Essentials: The financial crime risks of Offshore Financial Services, Private Banking and Family Offices

Conflict, Risk and Compliance. This course is for those who work in, have dealings with and regulate providers of offshore services, private banks and family offices.

Individual

About this course

The offshore industry has long been the target of political ire and, of late, has become the focus of attention for politically motivated pressure groups. However, its functions have developed because of the historial disadvantages of small jurisdictions, some landlocked and some islands, and their specific needs. 

As global communications have become quick, easy and cheap, access to those services has become quick and easy but, of course not cheap. 

The abuse of the offshore centres by criminals for a variety of purposes, throws back to the days of buccaneers and pirates stashing their loot, hidden from their patrons, enforcement, tax collectors and, of course, the original owners of the goods. 

Today, we talk of "assets" rather than "treasure" and most offshore centres have nothing to do with that history but the essential principles - without the romantic notions - live on.

And so do services that are inherently intertwined with them.

The role of private banking in relation to financial crime has become very confused as conflicting definitions of private banking have been widely used. 

In this Essentials course, we explain those conflicts. We also explain the use of "Family Offices" and their similarities to private banking. 

Both Private Banking and Family Offices are at high risk of being used by money launderers and terrorist financiers. 

That means that these businesses must take great care over those they deal with.   

Equally, it means that those who deal with them must take great care when dealing with those providing these services. 

This course is, therefore, for all those who work in or manage the offshore sector and private banking or family offices wherever they are and for those businesses that provide services to and deal with them. It is also, of course, for their regulators and relevant enforcement agencies. 

About:

Language: English

Jurisdiction: global

Level : Front Liners to Directors

Access: One Month

Certificated: Yes, 12 months from completion of examination

Examination: pass mark 80%; validity 12 months, retakes are allowed.

This course is part of the Learning Ladder (tm) Series.

CPE/CPD - yes, if your examination body / regulator acknowledges this course

CPE/CPD hours : six, where acknowledged.


Course curriculum

  1. 1

    • Caveat and Legal

    • Status of this course

    • Pre-requisite
  2. 2

    • 1.1 What are offshore financial services?

    • 1.2 What are midshore financial services?

    • 1.3 What is Private Banking?

    • 1.4 What is a ″Family Office.″
  3. 3

    • 2.1.1 Offshore Financial Services 1

    • 2.1.2 Offshore Financial Services 2

    • 2.1.3 Offshore Financial Services 3

    • 2.1.4 Offshore Financial Services 4

    • 2.1.5 Offshore Financial Services 5

    • 2.1.6 Offshore Financial Services 6

    • 2.1.7 Offshore Financial Services 7

    • 2.1.8 Offshore Financial Services 8

    • 2.2.1 Midshore Financial Services 1

    • 2.2.2 Midshore Financial Services 2

    • 2.2.3 Midshore Financial Services 3

    • 2.3.1 Private Banking 1 Genesis

    • 2.3.2 Private Banking 2 ″Private″ does not equate to ″offshore″.

    • 2.3.3 Private Banking 3 ″Private″ does not equate to ″secret.″

    • 2.3.4 Private Banking 4 Czech it out

    • 2.3.5 Private Banking 5 ″Private″ does equate to ″confidential″.

    • 2.4.1 Family Offices 1

    • 2.4.2 Family Offices 2

    • 2.4.3 Family Offices 3
  4. 4

    • 3.1 The changing landscape

    • 3.2 Separation of responsibility and knowledge

    • 3.3 Who owns the owners?

    • 3.4 What′s in a name?

    • 3.5 The offshore papers.

    • 3.6 Why rob a bank when you can own one? 1

    • 3.7 Why rob a bank when you can own one? 3
  5. 5

    • 4.1 What are legal structures?

    • 4.2.1 Corporate Structures 1

    • 4.2.2 Corporate Structures 2

    • 4.2.3 Corporate Structures 3

    • 4.2.4 Corporate Structures 4

    • 4.2.5 Corporate Structures 5

    • 4.3 Partnerships

    • 4.4 Joint Ventures

    • 4.5 Trusts

    • 4.2.6 Corporate Structures 6
  6. 6

    • 5.1 ″offshore,″ ″tax havens″ and ″secrecy havens.″ 1

    • 5.2 ″offshore,″ ″tax havens″ and ″secrecy havens.″ 2

    • 5.3 ″offshore,″ ″tax havens″ and ″secrecy havens.″ 3

    • 5.4. OECD – Tax Information Exchange

    • 5.5. OECD – ″Golden Passports.″

    • 5.6 The global effect of the UK's Economic Crime (transparency and enforcement) Act 2022
  7. 7

    • 6.1 "We ... make multiple checks with the FBI, CIA... before granting a licence to do business here".

    • 6.2 The Deposit Indemnity Corporation and a revolutionary stock exchange.

    • 6.3 Trust us: we will pay you 250% per annum annual return on deposits. Tax free.

    • 6.4 Trust us: it’s guaranteed.

    • 6.5 Trust us: the guarantee is underwritten by a Triple A rated bank.

    • 6.6 Closing the circle

    • 6.7 The financial institution and the hotmail address.

    • 6.8 Bubble company? What bubble company?

    • 6.9 The quiet investigation

    • 6.10. The bank and the cashflow problem

    • 6.11. The bank and the cashflow problem 2

    • 6.12. The bank and the cashflow problem 3

    • 6.13. The bank and the cashflow problem 4

    • 6.14 The disappearing.

    • 6.15 Regulatory capture is easy when the jurisdiction is desperate.

    • 6.16 Founder, president, bankrupt - rinse and repeat.

    • 6.17 The network that shook a jurisdiction.

    • 6.18 Famous last words: trust me, I’m a banker.

    • 6.19 Good but not good enough: the choice of regulator.

    • 6.20 The light at the end of the tunnel is a train.

    • 6.21 The story that kept on giving until it didn't.

    • 6.22 Transcript of some of the documents that underpinned the fraud. 1

    • 6.23 Documents in support of the fraud 2

    • 6.24 Related entities.
  8. 8

    • 7.1 About the chapter.

    • 7.2.1 Advertisement by CSI Offshore - 1

    • 7.2.2 Advertisement by CSI Offshore - 2

    • 7.3.1 Advertisement by "Reputable Firm." 1

    • 7.3.2 Advertisement by "Reputable Firm." 2

    • 7.3.3 Advertisement by "Reputable Firm." 3

    • 7.4.1 Advertisement by "THE GLOBAL SOLUTIONS GROUP INC." 1

    • 7.4.2 Advertisement by "THE GLOBAL SOLUTIONS GROUP INC." 2

    • 7.4.3 Advertisement by "THE GLOBAL SOLUTIONS GROUP INC." 3

    • 7.4.4 Advertisement by "THE GLOBAL SOLUTIONS GROUP INC." 4

    • 7.4.1 Advertisement by "Petrofunds.com" 1

    • 7.4.2 Advertisement by "Petrofunds.com" 2

    • 7.4.3 Advertisement by "Petrofunds.com" 3
  9. 9

    • 8.1 Fast FATCA
  10. 10

    • 9.1 Hypothecation
  11. 11

    • About Examination

    • Examination: Essentials - Offshore Financial Services, Private Banking and Family Offices