News & Analysis as of

Anti-Money Laundering

Digital Currencies: FinCEN Shuts Down Foreign Exchange for Anti-Money Laundering Violations – Another Mt. Gox?

by Locke Lord LLP on

On July 27, 2017, the Financial Crimes Enforcement Network for the Department of Treasury (FinCEN) seized the website of the digital currency exchange BTC-e for allegedly operating a multi-billion dollar money laundering...more

Key Regulatory Topics: Weekly Update - 29 July 2017 – 3 August 2017

by Allen & Overy LLP on

BREXIT - HM Government to introduce an International Sanctions Bill - On 2 August, the government published plans for a bill that would give it the legal power to impose sanctions after it leaves the EU. The Queen's...more

Fourth Money Laundering Directive (MLD4) and the new Regulations

by Locke Lord LLP on

The MLD4 came into force on 26 June 2017. This was the date by which all member states were required to bring into force the laws, regulations and administrative provisions necessary to facilitate their compliance with...more

FinCEN Action Demonstrates the Agency’s Ability to Use Anti-Money Laundering Laws Against Non-U.S. Entities

On Wednesday, July 27, 2017, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a $110 million fine levied against BTC-e, a digital currency exchange, for BTC-e’s alleged refusal to abide by...more

FinCEN’s Beneficial Ownership Rule: A Practical Guide to Being Prepared for Implementation

by Ballard Spahr LLP on

In May 2016, Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its final rule on Customer Due Diligence (CDD) Requirements for Financial Institutions. ...more

The Extended UK PSC Regime

by Shearman & Sterling LLP on

The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti...more

SEC Settles Another AML Action

by Dorsey & Whitney LLP on

The Commission has increasingly focused on anti-money laundering compliance and the filing of SARs. See, e.g., SEC v. Alpine Securities Corp., No. 1:17-cv-04179 (S.D.N.Y. Filed June 5, 2017). Earlier this year the agency...more

Legal and regulatory issues adversely affecting banks in Trade and Supply Chain Finance

by Sullivan & Worcester on

Following a meeting of the Basel committee in March this year, the Chairman Stefan Ingves, announced that the committee has made further progress towards the finalization of the Basel III accord are stricter capital rules and...more

UPDATE: New UK Offences of Failure to Prevent Facilitation of Tax Evasion – looming deadline

by Ropes & Gray LLP on

In May 2016, we published an Alert about UK proposals to introduce new strict liability corporate criminal offences aimed at preventing the facilitation of tax evasion. Andy Howard, Tax partner in the Ropes & Gray London...more

Singapore Legal Update - July 2017

by Allen & Overy LLP on

Issues of Corporate Governance and Due Diligence Raised in SingPost's Review of Its Acquisition of TradeGlobal - SingPost issued an update on its review of its acquisition of TradeGlobal Holdings Inc. The report...more

UK beneficial ownership registers – how recent developments affect finance transactions

by Dentons on

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU...more

Record-Setting Prosecutions in the Money Transmitting Business: Ways to Avoid Compliance Violations

by Blank Rome LLP on

In the first several months of 2017, we have seen significant anti-money laundering settlements and penalties in the money transmitting business arising from lax compliance programs, including the record-setting Western Union...more

White Collar Watch (July 2017 • Vol 1, Issue 2)

by Blank Rome LLP on

Welcome to the summer edition of Blank Rome’s White Collar Watch. In a world that seems to bring new challenges daily—such as the global cybersecurity attacks that were launched in late June—this newsletter is designed to...more

How to spot PEPs and what to do with them – the FCA's Finalised Guidance 17/5

by Dentons on

The guidance issued by the FCA in FG 17/5 (the Guidance) is likely to make a significant difference to the way in which firms identify and manage their relationships with politically exposed persons (PEPs). The FCA has used...more

People with significant control regime: expanded scope and more regular reporting

by Dentons on

Changes to the UK's regime for the disclosure by companies of their significant controllers (the PSC regime) took effect on 26 June 2017. The changes ensure that UK legislation is compliant with the EU's Fourth Anti-Money...more

Governance & Securities Law Focus: Europe Edition - July 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Money Laundering Regulations 2017: government rush threatens a teething period for property auctioneers

by Hogan Lovells on

New money laundering regulations could prove to be a headache for property auctioneers until those affected get to grips with the changes, according to leading figures in the industry....more

Second Circuit Finds That HSBC Monitor's Reports Need Not Be Publicly Disclosed

by Shearman & Sterling LLP on

On July 12, 2017, the U.S. Court of Appeals for the Second Circuit overturned the district court’s decision to unseal the report of a special monitor charged with supervising HSBC Holdings plc and HSBC Bank, USA, N.A....more

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule

by Foodman CPAs & Advisors on

Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or...more

The British Virgin Islands’ Beneficial Owners Secure System Act of 2017

by Garvey Schubert Barer on

The British Virgin Islands (“BVI”) is a small chain of islands in the Caribbean situated between Puerto Rico and St. Maarten. The BVI has been a top sailing destination since the days of Sir Francis Drake. The BVI is a...more

Registration of Beneficial Owners – Changes to the UK PSC Regime

by Reed Smith on

The UK government has published legislation to implement changes to the UK ‘people with significant control’ (PSC) regime to bring it into line with the Fourth Money Laundering Directive ((EU) 2015/849). The new law came into...more

European White Collar Crime Report: Views on the key developments across Europe

by Allen & Overy LLP on

Europe at a glance - Across Europe, law makers are steadily expanding the circumstances in which companies can be found liable (whether criminally or otherwise) for the criminal conduct of their employees and other...more

New Federal Bills Feature MLA Requirements, AML Obligations

New legislation recently introduced in Congress impacting the financial services industry would amend the Military Lending Act (MLA) and impose additional requirements with regard to anti-money laundering (AML) obligations....more

New Legal Requirements For GmbH-Shareholders' List

by Reed Smith on

On 26 June 2017, the Act on the Implementation of the Fourth EU Anti Money Laundering Directive entered into force. One of the key points of the Act is the establishment of an electronic Transparency Register, which is...more

Key Regulatory Topics: Weekly Update - 30 June 2017 – 6 July 2017

by Allen & Overy LLP on

CAPITAL MARKETS AND MARKET INFRASTRUCTURE - See Recovery and Resolution section for an update on CCP recovery and resolution. FCA makes available draft forms for benchmark administrators - On 6 July, as part of their...more

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Cybersecurity

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