Newsletter 02/2015
Seminar Announcement

AML in Practice: Implementation of Current Legislation and Guidance for 2015 and Beyond

a morning seminar on Monday 20th April 2015

Topics:

  • How to design and create a robust risk assessment outlining practical steps on what should and should not be contained in it.
  • How to demonstrate Governance and Compliance in your Institution
  • How to document and identify suspicious transactions and activities and the correct procedures for escalation of suspicious transactions
  • Constructing a CDD framework for your institution including on-boarding new customers and on-going monitoring of customers
  • Constructing an appropriate EU Financial Sanctions Framework
  • Appropriate Testing of AML/CFT and Financial Sanctions Systems and how to demonstrate same

Click here for full article
Central Bank News
Central Bank publishes Consumer Protection Outlook Report
On 6th February 2015 the Central Bank published its first Consumer Protection Outlook Report. The report sets out a number of consumer protection themes the Central Bank will be focusing on, in the context of its overall strategy and also the risks the Bank sees to its consumer protection objectives.

Click here for full article



Regulatory Transactions Service Standards - Recent Statistics

The Central Bank's January Performance Report on Service Standards for July - December 2014 show that the Bank is meeting or exceeding its targets with respect to response and processing times for:
  • Fitness and Probity PCF Individual Questionnaire's; and
  • Authorisation Applications.
It also helpfully identifies common reasons for IQ's to be returned as incomplete.



Click here for full article
Financial Crime
Central Bank Publishes Report on AML, CTF and Sanctions Compliance in Banks

On the 17th February 2015 the Central Bank published a report on Anti-Money Laundering, Counter Terrorist Financing and Financial Sanctions compliance in Banks in Ireland.
 
Head of Anti-Money Laundering, Domhnall Cullinan said: "The Central Bank acknowledges that satisfactory processes and controls were found in place in some areas. However, the number and nature of issues identified suggests that more work is required by banks in Ireland to effectively manage Money Laundering and Terrorist Financing risk. While the banking sector in Ireland is the specific focus of the report, many of the issues raised are relevant to the broader financial services sector in Ireland."

Click here for full article
Enforcement
Central Bank publishes its Enforcement Priorities for 2015
On the 9th February 2015 the Central Bank published its list of Enforcement Priorities for 2015. In keeping with the format over the past few years the priorities contain sector specific priorities as well as priorities affecting all sectors. There is also the usual statement that while focus will be on these pre-defined areas this will not inhibit reactive enforcement where other issues come to the Central Bank's notice.

The Central Bank’s enforcement strategy is stated to be focused on deterring breaches of requirements, securing compliance and promoting the behaviours and high standards expected from regulated firms, in order to protect consumers and safeguard the stability of the wider financial system and the economy.

Click here for full article
UK News
Payday loans: loan caps now in place in the UK and Wonga escapes criminal investigation...

Since the 2nd of January 2015, new measures introduced by the Financial Conduct Authority on Payday Loans (High-Cost, Short-Term Credit) in the UK have been in place clamping down on the level of fees and charges. In addition, market leader Wonga has escaped a criminal investigation.

Click here for full article
Europe
CRD IV - COREP reporting changes again

An amending Regulation (2015/227) has been published amending the provisions of Implementing Regulation 648/2014, which laid down standards on supervisory reporting of institutions under the Capital Requirements Regulation (the 'CRR'). As an amending document, this new Regulation 2015/227 runs to mere 630 pages compared to the 1,861 pages of the original Regulation 648/2014.

Click here for full article



CRD IV - Implementing Regulation published on reporting of Liquid Assets
A Commission Implementing Regulation (2015/233) has been published outlining the currencies in which there is an extremely narrow definition of central bank eligibility which meet the conditions referred to in the third subparagraph of Article 416(3) of Regulation (EU) No 575/2013. It is outlined in the Annex that the Bulgarian Lev is the currency which is disclosed.

Click here for full article
Corporate Governance News
Weavering back again!
In last's month's newsletter, we wrote that the former Weavering Capital (UK) Limited founder and hedge fund manager convicted of fraud, Ulf Magnus Michael Peterson, was sentenced to 13 years imprisonment on 23 January 2015. We noted that this had followed a judgment in 2011 against the former directors of the Weavering Macro Fixed Income Fund for their wilful negligence while holding the position of director.

It now seems that Mr. Peterson's sentence was not the end of this saga as the former directors, Stefan Peterson and Hans Ekstrom, had their appeals against the judgment upheld by the Cayman Islands Court of Appeal on 12th February 2015.

Click here for full article
Training
March - June Schedule

MARCH - JUNE 2015 TRAINING SCHEDULE

Click on the links for more detailed information on any one of our courses.


