UK Regulator Fines JP Morgan International Bank Over Wealth Management Failings
23 May 2013
The UK’s Financial Conduct Authority has fined J.P. Morgan International Bank Limited £3,076,200 for systems and controls failings relating to its provision of retail investment advice and portfolio investment services. The regulator said that Read more…
Top Indian Banks Investigate Money Laundering Allegations
19 March 2013
Three leading Indian banks have been entangled in allegations that they were involved in sophisticated money laundering operations, with staff offering advice on setting up multiple bank accounts under different names as a way Read more…
UK Government Relaxes Immigration Rules to Encourage More Graduates, Skilled Workers, Entrepreneurs and Investors
14 March 2013
The UK government has amended its immigration rules to provide additional flexibility for businesses as well as enabling more top international students to pursue their careers within the country. It says it is also Read more…
Wealth Managers ‘Unaware’ of True Compliance Costs, Says Compeer
12 March 2013
Compliance costs for wealth managers are set to rise, although firms are unsure of the “true” cost of compliance, according to a survey from Compeer, a wealth management focused research firm. True compliance costs (excluding Read more…
EU Takes Steps to Limit Bankers’ Bonuses
28 February 2013
The EU has reached an agreement on bankers' pay, which includes a limit on bankers’ bonuses. The provisional agreement includes restrictions on bankers pay to make sure that pay practices do not lead to excessive Read more…
US Authorities Focus on Investment Advisers in 2013 Examination Priorities
26 February 2013
The US Securities Exchange Commission has published its 2013 examination priorities for investment advisers and investment companies. The SEC said it was keen to focus on three areas: presence exams for newly registered private fund Read more…
Affected Owners Urged To Act on Extension of CGT to Non-Natural Persons
26 February 2013
Draft legislation was published on 31 January 2013 extending capital gains tax (CGT) to "non-natural persons" holding high value residential property. This is part of a package of measures to deal with the ownership Read more…
US Virgin Islands Investment Adviser Charged with Fraud
26 February 2013
The Securities and Exchange Commission (SEC) have charged a US Virgin Islands investment adviser with defrauding clients. James S. Tagliaferri is accused of withholding the fact that he was receiving kickbacks for investing clients' money in Read more…
GenSpring Ordered to Pay $4.3M in Arbitration Hearing
14 February 2013
The saga continues for GenSpring Family Offices. The team of Dovin Malkin & Ficken and Vernon Healy won a $4.3 million arbitration award against the Sun Trust Bank-owned multi family office. During an arbitration hearing Read more…
Fraudsters Took $311m From Barclays, BNP Paribas and Bear Stearns Say US Prosecutors
08 February 2013
Barclays, Bear Stearns and BNP Paribas lost $311 million in an elaborate international hedge fund fraud, US authorities have alleged. The FBI have indicted Helmut Kiener, 53, of Aschaffenburg, Germany and John C. Tausche, 61, Read more…