IT’S NOT ALL JUST ABOUT ANTI-MONEY LAUNDERING!
It seems that in the past number of years the hottest topic with the Regulator as well as amongst Regulated entities is anti-money laundering (AML). It is clear that a huge amount of resources have been poured into the customer due diligence process, on-going monitoring and training.
Reputational risk and damage appears to be the main reasons behind this resource spend rather than being ‘crime fighting super-heroes trying to rid the world of financial crime’. However, there appears to be an area that will require increased focus now, and that is the area of countering the financing of terrorism (CFT). Up until now, it definitely has been AML’s unpopular brother. This is all about to change. From now on, regulated entities will not just be tasked with developing a response to countering terrorist financing, but ultimately terrorism itself.
Click here for full article
|
|
Letter to Investment Firms on Conflicts of Interests after Themed Reviews
The Central Bank of Ireland issued a letter dated 25th february 2016 to Investment Firms outlining its findings as a result of themed inspections into Conflicts of Interests. The themed reviews were undertaken in MiFID investment firms and UCITS Managers authorised to provide Individual Portfolio Management. However, AIFM's are also advised to take heed of the findings on the basis that similar requirements apply to them.
Some of the general findings are as follows:
- Firms with a strong compliance culture demonstrated a high level of Conflict of Interest awareness.
- Best-in-class firms demonstrated a holistic approach to Conflict of Interest.
- Failure to recognise Conflicts of Interest exposes both firms and clients to unnecessary risk.
Click here for full article
|
|
Another Inquiry Announced!
On 10th February 2016 the Central Bank of Ireland announced that it had referred an administrative sanctions case to Inquiry in respect of an Insurance Intermediary. While the announcement does not name the alleged firm, it does identify the alelged breach as failing to hold professional indemnity insurance as required under Regulation 17 of the European Communities (Insurance Mediation) Regulations 2005.
We are still to see an Inquiry under the Administrative Sanctions Procedure actually take place and this is the third case where the procedure intends to be invoked.
Click here for full article
|
|
Training Schedule March - June 2016
Due to demand, we are offering the course Governance & Oversight of Operating Activities again on the 1st of June 2016.
Another new course we have is Whistleblowing;
The Central Bank (Supervision and Enforcement) Act 2013 introduced protections for whistleblowers in regulated financial services providers. It also introduced mandatory reporting of material breaches of financial services legislation for person performing Pre-Approval Controlled Functions. The Protected Disclosures Act 2014 also introduced protections for all employees involved in whistleblowing.
This 2 hour briefing is intended to provide an understanding of the whistleblowing protections when they apply while also examining the question of materiality
Click here for full article
|
|
|
