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...

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After success on Iran, U.S. Treasury’s sanctions team faces new challenges

This is what the modern American war room looks like: the clocks on the wall show the times in Kabul, Tehran and Bogota. The faces around the conference table are mostly young. There is talk of targets, and of middle-of-the-night calls to Europe.

But the meeting one recent morning convened deep within the Treasury Department, not the Pentagon. The weapons at hand were not drones or cruise missiles, but financial sanctions, aimed with similar precision at U.S. rivals’ economic interests.

Before discussing possible next steps against Russia over its annexation of Crimea, Adam Szubin, the slim, boyish-looking director of Treasury’s Office of Foreign Assets Control (OFAC), thanked his team for putting in a string of sleepless nights to devise sanctions against senior Russian officials and a...

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Consultation Paper No. 94 Proposed Changes to the FMT Jurisdiction, to the DFSA’s Supervisory Powers and to the DFSA’s Approach to Decision Making


Click here to download the Consultation Paper in PDF Format.

Click here to download Appendix 1 – draft amendments to the Regulatory Law 2004 (“Regulatory Law”).

Click here to download Appendix 2 – draft amendments to the Markets Law 2012 (“Markets Law”).

Click here to download Appendix 3 – draft amendments to the Collective Investment Law 2010 (“CI Law”).

Click here to download Appendix 4 – draft amendments to the Law Regulating Islamic Financial Business 2004.

Click here to download Appendix 5 – draft amendments to the Investment Trust Law 2006.

Click here to download Appendix 6 – draft amendments to the Authorised Market Institutions Module (“AMI”).

Click here to download Appendix 7 – draft amendments to the General Module (“GEN”).

Click here to download ...

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U.S. IRS issues new answers for FATCA tax-law questions

IRS Banner 2

The Internal Revenue Service has posted a new list of Frequently Asked Questions banks may have about the Foreign Account Tax Compliance Act

FATCA became law in 2010. The law requires foreign banks to report information about Americans who hold bank accounts abroad.

Under FATCA, foreign banks, insurers and investment funds must send the IRS information about Americans and U.S. permanent residents who hold more than $50, 000 in offshore accounts.

Foreign banks must start complying with FATCA by July 1. However, they must register with the IRS and sign a participating agreement by May 5.

The U.S. government introduced FATCA after the Swiss bank UBS AG admitted in 2009 that it helped Americans to evade taxes. UBS had to pay $780 million to settle the charges.

FATCA is intended to combat ta...

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Why You Shouldn’t Put Your Money Where Your Mouth Is

NYU researchers found that currency is a medium of exchange for hundreds of different kinds of bacteria as bills pass from hand to hand. Andrew Lamberson for The Wall Street Journal

Talk about dirty money: Scientists are discovering a surprising number of microbes living on cash.

In the first comprehensive study of the DNA on dollar bills, researchers at New York University’s Dirty Money Project found that currency is a medium of exchange for hundreds of different kinds of bacteria as bank notes pass from hand to hand.

By analyzing genetic material on $1 bills, the NYU researchers identified 3,000 types of bacteria in all—many times more than in previous studies that examined samples under a microscope...

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Dubai’s first Bitcoin ATM opens up currency debate

Employees at the FMW/ManGo offices in Dubai Media City demonstrate the new payment kiosk machine which also accepts Bitcoin. This is the first Bitcoin enabled machine in the UAE. Photo by Clint McLean for The National

The country’s first Bitcoin ATM has been activated as enthusiasts for the virtual currency rally to promote its wider use in the relatively untapped Middle East market.
Located in an office in Dubai Media City, the kiosk allows people to deposit cash into their Bitcoin wallet (the name for their virtual account).

Umbrellab, the start-up that is developing the technology, aims to integrate the technology into 300 existing electronic service kiosks it already operates in shopping malls, supermarkets, hotels and labour camps across the UAE. Another 100 kiosks stored in a warehouse will also be activated. Each individual will be limited to the equivalent of up to Dh2,000 of Bitcoin transactions per day and Dh10,000 per month.

“People are welcome to come and give the ATM a go,” said Sergey ...

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One currency, two markets: the renminbi’s growing influence in Asia-Pacific

Working Papers No 446
April 2014

This study presents evidence of the renminbi’s growing influence in the Asia-Pacific region. The CNH market – the offshore renminbi foreign exchange market in Hong Kong SAR – is found to exert an effect on Asian currencies that is distinct from that of the onshore (CNY) market. Changes in the RMB/USD rates in both markets have a statistically and economically significant impact on changes in Asian currency rates against the US dollar, even after controlling for other major currency moves and the transmission of China’s monetary policy to the region...

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Investigating Family’s Wealth, China’s Leader Signals a Change

A visitor at the Zhou family’s ancestral graves in Xiqiantou, eastern China. Intrigue surrounds the family after a spate of arrests. CreditSim Chi Yin for The New York Times

HONG KONG — His son landed contracts to sell equipment to state oil fields and thousands of filling stations across China. His son’s mother-in-law held stakes in pipelines and natural gas pumps from Sichuan Province in the west to the southern isle of Hainan. And his sister-in-law, working from one of Beijing’s most prestigious office buildings, invested in mines, property and energy projects.

In thousands of pages of corporate documents describing these ventures, the name that never appears is his own: Zhou Yongkang, the formidable Chinese Communist Party leader who served as China’s top security official an...

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China’s shadow bank dilemma in the property market


Activity in China’s real estate sector is slowing down. There have been a number of alarmist reports that the shadow banking system in China may present a systemic threat to the economy as a whole. What is the real position? This article analyses the current circumstances.Slowing down

There is clear information from China’s real estate data that after surging for much of 2013, the sales in real estate have gradually fallen over the past two months and is now in negative territory. China’s total building sales during the first two months of 2014 were valued at 709 billion renminbi down 3.67 percent from the first two months in 2013. Average sales, using the data available, have fallen from 18.1 percent to 15 percent...

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Demonstrate compliance through testing

A majority of investment advisers are good at fulfilling the annual requirements, but when it comes to the day-to-day effort and demonstrating compliance, meeting the responsibilities can become a bit difficult.

As a compliance consultant for advisers of various sizes and assets under management (AUM), I found myself questioning a large number of firms on what type of compliance tasks were being performed on a continuing basis, because there was no evidence. Lack of evidence indicates one thing to a third-party consultant or a Securities and Exchange Commission auditor: it didn’t happen.

However, demonstrating compliance can be done with periodic testing...

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Financial firms at risk over U.S. anti-bribery concerns

A global crackdown against bribery and official corruption has expanded, not just heated up, with investigators increasingly focusing on financial services firms as well as extractive and operating companies, lawyers have warned. Relationships between sovereign wealth funds and financial services firms are a current target.Although some of the regulatory concerns “shouldn’t surprise anyone,” meeting evolving regulatory expectations “is starting to be very challenging, more gray than black and white,” said one lawyer, Morgan Heyer, global head anti-corruption group compliance at Morgan Stanley

Heyer spoke on a panel entitled “Wall Street and the FCPA: What Lies Ahead” at the New York City Bar Association with Chinwe Esimai, senior vice-president, global anti-bribery and corruption at Citi...

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