News & Analysis as of September 22, 2024

European Union › Customer Due Diligence (CDD)

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Beneficial Owners’ Register in Italy – A further step towards its implementation

Hogan Lovells on 6/1/2022

Pursuant to the Law Decree no. 55 of 11 March 2022 (the “Decree”), published in the Italian Official Gazette on 25 May 2022, information about beneficial owners of Italian companies, foundations, associations and trusts will...more

Italian decree on beneficial owner register published in the Official Gazette

Hogan Lovells on 5/31/2022

The long-awaited decree regarding the establishment and regulation of the beneficial owner register in Italy was published in the Italian Official Gazette. Following a public consultation, on 25 May 2022 the long-awaited...more

UK Anti-Money Laundering Legislation in a Post-Bexit Landscape

Cadwalader, Wickersham & Taft LLP on 3/16/2021

Following months of uncertainty, on Christmas Eve a Brexit agreement was finally reached between the United Kingdom (“UK”) and the European Union (“EU”). The European Union (Future Relationship) Act 2020 (the “Act”) received...more

Payments regulatory news, December 2020

Hogan Lovells on 12/7/2020

UK payment systems: Pay.UK recommendations for adopting ISO 20022 - Pay.UK published a report containing conclusions and recommendations relating to adopting the common global messaging standard for UK payments, known as...more

A rag-bag of changes to UK money laundering regulations

BCLP on 1/31/2020

UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”). The regulations make a...more

UK Secondary Legislation Published Implementing EU Fifth Money Laundering Directive

A&O Shearman on 1/21/2020

The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have been published, amending the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The...more

Additional Compliance for the Art World

BCLP on 1/16/2020

Individuals, trusts and companies buying or selling art via UK galleries and auction houses will now be subject to the same customer due diligence checks as those opening bank accounts in the UK. What has changed? The...more

A closer look: EU-wide - Tighter AML controls imposed by Europe’s Fifth Anti-Money Laundering Directive

A&O Shearman on 8/7/2018

The EU continues to tighten its grip on money laundering. Hot on the heels of the Fourth Anti-Money Laundering Directive (4MLD), which Member States had to implement by June last year, we now have the next instalment – the...more

EU Fifth Money Laundering Directive Adopted

A&O Shearman on 6/1/2018

The Council of the European Union has adopted the EU's Fifth Money Laundering Directive, following the agreement reached between the European Parliament and the Council in December 2017. 5MLD will amend the existing EU Money...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 5/25/2018

CFTC Reduces Marketplace Barriers for Global Development Initiatives - On May 16, 2018, the Commodity Futures Trading Commission's ("CFTC") Division of Swap Dealer and Intermediary Oversight ("DSIO") granted relief to...more

Corporate & Financial Weekly Digest, Featuring Topics on SEC, Broker/Dealer and UK/EU/Brexit Developments

Katten Muchin Rosenman LLP on 5/14/2018

SEC/CORPORATE - SEC Guidance Expanding Exclusions for Non-GAAP Information - The Securities and Exchange Commission’s Division of Corporation Finance issued two new Compliance and Disclosure Interpretations (C&DI),...more

The Fifth Anti-Money Laundering Directive: Extending the Scope of the European Union’s Regulatory Authority to Virtual Currency...

Ballard Spahr LLP on 5/9/2018

On April 19, 2018, the European Parliament (“EP”) adopted the European Commission’s (the “Commission”) proposal for a Fifth Anti-Money Laundering Directive (“AMLD5”) to prevent terrorist financing and money laundering through...more

Nutter Bank Report, April 2018

Nutter McClennen & Fish LLP on 4/27/2018

Treasury Report Recommends Changes to Community Reinvestment Act Rules - The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 2/2/2018

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more

European Supervisory Authorities Deliver Opinion on Benefits, Risks and Challenges of Innovative Customer Due Diligence Solutions

A&O Shearman on 2/2/2018

The Joint Committee of European Supervisory Authorities has published an Opinion addressed to EU national regulators to develop a common understanding of the appropriate use, by credit and financial institutions, of...more

New Solutions in the CDD Process Published by the Joint Committee of ESAs

Orrick - Finance 20/20 on 1/30/2018

The Joint Committee of the European Supervisory Authorities (“ESAs“) published an opinion on January 23, 2018 about the use of innovative solutions in customer due diligence (“CDD“) for financial institutions....more

Financial Services Quarterly Report - Fourth Quarter 2017: Developments in the Luxembourg Financial Sector

Dechert LLP on 1/17/2018

Luxembourg recently published two important bills to combat money laundering and terrorism financing – one transposes the EU AML4 Directive1 into Luxembourg law; the second establishes a central register of beneficial owners,...more

May 2018: D-Day for FinCEN Customer Due Diligence and EU’s General Data Privacy Regulations

The Volkov Law Group on 12/14/2017

Chief compliance officers for financial institutions are going to have a rough May 2018. First, on May 11, 2018, the new CDD Rule for beneficial ownership becomes effective. Two weeks later, on May 25, 2018, the EU’s...more

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

Ballard Spahr LLP on 10/27/2017

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

Anti-Money Laundering and Bank Secrecy Act Update

Moore & Van Allen PLLC on 10/24/2017

After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more

AML Beneficial Ownership Register for Irish Funds – Who’s Holding the Baby?

Dechert LLP on 9/19/2017

If you’ve been involved in the funds industry, you will be well aware of the ever-increasing focus on anti-money laundering and “know your customer” requirements by national and supranational regulatory bodies alike. In...more

EU Proposes Significant Changes to Anti-Money Laundering Laws

Pillsbury - Global Trade & Sanctions Law on 3/10/2017

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

International AML Enforcement in 2017 Expected to Target Consumer-Due-Diligence Programs, Gaming Entities, Prepaid Cards, Digital...

K&L Gates LLP on 11/30/2016

Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more

A System of Voluntary Self-Identification in the World of Virtual Currencies

Locke Lord LLP on 10/7/2016

On 5th July 2016, the European Commission (the “Commission”) published a proposal for a Directive amending the Fourth Money Laundering Directive (“Proposed Directive”), which sets out, amongst other things, to bring into...more

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

A&O Shearman on 8/23/2016

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

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European Union › Customer Due Diligence (CDD)

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