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Money Laundering European Union Financial Institutions

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How the UK High Court Decision on Forced Labor Impacts Your Supply Chain Due Diligence

The recent ruling by the U.K. Court of Appeal declared that the U.K. National Crime Agency’s decision not to investigate the importation of cotton produced through the use of Uyghur forced labor in China was unlawful. This...more

The Volkov Law Group

European Council Officially Adopts New AML/CFT Package

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On May 30, 2024, following passage by the European Parliament in late April, the European Council officially adopted a set of rules that modernizes and harmonizes money laundering and terrorist financing (“AML/CFT”)...more

Mayer Brown

EU Institutions Reach Political Agreements On Anti-Money Laundering and Countering the Financing of Terrorism Package

Mayer Brown on

On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Cayman Moves Closer to a List-Free Summer!

The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more

White & Case LLP

The Economic Impact of FATF Grey-Listing

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The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as...more

A&O Shearman

Regulatory monitoring - June 2023

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ECB in focus is our blog dedicated to the banking supervisory activities of the European Central Bank (ECB). We report on key developments in European banking regulation led by the ECB as part of the Single Supervisory...more

A&O Shearman

Further efforts are expected from payment institutions for the effective management of money laundering and terrorist financing...

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On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with payment institutions (PIs) in the EU, based on a risk assessment exercise...more

K2 Integrity

Sanctions Against Russia: The Week in Review - April 2022 - 3

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The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our regular reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

BakerHostetler

Money Laundering Concerns Prompt EU Parliament to Approve Privacy-Reducing Crypto Rules

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On March 31, 2022, two European Parliament committees - the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs (the “Committees”) - voted in favor of new rules  (the...more

K2 Integrity

Sanctions Against Russia: The Week in Review - March 2022 - 2

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The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our daily reporting of the evolving global sanctions campaign against Russia. ...more

K2 Integrity

Implications of Mounting Legal and Regulatory Scrutiny on Binance

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Binance Holdings Limited (Binance), the world’s largest cryptocurrency exchange platform by trading volume, is facing growing legal and regulatory scrutiny across many jurisdictions, signaling increasing pressure on the...more

Ballard Spahr LLP

European Union Round-Up:  A Summer of AML Enforcement and Compliance Proposals

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European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule - European Banking Authority Offers New Guidelines on AML Compliance Officers - Just as the United States has expanded...more

King & Spalding

Q2 2021: Latin America Enforcement Review

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This summary is part of our regular reporting of trends and developments related to investigations and enforcement activity into fraud, corruption, and other misconduct by authorities in the United States and the Americas and...more

Hogan Lovells

Financial institutions general regulatory news, April 2021

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UK-EU MoU on regulatory cooperation in financial services - HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more

WilmerHale

‘Closing the door on dirty money’: the European Commission’s Anti–Money Laundering Action Plan

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On 7 May 2020, the European Commission (Commission) issued a comprehensive and ambitious Action Plan and public consultation designed to strengthen the European Union's (EU) legal framework to fight against money laundering...more

A&O Shearman

European Supervisory Authorities Publish Opinion on AML/CTF Risks in EU Financial Sector

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The European Supervisory Authorities have published a joint opinion on the current anti-money laundering and counter-terrorist financing risks posed to the EU financial sector. The opinion is published in accordance with the...more

Ballard Spahr LLP

The EU’s Efforts to Combat Money Laundering, the Financing of Terrorism and Corruption Seem to Overlook a Very American Approach:...

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The European Union (“EU”) recently has grappled with a series of massive money laundering scandals and strategized about how to more effectively combat international money laundering and corruption. Generally, the EU has...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector - September 2019

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On 23 July 2019, the FCA published a Dear CEO letter on its wealth management and stockbroking supervision strategy, which began in April 2019. The strategy includes work to identify, diagnose, and remedy the harm that wealth...more

White & Case LLP

AML Information Sharing in a Technology-Enabled and Privacy-Conscious World

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Financial firms play an integral role in preventing, identifying, investigating and reporting criminal activity, including terrorist financing, money laundering, and many other finance-related crimes. It is a critical role...more

Jones Day

EU Council Releases Anti-Money Laundering Action Plan

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The Situation: In response to recent cases of money laundering in European banks, the European Union has released an action plan to reinforce its recently proposed anti-money laundering ("AML") and Countering Financing of...more

A&O Shearman

Financial Action Task Force Clarifies Virtual Asset Regulation

A&O Shearman on

The Financial Action Task Force has published the outcomes of its plenary on October 17-19, 2018. The FATF considered key issues such as the operations and streamlining of the FATF, major and other strategic initiatives and...more

Ballard Spahr LLP

Danske Bank CEO Resigns on Heels of Report Detailing an Astounding $234 Billion in Suspicious Transactions in Money Laundering...

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This week Danske Bank released a report detailing the results of its much anticipated internal investigation into allegations of money laundering perpetrated in its Estonian branch. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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“Pot is the new crypto,” declares Bloomberg, and if you’ve seen how the virtual currencies are faring these days, that should be a warning and not a selling point....more

Ballard Spahr LLP

Recent Nordic Scandals Involving ING Bank and Danske Bank Underscore the European Union’s Vulnerabilities to Money Laundering

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In the wake of this week’s revelations of years-long and significant alleged money laundering failures involving ING Bank and Danske Bank, European regulators have circulated a confidential “reflection paper” warning national...more

Ballard Spahr LLP

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

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PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more

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