Designated bank account meaning

In this issue: Sanctions AML, CTF & counter-proliferation financing Other financial crime Data protection Other Practice Compliance updates this week Daily and weekly news alerts Trackers New and updated content Sanctions OFSI issues first counter-terrorism sanctions breach disclosure against Vanquis Bank The Office of Financial Sanctions Implementation (OFSI) has published its inaugural disclosure notice under section 149(3) of the Policing and Crime Act 2017 in relation to Vanquis Bank Limited, for contravening the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019. The contraventions arose when the bank did not restrict the account of a designated person for eight days after designation, permitting a £200 cash withdrawal and an £8.99 payment. OFSI judged the breach to be moderately severe, highlighting operational resilience shortcomings within sanctions screening, yet not sufficiently grave to merit a financial penalty. This matter sets a precedent for OFSI’s use of disclosure notices in counter-terrorism sanctions enforcement and underscores the necessity of swift account...

In this issue: Sanctions Data protection Other Practice Compliance updates this week Daily and weekly news alerts Trackers New and updated content Sanctions OFSI issues £160,000 monetary penalty on Bank of Scotland for financial sanctions breaches The Office of Financial Sanctions Implementation (OFSI) has levied a £160,000 penalty on Bank of Scotland Plc (Bank of Scotland) for contraventions of regulations 11 (dealing with funds) and 12 (making funds available) under the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855. Imposed pursuant to section 146 of the Policing and Crime Act 2017 (PCA 2017), the sanction concerns the bank’s processing of 24 transactions, totalling £77,383.39, to and from a personal current account held by an individual designated under the Russia Regulations. See: LNB News 26/01/2026 18...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Operational resilience Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies Financial Services Regulatory Initiatives Forum provides interim update to regulatory initiatives grid The Financial Services Regulatory Initiatives Forum, comprising the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has issued an interim Q4/2024 update to its Regulatory Initiatives Grid...

This Practice Note outlines the principal issues to take into account when altering an existing facility agreement. It covers: typical drivers and rationales for changing a facility agreement key considerations when amending a facility agreement in the context of a bilateral or syndicated transaction matters to address where guarantees or security are in place ways to document an amendment, including whether to use an amendment letter, an amendment agreement, or an amendment and restatement agreement usual conditions precedent to effectiveness points concerning fees, costs and expenses This Practice Note does not address one-off waivers and consents. For further information on waivers and consents, see Practice Note: Waivers and consents. For material on amending security documents, see Practice Note: Amending security documents. For general contract law guidance on varying a contract, see Practice Note: Contract variation. Common reasons for amending a facility agreement After execution of the facility agreement and once funding has taken place, the borrower’s situation...

This Practice Note forms part of a multi-jurisdictional guide outlining essential aspects of establishing specific business entities across global jurisdictions. Leading law firms in the Multilaw worldwide network respond to key questions on this topic. This edition sets out principal considerations when creating a representative office in Thailand. Current as at 13 January 2023. Authors: Kobkit Thienpreecha and Athistha Chitranukroh, Tilleke & Gibbins, a Multilaw member firm. Common entities Which entity type is addressed here, and which other commonly used forms are covered in separate responses? This response concerns the representative office. The public limited company and the private limited company are discussed in distinct responses. Identify other entity types that exist in this jurisdiction but are not covered at this time: Regional office Limited liability partnership General principles What is the principal source of law authorising this entity? Regulations of the Office of the Prime Minister B.E....

This Practice Note sits within a multi-jurisdictional guide that covers the key elements of establishing particular business entities worldwide. Leading firms in the Multilaw global network respond to core questions on the subject. This guide outlines the principal issues when setting up a private limited company in Cambodia. Current as of 23 July 2024. Author: Jay Cohen and Mealtey Oeurn, Tilleke & Gibbins, a Multilaw member firm... Common entities What form of entity is the subject of this questionnaire? Which other commonly used entities in this jurisdiction are dealt with in another questionnaire? Private limited company (Kromhoun Elachon Tortoul Khos Trov Mean Komrith) (subject of this response)... Identify other entity types in your jurisdiction that exist but are not covered by a questionnaire at this time: General partnership (Kromhoun Sahakkramaseth Toutov) Sole proprietorship (Sahakreas Ekbokkol) Branch (Sakha Kromhoun) Representative office (Kariyealy Tamnang Peanechchokam) Public limited company (Kromhoun Mohachun Tortoul Khos Trov Mean Komrith) Limited...