News & Analysis as of

Money Laundering Due Diligence FATF

WilmerHale

Money Laundering In The UK Art Market: Key Risks, AML Rules

WilmerHale on

We have been writing a lot recently about trends in the global market for fine art. One specific area that deserves attention is steps taken to stamp out laundering illicit funds via the art market, such as through auctions...more

White & Case LLP

Imminent FATF Grey Listing of South Africa

White & Case LLP on

On 24 February 2023, the FATF will announce its decision regarding the likely grey listing of South Africa – if this transpires, the consequences for the already embattled South African economy could be severe. South...more

K2 Integrity

FATF Calls for Reimposition of Countermeasures on Iran

K2 Integrity on

The Financial Action Task Force (FATF) on February 21, 2020, reintroduced its call for countries to impose countermeasures to protect themselves from illicit finance threats emanating from Iran. The call for countermeasures...more

Ballard Spahr LLP

FinCEN Issues Advisory on Foreign Jurisdictions with AML Deficiencies

Ballard Spahr LLP on

On November 12, 2019, FinCEN issued its latest Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies and Relevant Actions by the...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

On September 15th, FinCEN issued its latest “Advisory on FATF-Identified Jurisdictions with AML/CTF Deficiencies.” The FATF, or the Financial Action Task Force, is a 37-member intergovernmental body, including the United...more

Ballard Spahr LLP

AML Due Diligence Standards for U.S. Lawyers

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

A&O Shearman

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

A&O Shearman 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

Davis Wright Tremaine LLP

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

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