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Feb 21, 2024 · Diamond Resorts Europe use Isle of Man based First National Trust Company Limited (FNTC). An extract from Diamond is shown below: Owners of points rights are able to use those points rights in exchange for accommodation at holiday properties.
Jul 26, 2024 · Find our most up-to-date warnings of firms and individuals running scams or operating without authorisation.
Do you deal with customer complaints about how a bank or payment services provider dealt with a fraud or scam? This page covers what we see in complaints involving fraud and scams, our approach, and the information we need from you to resolve these cases.
Aug 5, 2024 · Trust and company service providers (TCSPs) are at a high risk of being used for money laundering or terrorist financing. The creation and management of trusts and companies might be readily used to disguise the ownership and control of assets that can help criminals to hide the proceeds of crime.
- Background: Trust and Company Services and Money Laundering Risks
- Our Role
- What We Did
- Headline Summary
- Summary of Findings by Area
Money laundering is not a victimless crime. It is used to fund terrorists and facilitates drug dealers and people traffickers, as well as a range of other criminal activity. The credibility of solicitors and the services they offer makes them an attractive target for criminals, who want to launder their gains. Solicitors have a vital role - and opp...
In July 2018, our Risk Outlook highlighted our growing concern about the risks and challenges posed to the profession by those looking to launder the proceeds of crime and finance terrorism. We explored this further in our Autumn update, where the concern was raised as a priority risk. Our interest in this area continues to intensify and is reflect...
In 2018 we reviewed 59 law firms in England and Wales that told us they carried out trust and company service provider (TCSP) work. We had initially planned to review 60, but upon visiting one firm we found they did not carry out this work. We met with firms, money laundering reporting officers (MLRO), money laundering compliance officers (MLCO) an...
In this review we found most law firms who carry out TCSP work are adequately meeting their obligations to tackle money laundering. Yet a significant minority are not doing enough, with some fallin...We found no evidence of actual money laundering or that firms had any intention of becoming involved in criminal activities. Breaches of the MLR 2017 and poor training or processes could, however,...Any AML system is an interdependent collection of policies and processes. Where one of these areas fails, it weakens the strength of the entire system. Areas where we had particular concerns includ...A firm risk assessment is required in legislation and should be the backbone of a firm's AML approach. We found that too many firms' approach was inadequate. More than a third of firms' (24) assess...Most firms had appropriately assessed, monitored and mitigated the risks inherent within TCSP work. However, a significant minority of firms must improve across various areas.
This page will tell you how to bring a complaint about the way your bank or payment services provider acted when you were scammed or the victim of fraud. It sets out the process and links to other sources of useful information.
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