FATF

News & Analysis as of

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

Orrick's Financial Industry Week In Review

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...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

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

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

Anti-money laundering bulletin - Autumn 2016

DLA piper’s financial Services regulatory team welcomes you to the autumn 2016 edition of our anti-money laundering (AML) bulletin. In this issue, we provide updates on AML news and enforcement action in the UK and...more

Reserve Bank of India Permits Startups to Raise Up to $3 Million in ECB

The Reserve Bank of India announced new rules permitting startups to raise a maximum of USD 3 million or equivalent through external commercial borrowings (ECB) in a financial year. The decision, effective as of October 27,...more

Financial Action Task Force Publishes Guidance on Correspondent Banking Services

The Financial Action Task Force published Guidance on correspondent banking services, which it has developed in collaboration with the Financial Stability Board. The Guidance is in response to increased concerns about...more

De-Risking 101

Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more

Report to G20 on Beneficial Ownership

The Financial Action Task Force published a report to the G20 Finance Ministers and Central Bank Governors updating them on the steps being taken by the FATF on implementation of international standards on transparency and...more

EU Legislation Listing High-Risk Third Countries under the Fourth Money Laundering Directive

A Commission Delegated Regulation identifying high-risk third countries with strategic deficiencies under the Fourth Money Laundering Directive was published in the Official Journal of the European Union, based on...more

G20 Leaders Publish Communiqué

The G20 Leaders published the Communiqué from the Hangzhou Summit. The G20 Leaders reiterated their commitment to finalizing the remaining elements of the financial sector reform agenda, including, for example, finalization...more

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities?

Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers, etc., carry a level of responsibility...more

Anti-money laundering bulletin - Summer 2016

In this issue, we provide updates on anti-money laundering news and enforcement action, both in the UK and internationally, including - - FCA publishes consultant’s findings from research into bank de-risking -...more

UK Financial Regulatory Developments - July 2016 #1

ISDA advocates unity for margin timetable - ISDA has considered the implementation schedule for a coordinated global margining framework for non-cleared derivatives. Under the agreed timetable, implementation is to be...more

Blog: It’s #Brexit (for now). What you need to know about corporate criminal law in less than 500 words

In this post, our UK white collar crime partner, Louise Delahunty, considers the potential impact of a possible #Brexit on the UK’s implementation of the 4th Anti-money Laundering Directive; the UK government’s proposed...more

The Regulatory Pendulum: When is De-Risking by Financial Institutions Too Much?

In the environment of increasingly aggressive regulatory and criminal enforcement of anti-money laundering (AML) violations, concerns about de-risking – when financial institutions close accounts or restrict access to new...more

Anti–Money Laundering Alert: FinCEN Finalizes Beneficial Ownership and Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to “look through” the nominal account holder to identify the...more

Focus on Corruption: Myanmar - A New Beginning?

Historically, Myanmar has not been known as a country with a focus on anti-corruption and anti-money laundering. In 2015, the Frankfurt-based Transparency International ranked the country as one of the most corrupt places to...more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

US Treasury Deputy Assistant Secretary Discusses Strengthening of US Anti-Money Laundering and Combating the Financing of...

At the SIFMA Anti-Money Laundering and Financial Crimes Conference, Jennifer Fowler, Deputy Assistant Secretary of the US Treasury, spoke regarding progress that the US has made in strengthening its framework for anti-money...more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

FinCEN Issues Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies

On March 21, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory (FIN-2016-A002) on the Financial Action Task Force (FATF)-identified jurisdictions with strategic deficiencies in anti-money laundering...more

Financial Action Task Force Risk-Based Approach on Money or Value Transfer Services

The Financial Action Task Force published final Guidance on a Risk-Based Approach for Money or Value Transfer Services. This non-binding guidance is applicable to the entire MVTS sector but is primarily aimed at non-banking...more

UK Financial Regulatory Developments - February 2016 #16

IOSCO responds to global securities markets’ challenges - IOSCO has met to discuss and respond to the many ongoing and emerging challenges facing global securities markets. Participants talked about recent market...more

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