04/30/2018
Dolfin awarded custody and depositary licence in Malta
The main beneficiaries are expected to be Malta-based collective investment schemes and trusts or other wealth structures that need a local custodian or depositary.
Legal,Regulation,Tax & Compliance
04/27/2018
Danske Wealth Management Robot Gets Caught Shirking Regulations
Danish regulator reprimands Danske’s asset management robot
04/27/2018
Wealth managers accused of dodging capital rules
"This can be seriously disruptive for firms’ plans. It suggests there is work to do if firms’ own assessments of capital requirements are to be aligned with those of the regulator."
04/27/2018
Police launch fraud investigation into football advice firm
City of London Police detective superintendent Perry Stokes, who is leading the investigation, said: 'We are encouraging anyone who believes they are a victim."
04/27/2018
Real estate developer pleads guilty to tax evasion
Real estate mogul Michael Shvo, 45, pleaded guilty to tax evasion on Thursday
04/26/2018
StanChart Compliance Chief Probed for Misconduct
Neil Barry allegedly made inappropriate comments to colleagues
04/26/2018
Credit Suisse fully compliant on sanctions - CEO
The neutral country has now begun to exchange information on bank clients with foreign tax authorities.
04/26/2018
Two studies show most firms unready for GDPR deadline
More than a third of financial firms (34%) said they have not even begun preparing for GDPR, the Cordium study, carried out in April, reported.
04/25/2018
Another fork in the road? Cryptocurrency class action lawsuit alleges securities violations and demands “rescue fork” as remedy
Cryptocurrency companies and users are waiting to see how the legal and regulatory industries react to them and the underlying Blockchain technology.
04/25/2018
Guernsey leads with world first green investment fund product
It will be open to all types of new and existing funds, authorised, registered, Guernsey Private Investment Funds, open-ended and closed-ended, with different levels of certification available.
04/24/2018
Zurich Court of Appeal dismissed claim against Julius Baer
The Zurich Court of Appeal, as the court of second instance, issued its judgment in the case of the Bundesanstalt für vereinigungsbedingte Sonderaufgaben versus Julius Baer and ruled in favour of Julius Baer as well. The ruling is not yet legally bi
04/24/2018
Guardian Wealth hit with $1m fine
GWMQ was authorised by the Regulatory Authority on 20 October 2009 as an insurance intermediary firm to conduct insurance mediation in accordance with Article 29 of the Regulations.
04/24/2018
A Private Bank for Azerbaijan’s Ruling Elite
Their revelations were corroborated by public records obtained by reporters.
04/20/2018
Fired UBS Employee Looks to Mount Class Action for Age Discrimination
Friedman is no newcomer when it comes to suing wirehouses and has won more than $300 million in class action settlements from them for former employees.
04/20/2018
OECD addresses the misuse of residence/citizenship by investment schemes
The substantial amount of input received in response to the consultation further underlines the importance of the OECD's actions in this field.
04/20/2018
Barclays CEO Jes Staley faces fine over whistleblower incident
City watchdogs say he broke rules of conduct in his attempts to identify 2016 whistleblower
04/19/2018
Porsche executives have offices raided as part of fraud investigation
Both luxury brands are owned by parent company Volkswagen.
04/19/2018
Cayman Islands Investment Funds AML Update: Natural persons must be appointed as AML officers
This represents a substantial change in practice and comes after discussions between CIMA and the Cayman Islands funds industry to clarify some parts of the updated AML guidance notes1 published by CIMA in December 2017.
04/19/2018
UBS Broaches Swiss Tax Taboo
At present the AEoI standards haven’t affected Swiss domestic bank secrecy – Swiss clients banking in Switzerland.
04/18/2018
Guernsey Financial Services Commission signs MoU with Bank of England
The PRA is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, insurers and major investment firms, regulating some 1,700 financial firms.