News & Analysis as of

Anti-Money Laundering

New German Anti-Money Laundering Act - impact on gambling operators

by DLA Piper on

On 26 June 2017 a new Anti-Money Laundering Act (AML Act or “Geldwäschegesetz” = GwG) entered into force in Germany. The new AML Act transposes the 4th AML Directive into German law. It has severe impacts on gambling...more

IV Anti-Money Laundering Directive: the issuance of the Italian Legislative Decree implementing the Directive

by DLA Piper on

The Legislative Decree No. 90 of May 25, 2017 has been published in the Ordinary Supplement No. 28 of the Italian Official Gazette No. 140 of 19 June 2017 (the Decree). The Decree amends the legislative decrees No 231 dated...more

New rules on significant controllers target AIM

by Dentons on

UK incorporated AIM companies are now within scope of the "people with significant control" regime in Part 21A of the Companies Act 2006 (the PSC regime). Under the terms of the implementing statutory instrument they will,...more

The Financial Report, Volume 6, Number 12

by DLA Piper on

On June 8, the United States House of Representatives passed the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act of 2017, which would repeal and replace the Dodd-Frank...more

Partnering Perspectives - Summer 2017

As we implement the Eversheds Sutherland combination and expand our ability to serve clients around the globe, our US and international teams are working together to analyze issues impacting clients doing business in multiple...more

AML Update: Not So Fast – Implementation of New Identity Verification Requirements Extended

As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist...more

Multi-jurisdictional overview: preliminary implementation of the UBO register in the EU Member States

by DLA Piper on

Article 30 of the fourth Anti-Money Laundering Directive (the 4AMLD, (EC) 2015/849) imposes the obligation to introduce a central register which identifies Ultimate Beneficial Owners (UBOs) of (legal) entities (the “UBO...more

Proposed Legislation Would Combat Terrorist Financing, Money Laundering

by Bass, Berry & Sims PLC on

- Proposed legislation targets current gaps in U.S. financial crime law and enforcement - Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry -...more

SEC Charges BD For Repeated AML Violations

by Dorsey & Whitney LLP on

The Commission filed its second action this year centered on the failure of a broker-dealer to file SARs. The first was In the Matter of Windsor Street Capital, LP, Adm. Proc. File No. 3-17813 (Jan. 25, 2017). That action is...more

Trends in Anti-Money Laundering Enforcement and Compliance

by Baker Donelson on

For years banks and other financial institutions have dealt with the anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Governmental agencies, both regulatory and law enforcement, have placed particular...more

Regulation Round Up - May 2017

by Proskauer Rose LLP on

2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Goldman Sachs’ recent purchase of $2.8 billion in Venezuelan bonds has been kicking around the headlines for a few days now. Here’s what’s at stake for the country and the bank....more

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

by Perkins Coie on

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

Banking Cannabis Clients Under Canada’s Anti-Money Laundering Regime

Unlike the United States, where the sale of cannabis remains illegal federally, the sale of cannabis for medicinal purposes has been legalized in Canada. Following a recent announcement by the Canadian government, legislation...more

Self-Sovereign Identity and Distributed Ledger Technology : Framing the Legal Issues

by Perkins Coie on

Purpose - Distributed ledger technology (“DLT”), including the use of blockchain technology, has been touted as a way to create and validate digital identities that serve many of the same purposes that physical forms of...more

Joint Money Laundering Steering Group Consults on Proposed Revisions to Part II and III of the UK Financial Services Guidance

by Shearman & Sterling LLP on

The Joint Money Laundering Steering Group has published and opened up for consultation its proposed revisions to Parts II and III of its Guidance on the prevention of money laundering and the financing of terrorism for the UK...more

AI and Compliance Going Forward: Welcome to ComTech

by Thomas Fox on

What will be the role of Artificial Intelligence (AI) in compliance going forward? In Wednesday’s Compliance into the Weeds podcast, Matt Kelly and I continue our discussion, that we began several years ago, of how technology...more

Corporate Criminal Offence: Failure to Prevent Facilitation of Tax Evasion

The Criminal Finance Act 2017 received Royal Assent on April 27, 2017, making its way onto the statute book before the halting of Parliamentary business ahead of this year’s general election. As well as giving enforcement...more

The Foreign Corrupt Practices Act and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

Since mid-2000s investigation of Siemens, and the resulting $800 million penalty for violations of the Foreign Corrupt Practices Act (FCPA), the FCPA has been an enforcement priority of the U.S. Government. Although a dip in...more

Corporate News - May 2017

by Hogan Lovells on

Corporate governance – 4MLD and changes to the PSC regime - Companies House recently published its business plan for 2017-18, its strategic plan for 2017-2020 and a press release with details of additional anti-money...more

FinCEN Reveals That Geographic Targeting Orders Are Generating Meaningful Intelligence Leading To Money Laundering Prosecutions

by Fox Rothschild LLP on

In a press release touting recent law enforcement success stories based upon Bank Secrecy Act reporting by financial institutions, the Treasury Department’s Financial Crimes Enforcement Network revealed publicly for the first...more

What Foreign Investors Must Know About Japanese Casinos

Foreign investors interested in the hospitality and tourism sectors and related opportunities in real estate, retail and finance have welcomed legislation passed late last year in Japan to open the world’s third - largest...more

Corporate Shell Games and KYC Requirements

by Michael Volkov on

Anti-money laundering professionals are in for a rude awakening. Know Your Customer or KYC requirements are currently kicking up a notch, and will be even more dramatic when the new FinCEN beneficial ownership regulations...more

Luxembourg Introduces a Bill of Law to Implement the 4th Anti-Money Laundering and Terrorist Financing Directive

by Dentons on

On 26 April 2017, the Bill of Law n.7128 (Bill of Law), which will implement into national legislation some provisions of the 4th AML Directive and reinforce measures of the Regulation on information accompanying transfers of...more

Draft EU Guidelines for Payment Service Providers on Preventing Terrorist Financing and Money Laundering in Electronic Fund...

by Shearman & Sterling LLP on

The Joint Committee of the European Supervisory Authorities has published a consultation on proposed guidelines on preventing terrorist financing and money laundering in electronic fund transfers under the EU Wire Transfer...more

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Cybersecurity

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