Beware of Natwest Scam

Remember to be careful with emails - this is an example of another scam going around. Don't click, ignore and delete!

What should you do if you’ve received a scam email?

  • Do not click on any links in the scam email.
  • Do not reply to the email or contact the senders in any way.
  • If you have clicked on a link in the email, do not supply any information on the website that may open.
  • Do not open any attachments that arrive with the email.

http://www.actionfraud.police.uk/scam-emails


Monkeys, Sun and Fish & Chips: The Rock That Fears a `Brexit'

From the sun-scorched tip of Spain, Charles Catania has a message for British voters as they make up their minds whether to remain in the European Union. QUICKTAKE Will Britain Leave the EU? “People in the U.K. need to think of it from our perspective,” said the 62-year old pensioner. “They are an island surrounded by friends. Our situation is different.”

Like two family generations before him, Catania is one of the 33,000 inhabitants of Gibraltar, a British overseas enclave for more than three centuries and disputed by Spain for much of it. Dependent on an open border for trade and labor, few places can be as keen to remain in the European single market as what’s known as the Rock.

Full Article Here (Bloomberg)


Finma Allows Video and Online Identification

Swiss financial market regulator Finma has decided to allow the digital identification of customers, paving the way for a better market access for fintech companies. Some hurdles will remain.

Finma today released the regulation on the use of video and online identification of customers, which will become effective tomorrow, March 18. The regulation revolves around the question of which demands a financial services company must satisfy in the identification of a potential client when it opens a business relationship. This is a precondition for many business models of fintech companies.

Read more here:

http://www.finews.ch/news/english-corner/22340-financial-market-regulator-finma-digital-banking

 


ISO 19600: Your questions, our answers

The new international standard for compliance management systems, ISO 19600, was published on 15 December 2014. It raises the following questions:

Who developed the standard?

What are the objectives behind it?

What is the point of it and what will change?

A representative from digital spirit was a member of the committee that created the draft standard. As a result, we are in a position to provide reliable answers to these questions as well as many others in our clearly structured FAQ on ISO 19600.

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Lifting the veil on bitcoin transactions: new tools in pipeline for banks

While transactions involving the digital currency bitcoin are widely considered anonymous because they do not carry with them the identity of the persons involved, a new industry has emerged that aims to map real-world data onto the digital payment infrastructure to help law enforcement officials and banks spot money launderers, criminals and tainted bitcoins.

The goal is to provide high-tech risk management and transaction monitoring tools capable of bridging the divide between banks and the realm of digital currency, but much work remains to be done, say sources familiar with the matter. The effort has drawn the involvement of at least one major bank, Barclays.

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MiFID II delay has knock-on impact on detection of market abuse, say lawyers

There is continued risk of undetected market abuse across Europe, civil and criminal, arising from the delay to the Markets in Financial Instruments Directive II, lawyers said. The concern is about transparency lacking in some traded instruments. The civil risk will continue now to January 2018, the new date for implementation of the directive, and the risk of undetected criminal market abuse offences will continue, said Andrew Hart, lawyer at Bryan Cave.

Hart said the MIFID II delay meant the new Market Abuse Regime (MAR) planned from June this year would not be as effective so quickly. The regime will not now cover private trading of certain instruments that are in scope in MiFID II, possibly including cash-settled swaps and other derivatives, until January 2018, a year later than planned. The continued lack of transparency will not make it any easier for prosecuting authorities, whether operating under the criminal or civil enforcement regime.

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Legal & Compliance Assistant - Grant Thornton (Gibraltar)

Grant Thornton (Gibraltar) Limited is a member firm of Grant Thornton International, one of the major international firms of accountants and business advisors. Due to continued expansion the following opportunity has arisen within our associated firm Grant Thornton Fund Administration Limited.

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EU Savings Directive repealed

On 10 November 2015, the Council of the European Union (the Council) announced that the EU Savings Directive (2003/48) has been repealed. The repeal was necessary to eliminate the overlap with other legislation developed in the field of measures to prevent tax evasion.

The Council adopted Directive 2014/107/EU amending the Mutual Assistance Directive [on administrative cooperation in the field of taxation] (2011/16) (the Directive) on 9 December 2014. The Directive is generally broader in scope and extends the scope of automatic information exchange to cover more income types than in the Savings Directive (for details, see European Union-1, News 13 June 2013).

The Directive will enter into force on 1 January 2016. Austria has, however, been granted a derogation and may begin applying the Directive from 1 January 2017. 

(Nigel Crome, Compliance Officer, Gibraltar International Bank).


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Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar