La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios. Exige que las empresas cuyos valores se...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Banking Sector ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas. Se requiere que un programa de cumplimiento OFAC de una Institución Financiera...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations. A Financial Institution’s OFAC compliance program is required to...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN)....more
6/3/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Financial Abuse ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats...more
4/29/2019
/ AML/CFT ,
BSA/AML ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Digital Assets ,
FATF ,
Financial Institutions ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Standards ,
Tax Planning ,
Virtual Currency
The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically...more
El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen...more
12/6/2018
/ AML/CFT ,
Bitcoin ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transmitter ,
Token Sales ,
Virtual Currency
On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include...more
9/10/2018
/ AML/CFT ,
Bitcoin ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transmitter ,
Token Sales ,
Virtual Currency
The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction. ...more
8/21/2018
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Know Your Customers ,
Money Laundering ,
Tax Planning ,
Terrorism Funding
There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA). ...more
7/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Regulatory Requirements ,
Tax Haven
Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). ...more
6/8/2018
/ Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Casinos ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
Gambling ,
Gaming ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Tax Planning
The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of...more
Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC. The providers of these services are known as web-wallets (Coinbase is an example). ...more
There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial...more
1/15/2018
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Foreign Ownership ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Planning ,
U.S. Treasury
On May 2016, FinCEN issued a “Fifth Pillar” of Customer Due Diligence (CDD) calling it the “CDD Rule”, which currently takes effect on May 11, 2018. The CDD Rule applies to Covered Financial Institutions (federally...more
In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application. ...more
8/21/2017
/ Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Extraterritoriality Rules ,
FATCA ,
Foreign Corrupt Practices Act (FCPA) ,
OECD ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Transparency
Detectar, disuadir y responder al incumplimiento internacional son desafíos clave que enfrentan las autoridades tributarias de todo el mundo. El incumplimiento fiscal internacional es un problema significativo reconocido por...more
Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or...more
Bank Secrecy Act of 1970
- Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more
10/14/2016
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Cross-Border Transactions ,
Currency Transaction Reports (CTR) ,
Disclosure Requirements ,
FATF ,
FBAR ,
Financial Institutions ,
FinCEN ,
Internal Revenue Code (IRC) ,
IRS ,
Money Laundering ,
Patriot Act ,
Reporting Requirements ,
Required Forms ,
Risk Management ,
Sanctions ,
Shell Corporations ,
Surveillance ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
Terrorist Threats ,
Wiretapping