Placing Bankers in the Frontline

TY - JOUR

T1 - Placing Bankers in the Frontline

AU - Lomnicka, E

PY - 2005

Y1 - 2005

N2 - Describes how the 1986 Financial Services Act gives the FSA power to pursue not only those breaching its rules but others who become involved in breaches by being “knowingly concerned”; the FSA can apply to the courts for an injunction or for a restitution order, and if the person is in fact a bank it has a new extra-judicial power to make it disgorge the profits and/or compensate for the loss. Explains at length what “knowingly concerned” means in the context of the criminal and civil law. Shows how banks are now under significant obligation to obtain information about their clients, and this results in knowledge for the purpose of “knowingly concerned” liability; they also have to report suspicions of money laundering and generally cooperate with the FSA.

AB - Describes how the 1986 Financial Services Act gives the FSA power to pursue not only those breaching its rules but others who become involved in breaches by being “knowingly concerned”; the FSA can apply to the courts for an injunction or for a restitution order, and if the person is in fact a bank it has a new extra-judicial power to make it disgorge the profits and/or compensate for the loss. Explains at length what “knowingly concerned” means in the context of the criminal and civil law. Shows how banks are now under significant obligation to obtain information about their clients, and this results in knowledge for the purpose of “knowingly concerned” liability; they also have to report suspicions of money laundering and generally cooperate with the FSA.

U2 - 10.1108/13590790510700599

DO - 10.1108/13590790510700599

M3 - Article

VL - 12

SP - 200

EP - 208

JO - Journal of Financial Crime

JF - Journal of Financial Crime

IS - 3

ER -