a Regulatory Burden!
Business regulated by or registered with the Alderney Gambling Control Commission (AGCC), the Guernsey Financial Services Commission (GFSC) and the Jersey Financial Services Commission (JFSC) have requirements under the relevant AML/CFT (Anti Money Laundering and Combating the Financing of Terrorism) handbooks or guidelines to ensure regular ongoing training for their staff in this area. The…
Key Changes to Up-Coming Regulation
We would like to highlight to you two key changes in the local regulatory environment, which have an immediate impact and where we could assist you. Beneficial Ownership Law This came into effect on 15 August 2017, and requires that the resident agent of any Guernsey company, foundation of limited liability partnership must register beneficial…
Compliance – A Pragmatic Approach to Regulation
Too many times we hear financial services professionals complaining that they are at odds with their confrontational compliance department, more often than that business generation units refer to their anti-money laundering team referred to as a business prevention unit. Whilst there are many pieces of financial services law, regulation, rules, guidance & codes in existence…
Combating Financial Crime – more than just AML
Money Laundering (ML) and know your customer (KYC) Back when we all first started performing KYC (know your customer) checks on our customers the focus was on two main objectives: 1. Ensuring sufficient documentation was held on the registered holder – know your customer (KYC)2. Trying to stop Money Laundering (ML) – hence the term…
Fund Distribution: Impact of the 4th Anti Money Laundering Directive
The fourth Anti Money Laundering Directive (AML4), or Directive (EU) 2015/849 to give its proper name, is due to be implemented into National Law by all EU member states by 26 June 2017. As with all directives there can be gold-plating at the national level. There will also be recommendations, guidelines and interpretation from various…
The EU Regulation Torrent
On 29th November I attended the 6th AIFM (Alternative Investment Fund Managers) Directive 2016 Conference held by the Private Equity Forum and hosted in the auditorium at the London office of Simmons & Simmons. The content was heavy on regulation and had a large focus on Brexit. I was also able to have a conversation…
