News & Analysis as of

Money Laundering Due Diligence

AML Due Diligence Standards for U.S. Lawyers

by Ballard Spahr LLP on

Increasingly, international bodies are calling for higher standards for gatekeepers, known in the parlance of the Financial Action Task Force (“FATF”) as “designated non-financial businesses and professions” (“DNFBPs”)....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 End Review: Banking Regulators Try to Ease Concerns Over Aggressive AML/BSA Enforcement

by Ballard Spahr LLP on

On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem—at least in part one of their own creation—by issuing a “Joint Fact Sheet on Foreign Correspondent...more

State Ballot Wins Only Amplify Questions About Pot Banking

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

How the Yellow Submarine Informs Due Diligence Lessons From 1MDB

by Thomas Fox on

Enrichment is the theme for today’s post as it is personal and illegal enrichment which seems to be the continuing message from the 1MDB scandal involving the disgraced Malaysian sovereign wealth fund. In an article in the...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

Are Your Company’s Legal, Due-Diligence, De-risking, or Compliance Obligations Impacted by the “Panama Papers”?

by K&L Gates LLP on

In an unprecedented event earlier this week, 11.5 million files from the Panamanian law firm Mossack Fonseca were allegedly leaked. Assuming they are genuine, as appears to be the case, these “Panama Papers” offer a...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

ECJ publishes MLD3 due diligence interpretation opinion

by Dentons on

ECJ has published an opinion in the case of Safe Interenvíos S.A. v. Liberbank S.A. and Others. Three banks had closed accounts a payment institution held with them, on the basis of money laundering concerns. The request for...more

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

by Davis Wright Tremaine LLP on

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

The Looting Machine & The Modernization of Corruption

Today’ Q and A is with Tom Burgis, Investigations Correspondent at Financial Times and author of “The Looting Machine: Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africa’s Wealth”. As Tom States in his...more

The 5 Most Common AML Compliance Program Deficiencies

by Michael Volkov on

Anti-money laundering compliance is a very difficult task. The number of risks is exponential. AML compliance officers have an innovative and rich history of compliance techniques and strategies. In the end, AML compliance...more

Scrutinizing Third-Party Payments

by Michael Volkov on

It is often hard to convince people that receiving money can be a problem. Everyone likes to receive money, especially when they are being paid for something they did. In the area of compliance priorities, companies do not...more

Money Laundering Crackdown in Real Estate Sector?

by Snell & Wilmer on

The Director of the Financial Crimes Enforcement Network (also known as FinCEN) recently gave a speech in San Francisco regarding the agency’s investigative priorities. Director Jennifer Shasky Calvery’s comments drew media...more

Due Diligence and The Holy Grail — Red Flags

by Michael Volkov on

Compliance professionals love to bandy about the term “red flag.” It is a term with infinite meanings depending on the context. A red flag in a money-laundering context is different than a red flag in a corruption context....more

Anti-Bribery and Corruption Compliance Practices

by Dorsey & Whitney LLP on

Compliance Week published its 2014 Anti-Bribery and Corruption Benchmarking Report, a survey of over 180 executives involved in ethics and FCPA compliance and internal audit. The Survey focused on risk, dealing with third...more

Anti-Money Laundering: Italian Competent Authorities Issue Clarification on the Duty of Restitution of Money/Securities to...

New paragraph 1-bis of article 23 of Legislative Decree 21 November 2007, no. 231 (the Italian anti-money laundering law), introduced by article 18 of Legislative Decree 19 September 2012, no. 169, provides that, in the event...more

‘You Scratch My Back’ Leads To A Fine And Penalty

by Thomas Fox on

The above lyrics are the closing stanza to the song “Ghost Riders in the Sky”. I thought about the advice for the cowboy to change his ways to save his soul from Hell when I read in both the Financial Times (FT) and the Wall...more

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

European Commission: Anti-Money Laundering

On February 5, the European Commission published two legislative proposals designed to reinforce the European Union’s existing rules on anti-money laundering and fund transfers....more

European Commission: Anti-Money Laundering

On February 5, the European Commission published two legislative proposals designed to reinforce the European Union’s existing rules on anti-money laundering and fund transfers....more

The HSBC AML Settlement - Lessons Learned for the AML Compliance Practitioner

by Thomas Fox on

I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more

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Cybersecurity

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