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In July 2010, Euromoney reported "regulators in Gibraltar say they shut [Reincarnation Bank] down, it subsequently re-emerged six months later." It's had a checkered history, but today, you can still visit a website with that name.

BIScom Subsection: 

The announcement by the US Treasury that it was implementing financial sanctions against North Korea should make no difference to most properly advised financial organisations.

BIScom Subsection: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

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A former director and in-house counsel of Australia's Provident Capital Limited, promoters of the Provident Capital Monthly Income Fund, a defunct investment company, is the latest to be subject to sanctions arising out of the collapse of the company.

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

It's supposed to be one of the primary alternatives to using banks for money transfer but an experience in trying to send and receive money using global remittance companies Western Union and MoneyGram has shown that the services does not live up to the hype.

For too long, those who have a narrow view of how money laundering related matters should be policed and enforced have made ill-informed criticism of Singapore. Primarily originating from the USA's complaint that Singapore does not prosecute enough money laundering offences, the criticism was amplified by the influx of money relocated from, first, Switzerland and then Dubai. Nigel Morris-Cotterill says that the USA should take notice of how Singapore has dealt with BSI Bank.

Recent changes to the Lloyds Banking Group's internet banking platforms have led to customers of the international bank registered in Jersey and regulated in Jersey, Guernsey and the Isle of Man with a sister company in Gibraltar being unable to locate information on services or to apply for services on-line.

Following the closure of BSI Bank Limited for persistent and senior failures in money laundering controls and failures to comply with regulatory failures (http://www.financialcrimerisko...) MAS has named the six bankers it has referred to the Public Prosecutor for investigation as to possible criminal offences. MAS has also served notice of financial penalty on the bank.

Basheer Ahmad Maula Sahul Hameed was jailed on 20 May 2015. the 24 year old mechanic conspired with his wife, Nur Shila Kanan, a bank officer to access, the bank accounts of several people who are missing aboard flight MH370.

BIScom Subsection: 

As banks find themselves subject to ever more stringent arrangements over correspondent banking, the process seems complex and esoteric. It isn't. Here's the BankingInsuranceSecurities.com guide to correspondent banking . Simple.

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You can't turn on the TV during the daytime in the UK without being bombarded with adverts for gambling or some kind of claims management service, the latter ranging from solicitors with names that sound like second hand furniture shops to unlicensed and unregulated companies that sound like firms of solicitors. This latter group has found rich - very rich - pickings in relation to the scandal where millions were "mis-sold" Personal Protection Insurance as part of a loans package. How rich? The government's increasingly excellent Public Accounts Committee says some GBP5,000 million has been spent by people who bought services they did not need.

The UK Treasury has issued a notice bringing into effect additional requirements. Under the notice issued 6 May 2016, by 31 May credit and financial institutions must terminate all financial dealings with the government of North Korea, with the ruling Party - and essentially freeze the whole of North Korea out of the UK banking system by, amongst other things, closing branches and accounts.

In Part 3 of his analysis of whether insurance against internet crime is a viable business model for insurance companies, Nigel Morris-Cotterill demonstrates how the risks are wide and varied and cannot be accurately assessed, resulting in a bad business model for insurance companies.

To rescue the UK's economy from the 1973-75 crisis, one of the measures adopted was to increase consumer credit and to reduce the constraints on lending. One concept has been a contributory factor to almost every financial crisis, in the UK and elsewhere, since: the ability of the banks to lay off risk for bad lending decisions.

In Part two of his examination of the question of insurance against on-line crime, Nigel Morris-Cotterill says welcome to the world of insurance as an excuse for negligence.




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