MARCH

3rd Mar, Tues - Corporate Governance, Half Day 
4th Mar, Wed - Director's Training - Anti-Money Laundering/Counter Terrorist Financing, Brief 
5th Mar, Thurs - Director's Duties and Corporate Governance, Full Day 
10th Mar, Tues - Introduction to Financial Services Regulation in Ireland, Half Day 
11th Mar, Wed - Complaints Handling & Treating Customers Fairly, Half Day 
12th Mar, Thurs - AML in Practice: Implementation of Current Legislation and Guidance, Brief 
18th Mar, Wed - Consumer Protection Code - Advertising Requirements, Half Day 
19th Mar, Thurs - Risk-Based Compliance Monitoring for Financial Institutions, Full Day 
24th Mar, Tues - Minimum Competency Code, Half Day 
25th Mar, Wed - Ethics, Brief 
26th Mar, Thurs - Capital Requirements Directive III - For Investment Firms, Full Day

APRIL

8th Apr, Wed - E-Money Directive, Brief 
9th Apr, Thurs - The Role of the Compliance Officer - Banks and Investment Firms, Full Day 
14th Apr, Tues - Consumer Protection Code 2012, Half Day 
16th Apr, Thurs - Anti-Money Laundering/Counter Terrorist Financing, Full Day 
21st Apr, Tues - PRISM, Lunch Brief 
22nd Apr, Wed - Establishing the Internal Audit Function, Half Day 
23rd Apr, Thurs - Understanding Solvency II, Full Day 
28th Apr, Tues - Data Protection and How to Conduct a Data Protection Audit, Full Day 
29th Apr, Wed - Code of Conduct and Mortgage Arrears, Brief 
30th Apr, Thurs - The Role of the Compliance Officer - Insurance Firms, Full Day

MAY 
6th May, Wed - AML in Practice: Implementation of Current Legislation and Guidance, Brief 
7th May, Thurs - Understanding MiFID, Full Day 
12th May, Tues - Corporate Governance, Half Day 
13th May, Wed - Consumer Protection Code - Advertising Requirements, Half Day 
14th May, Thurs - Implementing USITS IV, Half Day 
19th May, Tues - Complaints Handling & Treating Customers Fairly, Half Day 
20th May, Wed - Payment Services Directive, Brief 
21st May, Thurs - PRISM, Lunch Brief 
26th May, Tues - Implementing the Directive for Alternative Investment Fund Managers (AIFM), Half Day 
27th May, Wed - Anti-Money Laundering Refresher Course, Brief 
28th May, Thurs - Director's Training - Anti-Money Laundering/Counter Terrorist Financing, Brief

JUNE

3rd Jun, Wed - Ethics, Brief 
4th Jun, Thurs - Introduction to Financial Services Regulation in Ireland, Half Day 
9th Jun, Tues - Implementing Fit & Proper in your Business, Brief 
10th Jun, Wed - Understanding Funds in Ireland, Half Day 
11th Jun, Thurs - Directors Duties and Corporate Governance, Full Day 
16th Jun, Tues - Developments in MiFID 2, Brief 
17th Jun, Wed - Consumer Protection Code 2012, Half Day 
18th Jun, Thurs - Data Protection and How to Conduct a Data Protection Audit, Full Day 
23rd Jun, Tues - Central Bank Inspections & Enforcement, Half Day 
24th Jun, Wed - Risk-Based Compliance Monitoring for Financial Institutions, Full Day 
25th Jun, Thurs - Anti-Money Laundering/Counter Terrorist Financing, Full Day


How to Make a Booking

Click on the link to the course you want to book and ensure your place today by scrolling down and booking through PayPal.

Alternatively, you can make a booking by sending an email to bookings@complianceireland.com containing the following information:

  • your contact details
  • the name and date of the course that you would like to attend
  • the attendee(s) name(s)
  • the name of the person that the invoice should be addressed to
  • any reference/cost centre/purchase order number that you would like stated on the invoice

We will follow up your booking by sending out an invoice.

Bespoke training:

Do you have a number of candidates you would like to have trained? 
It may be more cost-effective and time-efficient to have your staff trained at your premises rather than sending them out to external courses. 
As well as our public training courses, Compliance Ireland regularly provides bespoke training to firms around the country.  The benefits of bespoke training include:

  • we can tailor content to your company/industry requirements
  • we can tailor content to focus on specific topics within a subject area
  • we can help you ensure that you comply with mandatory/regulatory staff training requirements
  • reduce costs by running course from your offices or for smaller groups from our offices
  • reduce costs by printing off course content

For more information, see our website - http://www.complianceireland.com/ or contact us: aisling@complianceireland.com

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Our Terms and Conditions and Cancellation Policy (‘Terms’) are located here.  Please read the Terms before making your booking.  A link to the Terms appears on each webpage advertising a course/Event.  Please note that Compliance Ireland reserves the right to alter the content and/or cancel scheduled courses/Events.  Where Compliance Ireland cancels a course/Event a full refund will be made.  All bookings must be paid for in advance unless agreed otherwise. Please also see our Privacy Policy/Statement by clicking here.

 

24 February 2015
In This Issue
Central Bank News
Central Bank publishes Consumer Protection Outlook Report
Regulatory Transactions Service Standards - Recent Statistics
Financial Crime
Central Bank Publishes Report on AML, CTF and Sanctions Compliance in Banks
Enforcement
Central Bank publishes its Enforcement Priorities for 2015
UK News
Payday loans: loan caps now in place in the UK and Wonga escapes criminal investigation...
Europe
CRD IV - COREP reporting changes again
CRD IV - Implementing Regulation published on reporting of Liquid Assets
Corporate Governance News
Weavering back again!
Training
March - June Schedule
Useful Links
Compliance Ireland
Compliance Ireland
Lower Ground Floor
13 Adelaide Road
Dublin 2

T: +353 1 425 5962
E: email@complianceireland.com
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