08/29/2018
Swiss bank makes $60M deal with US over hidden accounts
The DoJ said that at its peak US client assets worth approximately CHF 795 million were held by BKB, many of which were held in undeclared accounts.
Legal,Regulation,Tax & Compliance
08/29/2018
Swiss watchdog to propose looser anti-money laundering rules for fintechs
Switzerland, the world’s largest centre for offshore wealth, has gained prominence in recent years as a hub for financial technology providers
08/29/2018
UBS Hires Law Firm to Review its Handling of Rape Allegation
Global Law firm will provide an ‘independent assessment’
08/29/2018
PIMFA launches data sharing platform to combat financial crime
The launch comes after new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on money laundering suspicions.
08/29/2018
CFTC orders UBS to pay USD15m penalty for attempted manipulation and spoofing of precious metals futures
Today’s enforcement action demonstrates the Commission’s continued commitment to root out manipulation and spoofing in our markets
08/29/2018
Big four accountants KPMG, EY, PwC and Deloitte in firing line over partners' pay
Deloitte revealed its 702 equity partners made an average £832,000 of profits each in the year to May 31, the highest pay-out for nine years.
08/28/2018
Ingenious ordered to pay almost £50m in back taxes
Both HMRC and Ingenious claimed victory in a four year court battle in 2016
08/28/2018
Malaysia Brings Eight Money Laundering Charges Against Low
The charges cover approximately USD260 million in funds that Low is accused of receiving between December 2013 and June 2014.
08/28/2018
Former Rangers players and managers face paying millions of pounds to taxman
BBC Scotland says a letter sent earlier this month by Trident Trust, a Jersey-based company has issued warnings.
08/28/2018
For the World's Super Rich, Litigation Funding Is the New Black
Sydney’s AMP attracted five class action suits within weeks
08/27/2018
Morgan Stanley Wealth Management Australia required to amend false claim of independence
Advice firms need to have adequate processes and controls in place to ensure any public statements they make comply with the Corporations Act.
08/23/2018
Former Julius Baer banker pleads guilty in $US1.2b Venezuelan cash laundering
Two years ago, Switzerland seized $US118 million ($160.5 million) in bank assets linked to a Venezuelan businessman who has admitted to bribing PDVSA officials to steer about $US1 billion in energy-supply contracts.
08/23/2018
Fintech Without Borders: Regulators Consult on Global Financial Innovation Network
The Consultation builds on the FCA’s proposal earlier this year to create a “global sandbox” for innovative financial services firms.
08/23/2018
Corporate compliance in Ireland is easy – but not complexity free
While Ireland is leading the way for ease of corporate compliance, the country is not complexity-free.
08/23/2018
Bermuda's Charities Amendment Act: Balancing AML/ATF standards and privacy
The public only has the right to inspect the register of charities in respect of public charities, together with such public charities’ statements of accounts and annual reports.
08/22/2018
Merrill Lynch Settles SEC Charges of Undisclosed Conflict in Advisory Decision
The SEC’s order finds that the conflict of interest arose in Merrill Lynch’s handling of third-party products managed by a U.S. subsidiary of a foreign multinational bank, in which more than 1,500 of Merrill’s retail advisory accounts ha
08/22/2018
Is naming and shaming tax defaulters an effective tax evasion deterrent? Sarah Saunders and Mike Down
Despite concerns from some Conservative MPs, Chancellor of the Exchequer Philip Hammond seems to be ruling out reforms to business rates although arguably these could have a greater influence on high streets up and down the country than the ‘Amazon
08/22/2018
How much do financial advisers earn?
Top earner at Guardian Wealth reportedly takes home over £500,000 a year after tax
08/22/2018
Former UBS rogue trader avoids immediate deportation
Adeboli is currently involved in lecturing and mentoring projects
08/22/2018
EU backs Gibraltar’s tax transparency measures
The EU Commission says Gibraltar’s financial services industry is not ‘harmful’ to other EU tax regimes