Compliance Alert

Compliance Alert Overview June 2011(click here for .ppsx file)
What added value, can Compliance Alert add to my business-structure?
Our practical approach to compliance is always tailored to the needs of your business. And our deep experience with compliance reporting ensures that your compliance program is designed and implemented efficiently without disruption to your current operations.

As a professional body, we provide a full range of services that help you meeting regulatory requirements by using a proactive approach, largely to financial sector, companies and compliance professionals, we offer full service assistance to foreign financial institutions to ensure an effective FATCA compliance...

Read More

More UK bank accounts held by Muslim organisations risk closure

Money laundering and counter-terrorism legislation behind move to close accounts at HSBC, not Islamophobia, analyst says

An increasing number of Muslim NGOs are likely to suffer the same fate as three groups that were told their bank accounts are to close because they are too risky, a finance and security expert has warned.

Finsbury Park mosque in north London, international development charity the Ummah Welfare Trust (UWT) and the Cordoba Foundation thin ktank received identical letters from HSBC dated 22 July giving them two months notice because their accounts fell “outside of our risk appetite”, prompting allegations of Islamophobia, strenuously denied by the bank, and calls for a boycott.

The bank has refused to expand on the reasons for the closures but Tom Keatinge, associate ...

Read More

China imposes new restrictions on instant messaging tools

A picture illustration shows icons of WeChat and Weibo app in Beijing, December 5, 2013.  REUTERS/Petar Kujundzic

(Reuters) - China will force real-name registrations on public accounts of instant messaging tools and require those wishing to publish or reprint political news to seek prior approval, state media and Tencent Holdings Ltd said on Thursday.

Last year, China launched a campaign to clamp down on online rumor mongering and ‘clean up’ the internet. The crackdown has led to an exodus of users from Twitter-like microblog platforms such as Weibo Corp’s Weibo after authorities detained hundreds of outspoken users.

The latest restrictions will affect hugely popular mobile messaging apps such as Tencent’s WeChat, which has almost 400 million users. Other instant messaging tools include Tencent’s QQ, Alibaba Group Holding Ltd’s [IPO-BABA...

Read More

Revocation of banking licence and appointment of provisional administration for Commercial Bank Ascania Trust LLC

Central Bank of the Russian Federation Aug 08 2014

Bank of Russia has taken a decision to revoke the the Moscow-based credit institution Commercial Bank Ascania Trust, limited liability company, or Commercial Bank Ascania Trust LLC’s (Registration No. 286) banking licence from 08 August 2014 because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, inability to meet the creditors’ claims on monetary liabilities and taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Source document: Click here

Read More

Revocation of banking licence and appointment of provisional administration for CB KEEP-BANK LLC

Central Bank of the Russian Federation Aug 08 2014

Bank of Russia has taken a decision to revoke the Moscow-based credit institution Commercial Bank Conversion, Investment and Privatisation, limited liability company, or CB KEEP-BANK LLC’s (Registration No. 2843) banking licence from 8 August 2014...

Read More

Revocation of banking licence and appointment of provisional administration for Northern Investment Bank for Economic Development or OJSC Severinvestbank

Central Bank of the Russian Federation Aug 08 2014

Bank of Russia has taken a decision to revoke the Belgorod-based credit institution open joint-stock company Northern Investment Bank for Economic Development or OJSC Severinvestbank’s (Registration No. 2264) banking licence from 8 August 2014...

Read More

Banks most exposed to Russia sanctions

Analysis from Berenberg reveals the banks that are most exposed as European and US leaders take action against Vladimir Putin’s Russia following the downing of MH17.

The deepening situation in the Ukraine since Malaysia Airlines MH17 was downed last month, leaves the European banking sector exposed to a “significant” indirect impact from Russian sanctions, warns Berenberg.

The US has already imposed sanctions that effectively shut the energy giants Rosneft, Novatek, and Gazprombank out of US debt markets. And while the increased sanctions currently have limited direct impact on European banks the risks arise from longer term impacts on European debt markets.

Weaker flow of credit and slower economic growth (or even recession) may affect the asset quality of banks operating in ...

Read More

Exclusive: Secret internal police report points to ‘highly corrupt’ cells in the Met

Three former Scotland Yard detectives were part of “highly corrupt cells within the Metropolitan Police Service” but have never been brought to justice, according to a secret internal report seen by The Independent.

The police officers, who left the Met to open a private investigation agency, were suspected of seizing tens of thousands of ecstasy tablets from criminals and selling the drugs themselves, according to a file produced by the force’s anti-corruption command.

The 2000 report said the officers also had links to London’s criminal underworld and were capable of tracking down and threatening witnesses involved in sensitive trials.

Despite the damning statements of fact in its internal file, Scotland Yard yesterday confirmed that none of the three ex-detectives have ever ...

Read More

Council of Europe (Moneyval): Romania doesn’t do enough against money laundering

In a report published today, the Council of Europe’s anti-money laundering Committee (MONEYVAL) calls on the Romanian authorities to address important concerns in respect of key institutional players in the anti-money laundering field, notably the financial intelligence unit and supervisory authorities, and their enforcement results.

The report sets out an analysis of the implementation of international and European standards on anti-money laundering/combating financing of terrorism. The main findings can be summed-up as follows:

  • The money laundering offence is broadly in line with international standards and the number of investigations, prosecutions and convictions has positively increased...
Read More

Insufficient Anti-Money Laundering and Terrorist Financing Methods Uncovered in Cyprus

Findings of on-site inspections – compliance officer’s annual report on the prevention of money laundering and terrorist financing – relevant persons’ liability and administrative sanctions

The following commonly occurring weaknesses/deficiencies were identified:

  1. Insufficient inclusion of, and harmonization with, the Directive’s provisions in the client acceptance policy.
  2. Failure to execute the appropriate client categorization policy as per the client acceptance policy and the provisions of the Law and the Directive.
  3. Insufficient procedures for the determination and verification of a client’s identity and the performance of client due diligence on high-risk clients, particularly politically exposed persons.
  4. Insufficient procedures for the management and implementation of ...
Read More

Obama: More reforms needed to wring risk from banks

U.S. President Barack Obama said on Wednesday he wants additional financial reforms to make sure banks are not tempted to make risky bets that can pay off handsomely for a few if they succeed but can cause widely felt disruptions if they flop.

Obama said in an interview with American Public Media’s “Marketplace” that he is looking for ways to reform the bank profit and compensation structures to rein in incentives for traders to take big risks.

Reforms put in place after the financial crisis that triggered the painful 2007-2009 recession were a good start, but more is needed, he said, according to a transcript.

“That is an unfinished piece of business,” he said in a radio interview scheduled to air on Thursday.

“The problem is that for 60 years, we’ve seen the financial sector grow massive...

Read More