Newsletter 01/2014
Central Bank News
Central Bank streamlines MiFID authorisation process
Responding to internal and external dissatisfaction with what was seen as an overly long and complex authorisation process for MiFID firms, the Investment Firms and Funds Supervision section of the Central Bank recently set about comprehensively re-engineering the process, the results of which were unveiled at the beginning of January

Click here for full article



Central Bank Review of Sales Incentives
The Central bank of Ireland recently completed a themed inspection into sales incentives paid to direct employees of life insurance companies subject to the Consumer Protection Code. Following on from this inspection, the Bank sent a letter to regulated entities providing feedback and inherent risks associated with sales incentives paid to direct employees or tied agents. While the focus of the inspection was on life insurance companies, the Central Bank have indicated that risks identified and recommendations provided are applicable to all financial service providers. Compliance Ireland recommends that any entity that incorporates variable remuneration framework should review these incentives as the Central bank of Ireland has extended its supervisory work to look at remuneration arrangements of banks and investment firms.

Click here for full article



New Compliance Statement for (Re)Insurance Undertakings

(Re)insurance undertakings have been served with a notice requiring them to submit an annual Compliance Statement to the Central Bank. 


Click here for full article
Financial Crime
FCA AML Enforcement Action against Standard Bank PLC

In the first case of its kind in the United Kingdom, the Financial Conduct Authority (“the FCA”) has sanctioned a Regulated Entity for breaches of Anti-Money Laundering Legislation, focussing on commercial Banking activity.

The FCA published a Decision Notice against Standard Bank Plc (“Standard Bank”), the UK subsidiary of Standard Bank Group, South Africa’s largest banking group. Standard Bank received a civil penalty of €7,640,000 for failing to:

• Carry out adequate Enhanced Due Diligence (“EDD”) measures before establishing relationships with corporate customers that had connections with Politically Exposed Persons (“PEPs”); and • Conduct the appropriate level of ongoing monitoring for existing business relationships by keeping customer due diligence up to date.


Click here for full article



Bailey Brothers Disqualified for Seven Years

Effective from 20 January, Michael and Thomas Bailey were disqualified from acting as directors of any Irish company for a period of seven years. The High Court imposed the disqualification order for various acts of misconduct committed by the Baileys while acting as directors of Bovale Developments. The misconduct was described by a managing partner of PricewaterhouseCoopers as the gravest falsification of books of account he had ever seen! 


Click here for full article



Bitcoin Traders charged with Money Laundering

The reputation of ‘Bitcoins’ has taken a knock, as two high profile ‘Bitcoin’ traders have been arrested and charged with money laundering on Monday 27th January 2014. Mr Charlie Shrem faces three charges of operating an unlicensed money-transmitting business, money-laundering conspiracy and failure to file a suspicious-activity report. Mr Robert Faiella was charged with operating an unlicensed money-transmitting business money laundering conspiracy.


Click here for full article
Funds News
Sectoral AML Guidelines published for Investment Funds
On 10 February 2014, the Department of Finance published Investment Funds Sectoral AML Guidelines.

Click here for full article



Central Bank consultation on UCITS funds Rulebook
The Central Bank tackled the New Year head on with the publication on 2 January 2014 of Consultation Paper CP77 on a UCITS Rulebook

Click here for full article
Enforcement
Settlement Agreement with AIB

On 17 December 2013, the Central Bank entered into a settlement agreement with AIB plc for failures by the company to comply with its regulatory liquidity reporting obligations. The Central Bank imposed a hefty €490,000 fine. 


Click here for full article
February - June 2014 Training Timetable

FEBRUARY

18th February, Tues - Anti-Money Laundering Refresher Course , Brief

20th February, Thurs - Capital Requirements Directive IV, Full Day

25th February, Tues - Implementing Fit & Proper in your Business, Brief

27th February, Thurs -  Anti-Money Laundering/Counter Terrorist Financing, Full Day

 

MARCH

4th Mar, Tues - Corporate Governance, Half Day

5th Mar, Wed - Directors Training - Anti-Money Laundering/Counter Terrorist Financing, Brief

6th March, Thurs - Directors Duties and Corporate Governance, Full Day

11th March, Thurs - Introduction to Financial Services Regulation in Ireland, Half Day

