News & Analysis as of

Terrorist Financing Regulations

Regulation Round Up - June 2017

by Proskauer Rose LLP on

2 June - The ESMA published its final report on guidelines on product governance requirements under the MiFID II Directive (2004/65/EU). The guidelines (set out in Annex IV) to the final report aim to promote greater...more

Reporting Burden Increased for UK’s People With Significant Control Regime

On June 26, 2017, The Information about People with Significant Control (Amendment) Regulations 2017 (PSC Amendment Regulations) and The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

IV Anti-Money Laundering Directive: the issuance of the Italian Legislative Decree implementing the Directive

by DLA Piper on

The Legislative Decree No. 90 of May 25, 2017 has been published in the Ordinary Supplement No. 28 of the Italian Official Gazette No. 140 of 19 June 2017 (the Decree). The Decree amends the legislative decrees No 231 dated...more

FICA Bill signed into law

by Hogan Lovells on

The Financial Intelligence Centre Amendment Act is designed to make the South African financial system intolerant to abuse in the form money laundering and the financing of terrorism and bring South Africa in line with...more

Nuovi adempimenti derivanti dal recepimento della IV Direttiva Antiriciclaggio

Lo schema di decreto legislativo approvato dal Governo lo scorso 23 febbraio 2017, ed ora sottoposto all'esame del Parlamento (di seguito "Schema di Decreto"), recante attuazione della Direttiva (UE) 2015/849 del Parlamento...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

Indictment of Alleged High-Profile Financier of Terror Focuses on Transactions with U.S. Businesses

by Ballard Spahr LLP on

On March 24, 2017, the U.S. Department of Justice unsealed an indictment charging Kassim Tajideen, an alleged prominent financial supporter of the Hizballah terror organization, with evading U.S. sanctions and conspiring to...more

EU Proposes Significant Changes to Anti-Money Laundering Laws

Policy makers in Europe continue to explore responses to the Panama Papers revelations and recent terrorist attacks. On 28 February, European law makers approved important amendments to the EU’s Anti-Money Laundering (AML)...more

The Policing and Crime Act 2017: Changes to the UK Financial Sanctions Regime

The policing and crime bill received royal assent on 31 January 2017. The new Policing and Crime Act 2017 (the Act) introduces changes to a wide cross-section of the criminal justice system, including policing powers and...more

FMA releases Conduct Outcomes Report

by DLA Piper on

The New Zealand Financial Markets Authority (FMA) has released its Conduct Outcomes Report 2016 (Report), highlighting the key issues and actions from the FMA's enforcement, supervision and preventative activities for the...more

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

by Ballard Spahr LLP on

Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their...more

AML Rules for Payment Industry Proposed by European Union Regulators

by Ballard Spahr LLP on

The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism steps for Member States of the European Union (EU)....more

White Collar Enforcement and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

Enforcement activity under the Obama administration often made headlines for the eye-popping level of fines, with the Foreign Corrupt Practices Act (FCPA), Anti-Money Laundering (AML) regulations, and economic sanctions...more

Blog: 4AMLD & 5AMLD: progress update from the European Council on its action against money laundering

by Cooley LLP on

The European Economic & Financial Affairs Council met on 8 November to discuss (eg) the European Commission’s action plan against money laundering and terrorist financing activity. The focus was on the proposed 5th Anti-money...more

Criminal Finances Bill Proposes Some Intrusive & Impractical POCA Measures

by WilmerHale on

On 25 October 2016, the Criminal Finances Bill 2016–2017 (the “Bill”) had its second reading in the House of Commons and passed without objection. In addition to containing the proposed new offence of failing to prevent tax...more

Financial Action Task Force Publishes Approach to Criminalizing Terrorist Financing

by Shearman & Sterling LLP on

The Financial Action Task Force published Guidance to assist countries on the content required to comply with the obligation to criminalize terrorist financing...more

European Commission tackles financing risks linked to virtual currencies

by DLA Piper on

The European Commission has adopted a proposal to strengthen anti-money laundering (AML) and counterterrorism financing (CFT) measures related to virtual currencies. The proposal, adopted in July 2016, seeks to bring...more

European Banking Authority Opines on Virtual Currencies and the Fourth Anti-Money Laundering Directive

by Shearman & Sterling LLP on

The European Banking Authority published an Opinion on the Commission’s proposed amendments to the Fourth Anti-Money Laundering Directive and its application to virtual currencies. The Commission is proposing to bring...more

Why is On-boarding and Off-boarding Bank Clients Important?

by Foodman CPAs & Advisors on

After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

by Goodwin on

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

by Reed Smith on

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

UK Financial Regulatory Developments - July 2016 #3

by Dentons on

CPS pursuing assets in land banking fraud case - Four directors, two of whom had already been disqualified as directors by the Financial Services Authority (now FCA), have been convicted of conspiracy to defraud,...more

UK Government Action Plan for Anti-Money Laundering and Counter-Terrorist Finance

by Shearman & Sterling LLP on

The UK Government published an Action Plan for anti-money laundering and counter terrorism financing. The Government is aiming to overhaul the UK approach to AML and CTF by giving new capabilities and legal powers to law...more

European Banking Authority Opinion on Customer Due Diligence for Asylum Seekers

by Shearman & Sterling LLP on

The European Banking Authority published an Opinion on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories. The Opinion, addressed to national...more

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Cybersecurity

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