Stranger danger: lessons for regulated branches and subsidiaries

Recent enforcement actions against firms and approved persons with overseas head offices should sound warning bells to all FSA-authorised firms with an international client base for whom a UK presence serves greater global needs. Emma Radmore and Katharine Harle look at lessons from two recent cases.

Emma Radmore (managing associate) and Katharine Harle (lawyer) are members of SNR Denton’s financial services and funds group and financial markets dispute resolution team respectively. Contact them at emma.radmore@ snrdenton.com or katharine.harle@snrdenton.com.

Habib

On 4 May, the FSA announced that it had fined Habib Bank AG Zurich £525,000 and its former Money Laundering Reporting Officer (MLRO) Syed Itrat Hussain £17,500.