12th March, Wed - Complaints Handling & Treating Customers Fairly, Half Day

13th March, Thurs - Dignity in the Workplace, Brief

13th March, Thurs – AML in Practice: Implementation of Current Legislation and Guidance, Brief

19th March, Wed – Consumer Protection Code – Advertising, Half Day

20th March, Thurs - Risk-Based Compliance Monitoring for Financial Institutions, Full Day

25th March, Tues - Minimum Competency Code, Half Day

26th March, Wed - Ethics, Brief

27th March, Thurs - Capital Requirements Directive III FOR Investment Firms, Full Day

 

APRIL

8th April, Tues - E-Money Directive, Brief

8th April, Tues - Payment Services Directive, Brief

9th April, Wed - Important Employment Law Issues and How to Address Them, Half Day

10th April, Thurs - Role of the Compliance Officer - for Banks and Investment Firms, Half Day

15th April, Tues - Consumer Protection Code 2012, Half Day

16th April, Wed - Central Bank Inspections & Enforcement, Half Day

17th April, Thurs - Anti-Money Laundering/Counter-Terrorist Financing, Full Day

22nd April, Tues - PRISM, Lunch Brief

23rd April, Wed - Corporate Governance, Half Day

24th April, Thurs - Understanding Solvency II, Full Day

29th April, Tues - Data Protection and How to Conduct a Data Protection Audit, Full Day

30th April, Wed - Code of Conduct on Mortgage Arrears, Brief

 

MAY

1st May, Thurs - Role of the Compliance Officer for Insurance Firms, Full Day

7th May, Wed - AML in Practice: Implementation of Current Legislation and Guidance, Brief

8th May, Thurs - Understanding MiFID, Full Day

13th May, Tues - Corporate Governance, Half Day

14th May, Wed – Consumer Protection Code – Advertising, Half Day

15th May, Thurs - Implementing UCITS IV, Half Day

20th May, Tues - Implementing the Directive for Alternative Investment Fund Managers (AIFM), Half Day

21st May, Wed - Payment Services Directive, Brief

22nd May, Thurs - Developments in MiFID 2, Brief

23rd May, Wed - Establishing the Internal Audit Function, Half Day

27th May, Tues - Complaints Handling & Treating Customers Fairly, Half Day

28th May, Wed - Anti-Money Laundering Refresher Course, Brief

29th May, Thurs - Directors Training - Anti-Money Laundering/Counter Terrorist Financing, Brief

 

JUNE

4th June, Wed - Ethics, Brief

5th June, Thurs - Introduction to Financial Services Regulation in Ireland, Half Day

10th June, Tues - Implementing Fit & Proper in your Business, Brief

10th June, Tues - PRISM, Lunch Brief

11th June, Wed - Understanding Funds in Ireland, Half Day

12th June, Thurs - Directors Duties and Corporate Governance, Full Day

17th June, Tues - Dignity in the Workplace, Brief

18th June, Wed - Consumer Protection Code 2012, Half Day

19th June, Thurs - Data Protection and How to Conduct a Data Protection Audit, Full Day

24th June, Tues - Central Bank Inspections and Enforcement, Half Day

25th June, Wed - Risk-Based Compliance Monitoring for Financial Institutions, Full Day

26th June, Thurs - Anti-Money Laundering/Counter-Terrorist Financing, Full Day

Bookings:

To reserve a place on any of our courses, please emailbookings@complianceireland.com including the course name, course date, your name and contact details (including email address and telephone number). We will email you with an invoice and course details which includes the details of how to make payments.


Enquiries:

If you wish to enquire about a course before booking, please contact us at email@complianceireland.com

28 January 2014
In This Issue
Central Bank News
Central Bank streamlines MiFID authorisation process
Central Bank Review of Sales Incentives
New Compliance Statement for (Re)Insurance Undertakings
Financial Crime
FCA AML Enforcement Action against Standard Bank PLC
Bailey Brothers Disqualified for Seven Years
Bitcoin Traders charged with Money Laundering
Funds News
Sectoral AML Guidelines published for Investment Funds
Central Bank consultation on UCITS funds Rulebook
Enforcement
Settlement Agreement with AIB
February - June 2014 Training Timetable
Useful Links
Compliance Ireland
Compliance Ireland
Lower Ground Floor
13 Adelaide Road
Dublin 2

T: +353 1 425 5962
E: email@complianceireland.com
Newsletter Marketing Powered by Newsweaver