Author Archive

OFT fines Leicester-based estate agent almost twelve thousand pounds

The OFT, in its first formal Regulatory penalty, has fined Leicester-based IPS Estate Agents Limited £11,844 for failing to comply with anti-money laundering regulations. IPS failed to comply with a number of requirements under the Money Laundering Regulations 2007, including those relating to: verifying the identity of customers keeping appropriate records ensuring that relevant ...

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement

December 07, 2012  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement The Government is to sign a tax information sharing agreement with the Isle of Man which will provide HM Revenue & Customs (HMRC) with a range of additional information about potentially taxable income in Manx bank accounts. This ...

Memorandum of Understanding between HMRC and the FSA for joint supervision

June 18, 2012  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

A Memorandum of Understanding between HMRC and the FSA was published on the FSA website on 1 June 2012. It’s about sharing information and joint visits. This will be of particular relevance to many money services businesses whom are supervised not just under the Money Laundering Regulations by HMRC but ...

Landmark decision in Shah v HSBC Private Bank brings welcome relief for firms

After four and half years, six reported decisions, three trips to the Court of Appeal and 27 days of trial, the High Court of Justice has today dismissed in its entirety Mr Shah and his wife’s claim for over US$300m against HSBC Private Bank (UK) Limited. This is a landmark ...

Identifying counterfeit euros

Identifying counterfeit euros - consultation decision HM Treasury (HMT) have published the results of their consultation on the UK's implementation of European Union (EU) Regulations 44/2009 and 45/2009, requiring Currency Exchange Offices and Money Transmitters to have procedures in place selectively to check euro notes and coins using an approved method. Following ...