News & Analysis as of

FATF

Focusing On What Matters: Preventing Money Laundering Should Be the Shared Goal of the Government and the Cannabis Industry

Suffice it to say, the appointment of Jeff Sessions as the United States Attorney General did not remove uncertainty from the cannabis industry. How our new Attorney General will approach the industry remains unclear. Indeed,...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

Appetite for Masala Bonds grows

by DLA Piper on

Borrowing by Indian companies from the overseas market or "External Commercial Borrowings" (commonly referred to as ECBs), is regulated by the Reserve Bank of India (RBI) and is governed by the various rules specified by the...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation - On February 16, 2017, the New York Department of Financial Institutions...more

Transparency International Publishes “Top Secret: Countries Keep Financial Crime Fighting Data to Themselves”

On February 15, 2017, Transparency International (“TI“) published the above report, recommending that national authorities engage to a greater level in making public disclosure of their countries’ anti-money laundering...more

FinCEN Renewal of GTOs for High-End Cash Buyers in Six Markets

by Ballard Spahr LLP on

FinCEN announced today that it is renewing the existing Geographical Targeting Orders (GTOs) issued in July 2016 that require all title insurance companies to identify and report on the natural persons behind shell companies...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

by King & Spalding on

The Financial Crimes Enforcement Network (“FinCEN”), an agency within the U.S. Treasury Department, has put forth an Advisory on the FATFIdentified Jurisdictions with AML/CFT (Anti-Money Laundering/Combating the Financing of...more

Hong Kong Proposes Enhanced AML Obligations for Professionals and Beneficial Owner Registries for Hong Kong Companies

by Ropes & Gray LLP on

The Hong Kong Government has recently proposed to expand its anti-money laundering (“AML”) laws. This is expected to assist Hong Kong in keeping pace with AML developments in other financial centers, and to prepare for its...more

2016 Year in Review: Money Laundering (Part One)

by Ballard Spahr LLP on

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Digital Currencies: International Actions and Regulations

by Perkins Coie on

Argentina - Virtual currencies are not legal tender under the country’s National Constitution, which designates the Central Bank as the only authority that may issue legal tender. Although not specifically regulated,...more

European Commission Publishes Proposed Directive on Countering Money Laundering by Criminal Law 

by Shearman & Sterling LLP on

The European Commission published a legislative proposal for a Directive on countering money laundering by criminal law. The proposed Directive is intended to harmonize and establish minimum rules concerning the definition of...more

Actualite Juridique - Decembre 2016

Assurance - Résiliation d'un contrat d'assurance emprunteur pour cause d'aggravation du risque - Le Décret n°2016-1559 du 18 novembre 2016 relatif aux conditions de résiliation d'un contrat d'assurance emprunteur...more

Financial Stability Board Publishes 2017 Plan to Address Decline in Correspondent Banking

by Shearman & Sterling LLP on

The Financial Stability Board published an updated progress report outlining its action plan to assess and address the decline in correspondent banking. Correspondent banking relationships enable banks to access financial...more

G20 Priorities for 2017

by Shearman & Sterling LLP on

The G20 Leaders published the Priorities for the 2017 G20 Summit in Hamburg on July 7 and 8, 2017. The document sets out the areas in which the G20 will build on previous work and further areas...more

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

by Allen & Overy LLP on

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...

by Shearman & Sterling LLP on

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...

by K&L Gates LLP on

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

by DLA Piper on

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

by Perkins Coie on

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

by Shearman & Sterling LLP on

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

by Foodman CPAs & Advisors on

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

by Shearman & Sterling LLP on

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

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