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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.

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.

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.

Insurance companies live or die by the risks they take and the premiums they charge. It is time that companies offer insurance to consumers against the risks of on-line crime?

Nigel Morris-Cotterill, Author, Cleaning up the 'Net examines what's involved starting with an explanation of how lack of moral hazard has been a major contributor to a succession of banking and economic crises over a period of some 40 years. And why that is relevant to questions of insurance against on-line crime.

If the UK leaves the European Union, it will have a choice as to whether to revoke, modify or retain laws that are imposed by reason of EU Directives. The Financial Sector is one of the areas most affected by EU-imposed laws. Here are three examples of relevant laws and the likely effect on the UK financial sector if the UK left the EU.

UK Labour (socialist) Party leader Jeremy Corbyn is using his attack on the Conservative Prime Minister David Cameron as a smoke screen for an attack on the wealth of all families in the UK, including Labour's own voters in furtherance of his hard left ideas that are closer to communism than the (relatively) benign socialism of even the radical Blair/Brown government.

It is a source of some consternation that representatives of Philippines bank RCBC continue to claim that they cannot disclose details of transactions relating to the transmission through the bank of moneys stolen from the Bank of Bangladesh because bank secrecy laws prevent it.

Here we set out why that position is nonsensicle, in the particular circumstances of the case and what can be done to resolve the position.