Anti-Money Laundering

News & Analysis as of

FINRA Imposing Increasingly Major Fines for AML Failures

Staying true to its Chairman’s message regarding its focus in 2016 on anti-money-laundering (“AML”) compliance, the Financial Industry Regulatory Authority (FINRA) just settled claims of inadequate AML controls with the...more

FCA sanctions bank and its MLRO for anti-money laundering systems failings

In this decision report we review the FCA’s action against Sonali Bank (UK) Ltd (Sonali Bank) and its money laundering reporting officer (MLRO), Steven Smith, in connection with failings identified in relation to Sonali...more

Your Daily Dose of Financial News

Blackstone is spinning off a new housing maintenance and rental venture in the form of Invitation Homes LP, which could see an IPO as early as January 2017. Invitation Homes is the culmination of a four-year, $10 billion...more

Expansion of US disclosure requirements will impact foreign investors – the future of money laundering and tax enforcement

The United States is turning its attention to activities by foreign investors who use US trusts, limited liability entities, and other investment structures to conceal the ownership of criminal proceeds or foreign tax...more

European Supervisory Authorities Publish Joint Guidelines on a Risk-Based Approach to Anti-Money Laundering and Terrorist...

The Joint Committee of the European Supervisory Authorities published joint Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision. The ESAs consist of the...more

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

Central Bank launches ORION II platform to authorise all QIAIFs applications - All QIAIFs applications (including ICAVs) will be processed via the CBI’s ORION platform allowing consistency with other legal structures and...more

International AML Enforcement in 2017 Expected to Target Consumer-Due-Diligence Programs, Gaming Entities, Prepaid Cards, Digital...

Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more

US Financial Crimes Enforcement Network Publishes Technical Amendments to Anti-Money Laundering Regulations

The US Financial Crimes Enforcement Network published technical amendments to anti-money laundering (AML) regulations implemented pursuant to the Bank Secrecy Act (BSA)...more

European Commission Adopts Delegated Regulation Amending List of High-Risk Third Countries Under the Fourth Money Laundering...

On November 28, 2016, the Council of the EU published a Commission Delegated Regulation (C(2016) 7495 final) amending Commission Delegated Regulation (EU) 2016/1675 supplementing the Fourth Money Laundering Directive ((EU)...more

Buyer beware

An important judgment handed down by the High Court considered the liability of both solicitors and estate agents in circumstances where the seller of a property turned out to be an imposter. ...more

Significant Swiss ruling handed down on privilege in anti-money laundering investigations

In a recent judgment, the Swiss Federal Tribunal has ruled that, where a financial institution delegates its investigation and reporting obligations under the Swiss Anti-Money Laundering Act ("AMLA") to external counsel,...more

Digital Currency Exchange Customers Targeted in IRS Information-Gathering Sweep

Coinbase, one of the largest digital currency exchange companies in the world, will likely be asked to provide the Internal Revenue Service (IRS) with transactional data and other information on all U.S. customers who used...more

FinCEN’s Beneficial Ownership Rule and Increased AML Burden

Compliance officers at financial institutions have made great strides in improving Know Your Customer (KYC) programs to focus on knowing their customers as a critical function in combating money laundering. As regulators...more

Financial Regulatory Developments Focus - November 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

Blog: 5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

The Council of the European Union has published the 2nd Presidency Compromise Text version of the 5th Anti-money Laundering Directive. The text has been marked up to show how the 1st Compromise Text has been change to create...more

UK Government Consults on Beneficial Ownership Register for Money Laundering Purposes

The UK Government Department for Business, Energy & Industrial Strategy launched a consultation on the requirement to maintain a central register of beneficial ownership information of corporate and other legal entities under...more

Blog: 4AMLD & 5AMLD: progress update from the European Council on its action against money laundering

The European Economic & Financial Affairs Council met on 8 November to discuss (eg) the European Commission’s action plan against money laundering and terrorist financing activity. The focus was on the proposed 5th Anti-money...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

UK Financial Conduct Authority Takes Action Against Sonali Bank for Money Laundering Failings

The Financial Conduct Authority published the final notices issued to Sonali Bank (UK) Limited and its former Money Laundering Reporting Officer, Mr. Steven Smith for anti-money laundering failings. SBUK was fined £3,250,600...more

Roundup of upcoming cases and anticipated UK regulatory developments

Cases to watch - Taberna Europe CDO II plc v Selskabet AF1 (in bankruptcy) – can a party who purchases subordinated loan notes in the secondary market from a third party claim directly against the issuer for...more

Blog: 4AMLD: UK consults on changes to its PSC Register requirements

The UK’s Department for Business, Energy & Industrial Strategy has published a “Discussion paper on the transposition of Article 30 [of the 4th Money laundering Directive]: beneficial ownership of corporate and other legal...more

New Cybersecurity Reporting Requirements? FinCEN Advisory Identifies Cybersecurity Events for Financial Institutions to Report

Last week, FinCEN (Financial Crimes Enforcement Network) issued a formal Advisory to Financial Institutions and published FAQs outlining specific cybersecurity events that should be reported through Suspicious Activity...more

FinCEN Issues Advisory on the Reporting of Cyber-Events and Cyber-Enabled Crimes

The Financial Crimes Enforcement Network, or FinCEN, an arm of the United States Department of the Treasury, issued an advisory last week to remind financial institutions of their obligations to report cyber-events on...more

Blog: 5AMLD: House of Commons European Scrutiny Committee review published

The House of Commons European Scrutiny Committee (Committee) has just published its 15th Report of the 2016/7 Session. Chapter 4 of the Report includes the Committee’s latest thinking on (what is now regarded as) the 5th...more

FinCEN Issues Advisory on Cyber Crime

On October 25, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published an Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime and an accompanying Frequently Asked...more

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