Managers of Wealth

Banks' (Quince) care duty to customers revisited

Unfortunately for banks there is little guidance on how far they need to go in protecting their customers' interests.

Russian Billionaire Loses Lawsuit Against Nordic Banks

The court said that forcing the banks to process payments for Rotenberg, who is on the U.S. sanctions list

Swiss Federal Council takes note of current stablecoin developments

Switzerland is generally open to projects that reduce the cost of cross-border payment transactions and seek to promote financial inclusion.

Greater efficiency in the fight against counterfeiting

The Swiss economy is disproportionately affected, with Swiss owners of trade marks coming fourth in the world rankings of companies affected by counterfeiting.

Advisory board for future of Swiss financial centre submits strategic roadmap for financial market policy to Federal Council

Another priority, in the board's view, is the fiscal liberalisation of the Swiss capital market.

CBD regulatory uncertainty opens door for class action litigation

Companies with CBD products on the market should closely monitor pending class action litigation and recognize the risks associated with potentially being named a defendant therein.

Luxembourg’s financial crime watchdog bemoans lack of firepower

The fight against money laundering and the financing of terrorism is constantly evolving.

Jersey's Royal Court declares trustee's exercise of power void

This case highlights the importance that trustees obtain detailed legal and tax advice when considering a restructuring of assets held in trust

Regulation of Crypto Assets

Crypto-investors and users, as well as crypto-asset service providers, are exposed to high risks.

Guernsey legal and regulatory update

An overview of Guernsey legislative and regulatory developments - 1 October 2019 to 10 January 2020

English Court of Appeal defines the limits of a trustee’s indemnity

The decision is indicative of the limitations that may be applied to trustee indemnities in offshore jurisdictions

British companies fined £300m for money laundering breaches

Standard Chartered Bank was handed the largest UK fine last year of £102 million, from the Financial Conduct Authority.

European Crypto Firms Brace for Higher Costs as AMLD5 Takes Effect

A strict new regulatory regime is dawning upon European firms handling cryptocurrency.

FCA becomes AML and CTF supervisor of UK cryptoasset activities

The FCA is now the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

Happy New Year – Happy New Money Laundering Regulations

The Regulations will extend the scope of the MLR so that additional types of firms will become subject to AML compliance requirements

China set to implement the new Foreign Investment Law

The FIL requires that within a five-year transitional period, existing FIEs shall reform their corporate governance structures

Dubai regulator fines defunct wealth firm nearly $250,000

MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.

Art and money laundering: The U.K. enacts new art laws and all buyers and sellers need to pay attention

Regardless of the jurisdiction, all art transactions carry risk.

A report on 'International Tax Enforcement: Disclosable Arrangements'.

A report on how the power in Finance Act 2019, which enables regulations to implement Council Directive (EU) 2018/822, will be used in different EU Exit scenarios.

Private investigator in Credit Suisse spying scandal hits back at banker

The scandal led to an investigation by Switzerland's bank watchdog into Credit Suisse's conduct and criminal proceedings in Zurich which remain ongoing.

Legal,Regulation,Tax & Compliance