News & Analysis as of

Anti-Money Laundering

An overview of the OECD's Phase 4 Report on the UK's implementation of the Anti-Bribery Convention

by WilmerHale on

“The UK has made significant improvements to its ability to detect foreign bribery, but could still do more by reforming out-of-date legislation and better utilizing existing resources.” On 23 March 2017, the...more

Beneficial Ownership Due Diligence Requirements

by Michael Volkov on

The new FinCEN regulations requiring financial institutions to secure beneficial ownership information is fast approaching – May 2018. The US has been way behind in this regulatory area. As a result, money-laundering activity...more

FCA publishes its mission and annual business plan

by DLA Piper on

The Financial Conduct Authority has this week published its mission, which will give firms and consumers greater clarity about how it prioritises its interventions in financial markets. It has simultaneously published its...more

California Last State to Join Multistate Settlement of Western Union Fraud Schemes

by Kelley Drye & Warren LLP on

Last week, California became the 50th state to join the multistate settlement with Western Union over its alleged complicity in fraud-induced wire transfers. This followed Western Union’s $5 million agreement with 49 state...more

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more

Anti-money laundering bulletin - Spring 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Spring 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments and enforcement actions in the UK and...more

Bridging the Week - April 2017 #2

SEC Chairman Nominee Advances: Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the...more

Money Laundering: Further clarity provided by the Court of Appeal on the operation of the consent regime

by Dentons on

On 7 April 2017, the Court of Appeal in the decision of The National Crime Agency v. N and Royal Bank of Scotland Plc provided further clarity for banks in relation to the money laundering suspicious activity regime contained...more

A move to "glasshouses": Government announces call for evidence on a register of beneficial owners of property controlled by...

by Hogan Lovells on

On 5 April 2017, the government launched a call for evidence on a register showing the beneficial ownership of property controlled by overseas companies and other legal entities. This isn’t the first time that these...more

OPBAS: An AML “Super” Supervisor?

by WilmerHale on

On 15 March 2017, the Government announced its plans to launch a new anti-money laundering (“AML”) watchdog, the Office for Professional Body AML Supervision (“OPBAS”). OPBAS is intended to complement the soon-to-be updated...more

UK Government Consults on Draft Money Laundering Regulations

by Shearman & Sterling LLP on

The UK Government has published draft Money Laundering Regulations 2017 alongside a consultative document. Publication of the draft Regulations follows a consultation launched by HM Treasury on September 15, 2016, entitled...more

AML Enforcement and Compliance Trends

by Michael Volkov on

Law enforcement focus on anti-money laundering appears to be increasing. While the last ten years has seen a marked increase in AML regulatory obligations, the new administration is likely to return to some of the more...more

Amendments to the regulation on money laundering prevention and financing of terrorism applicable to financial institutions

by White & Case LLP on

Amendments to the general provisions on money laundering and financing of terrorism applicable to banking institutions, brokerage houses, regulated and unregulated non-bank lending and finance institutions, currency exchange...more

2016 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

by BakerHostetler on

The increasing interconnectivity of global markets has become a significant driver of the regulatory and enforcement trends of U.S. and foreign nations. In 2016, U.S. authorities continued their aggressive approach to...more

Corporate Investigations and White Collar Defense - March 2017

DOJ's New Guidance for Evaluating Corporate Compliance Programs - Why it matters: On February 8, 2017, the DOJ released, to little fanfare, a new guidance document entitled "Evaluation of Corporate Compliance Programs."...more

UK Regulator Publishes Draft Guidance on Treatment of Politically Exposed Persons

by Shearman & Sterling LLP on

The Financial Conduct Authority has published draft Guidance on the treatment of politically exposed persons under the UK draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

UK Government Publishes Red Tape Review of UK Anti-Money Laundering and Counter Financing of Terrorism Regime 

by Shearman & Sterling LLP on

The UK Government has published a review of the UK's Anti-Money Laundering and Counter Financing of Terrorism regime. The document summarizes the views and evidence submitted by businesses to the UK Government's Cutting Red...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Next off the block - AEOI

by DLA Piper on

You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it's not over yet! Next off the block is the Automatic Exchange of Financial Account...more

Asset Managers: Are You Ready for Your Exam? Steps You Should Take Now

by Sullivan & Worcester on

Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more

New obligations for jewelry companies - Rosfinmonitoring has developed a draft law setting up a legal mechanism to combat the...

by Dentons on

Public discussion started on 20 February 2017 of a draft federal law on amendments to Federal Law No. 115-FZ on Combating Money Laundering and the Financing of Terrorism of 7 August 2001 (the "Draft Law"). The Draft Law was...more

SEC Opens Cease-and-Desist Order Proceeding against Broker-Dealer and Chief Compliance / AML Officer

by McGuireWoods LLP on

As we have highlighted in prior posts, regulators of financial institutions, including FinCEN, FINRA and SEC, have increasingly brought actions to bring organizations – and individuals – into compliance with AML / BSA...more

Bridging the Week - March 2017 #2

US Broker-Dealer, Its CEO and a Non-US Client Sued by SEC for Layering and Other Manipulative Schemes - Lek Securities Corporation (“LEK”), a US-registered broker-dealer and Samuel Lek, its 70 percent owner and chief...more

New York Department of Financial Services Intensifies AML Enforcement Under New Superintendent

by King & Spalding on

Superintendent of New York State Department of Financial Services (“NYDFS”), Maria T. Vullo, has focused the Department’s efforts on enforcement of New York’s Anti-Money Laundering (“AML”) laws. Since her confirmation on June...more

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Cybersecurity

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