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The offshore financial services industry and private banking explained

Financial Crime Risk and Compliance (inc AML/CFT)
London, UK

London 14 September 2020 From buccaneers and pirates to modern day providers of financial services, the offshore sector has always been about protecting and enhancing the value of assets.

A new e-learning course examines the history of the offshore financial sector, private banking and family offices.

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.


Vortex Centrum Limited, publishers of financial crime risk and compliance e-learning courses since 2002, launched a completely new e-learning platform in 2020. The platform hosts entirely new content.

Courses are added frequently. Updates and additional material are added from time to time.

Subscribers get unrestricted access for the period of the course which is usually one year. Upon successful completion of the examination, which is one of the toughest in the money laundering and terrorist financing education and training sector with a pass mark of a minimum 80%, users are awarded a course certificate and earn credits towards the designation "Certificate in Financial Crime Risk and Compliance" which entitles them to use the letters cFCRC.

Led by Nigel Morris-Cotterill, a veteran of a quarter of a century in financial crime risk and compliance and a solicitor before that, the courses are challenging - and challenge orthodoxies.

For more information see www.financialcrimeriskandcompl....

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Last modified: 
19/09/2020 - 04:13