Chapter 7- Regulstory Process, Systems And Controls Flashcards
Solvency II
Risk based solvency requirement
Protection and market competition
Location, tax, direct or reinsurance logged
UK/EU/Un sanctions
Asset freezing unit in HM treasury
Financial sanctions in the uk
Terrorism, state regimes, weapons of mass destruction
Cuba
No accounting, marketing, sales to Cuba
Helms burton act 1996
Data protection 1984
Protects loss of data and disclosure without consent
Data protection 1998
Replacement act
Not just computer data
8 principles of EU data protection directive
Fair and lawful Specified purpose Nit excessive Accuracy Processing Data subjects rights Protection Transfer
Money laundering 3 stages
Placement
Layering
Integration
Criminal justice acts 1988 and 1993
First just drugs and terrorism
Now all crime proceeds
JMLSG
Joint money laundering steering group
Must have MLRO
Looks at breaches by FSA
Bribery act 2010
Bribing another, being bribed, bribing foreign official and failure to report