FATF

News & Analysis as of

MLD4: Here at Last: What does it Mean?

After many years of negotiation, the fourth Money Laundering Directive (MLD4) and the accompanying revised Funds Transfer Regulation (FTR2) were adopted in May 2015 and made it into the Official Journal of the EU a month...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

On January 20, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to financial institutions about an updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing...more

Pitfalls for the Unwary: Long Arm Jurisdiction of State Enforcement of Money Transmittal Company Laws

Last month we alerted our clients to newly proposed anti-terrorism and anti-money laundering regulations in New York that sought to impose increased compliance requirements and vastly expanded personal liability (including...more

FinCEN Updates FATF AML/CFT Deficient Jurisdictions List

On January 19, FinCEN issued an advisory, FIN-2016-A001, to provide financial institutions with guidance on reviewing their obligations and risk-based approaches with respect to certain jurisdictions. According to the...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Legal Trends: Financial Services Regulatory

Fintech is the single hottest topic for 2016 and the foreseeable future. From mobile payments to paperless processes to block-chain technology, the increased use of emerging and innovative technologies to pay for or obtain...more

FATF reports terrorist finance action

FATF has reported on the outcome of three days of meetings, focused on combatting the financing of ISIL, their affiliates, and other terrorist groups. ...more

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more

FATF updates on terrorist finance

FATF has updated G20 on its members’ laws to prevent terrorist finance. It conducted a survey of 194 jurisdictions to assess the extent to which their laws made it a criminal offence to finance terrorism, and whether they use...more

FATF reports on emerging terrorist financing risks

FATF has published its report on emerging terrorist financing risks. It provides an overview of the various financing mechanisms and financial management practices used by terrorists and terrorist organisations. ...more

FATF updates guidance

FATF has published the outcomes of its plenary meeting in Paris. The main issues dealt with by this plenary were: - combating terrorist financing, which remains the top priority for FATF...more

European Supervisory Authorities Consult on AML-CFT Guidelines

On October 21, the joint committee of the three European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational...more

Re-thinking What We Think We Know About Bitcoin (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too. This two-part series explores the Bitcoin evolution occurring in...more

Virtual Currencies - Mining the Possibilities

There are two distinct narratives surrounding virtual currencies. One picks up on countercultural elements – an extreme free market environment beloved by anarchists and criminals. The other describes a technology as...more

G20 publishes meeting communiqué

G20 has published a communiqué following the meeting of finance ministers and central bank governors in Ankara. G20: - endorsed the Organisation for Economic Co-operation and Development (OECD) revised principles on...more

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

FinCEN Issues Advisory on FATF’s List of Jurisdictions with AML/CFT Deficiencies

On July 20, FinCEN issued an advisory to financial institutions with updates to the Financial Action Task Force’s (FATF) list of jurisdictions containing strategic anti-money laundering/counter-terrorist financing (AML/CFT)...more

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

On July 20, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) has updated its list of jurisdictions with anti-money laundering and counter-terrorist...more

Corporate & Financial Weekly Digest - Volume X, Issue 28

CFTC Extends Designation of DTCC-SWIFT as Provider of Legal Entity Identifiers - On July 20, the Commodity Futures Trading Commission issued an order extending the designation of the Depository Trust and Clearing...more

Orrick's Financial Industry Week in Review

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an...more

BCBS Consults on Proposed Revised Version of General Guide to Account Opening

On July 16, 2015, the Basel Committee on Banking Supervision (BCBS) issued a consultation paper on a proposed revised version of its general guide to account opening. The guide was first published in February 2003. The...more

Financial Action Task Force Issues Guidance Urging Risk-Based Approach to Virtual Currencies and Services

On June 29, the Financial Action Task Force (FATF) issued a report, Guidance for a Risk-Based Approach to Virtual Currencies,part of a staged approach focusing on the points of intersection that provide gateways to the...more

MiFID 2: Third-country firms

The MiFID 2 package takes effect (with a few exceptions) from 3 January 2017. We still await key technical measures. Following ESMA's discussion, consultation and advice papers last year, it has now started to publish final...more

Treasury Department Publishes National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment

On June 12, 2015, Treasury Department issued its National Money Laundering Risk Assessment (NMLRA) and National Terrorist Financing Risk Assessment (NTFRA). This is the Department’s first NMLRA release in a decade and its...more

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