News & Analysis as of

Anti-Money Laundering

SEC’s Recent AML Enforcement Actions: No Need for CCOs to Panic

by Alston & Bird on

Our Financial Services & Products Group examines a recent harsh Securities and Exchange Commission settlement for a broker-dealer and its chief compliance officer for failing to file suspicious activity reports....more

Key Regulatory Developments in Germany

by Dentons on

We present you with the selection of key regulatory developments from Germany....more

FINRA And SEC Fine Two Entities For Anti-Money Laundering Compliance Deficiencies And Other Violations

by Shearman & Sterling LLP on

On May 16, 2018, the Financial Industry Regulatory Authority (FINRA) announced a $5.3 million fine on a financial services company (ICBCFS) for alleged systemic anti-money laundering (AML) compliance failures, including an...more

Helping banks to manage fintech regulatory risk

As technology continues to revolutionize the banking world, how can firms ensure they reap the rewards but still manage fintech regulatory risk? Banks around the globe are increasingly immersed in fintech....more

FinCEN’s Customer Due Diligence Rule Becomes Effective; FinCEN and FINRA Guidance Provides Interpretive Color for Firms Working to...

by Shearman & Sterling LLP on

May 11, 2018 marked the compliance date for the Customer Due Diligence Requirements for Financial Institutions rule issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) on May 11, 2016 (the...more

Key Regulatory Developments in Poland

by Dentons on

We present you with the selection of key regulatory developments from Poland....more

Bridging the Weeks - May 2018 #3

The Securities and Exchange Commission and the Financial Industry Regulatory Authority collectively fined a broker-dealer over US $6.1 million for not having an anti-money laundering program reasonably designed to detect and...more

FINRA Updates AML Rules to Conform to Upcoming Customer Due Diligence Requirements

by Shearman & Sterling LLP on

The Financial Industry Regulatory Authority published amendments to FINRA Rule 3310, the anti-money laundering compliance program rule. The FINRA amendments seek to harmonize Rule 3310 with the Customer Due Diligence...more

BSA/AML ALERT: FinCEN Grants a 90-Day Exemption from the Beneficial Ownership Rule for Certain Financial Product Renewals and...

by Vedder Price on

On May 11, 2018, compliance with the beneficial ownership rule became mandatory. In accordance with the rule, a covered financial institution must verify, at the time a new account is opened, the beneficial owners opening the...more

South Carolina Begins Licensing Money Transmission

South Carolina Anti-Money Laundering Act becomes effective May 25, 2018. Applications must be filed by June 29, 2018. Implementing regulations become effective May 25, 2018. ...more

FFIEC Manual Incorporates Beneficial Ownership Rule and CDD Requirements

by Ballard Spahr LLP on

Incorporation Solidifies Customer Due Diligence as “Fifth Pillar” to BSA/AML Compliance Program - May 11, 2018 was the much anticipated effective date for the Customer Due Diligence (“CDD”) Requirements for Financial...more

The State AG Report Weekly Update May 2018 #3

by Cozen O'Connor on

2018 AG Elections- Idaho and Nebraska Primaries Confirm Nominations of Uncontested Candidates- Idaho and Nebraska both held primaries on May 15, 2018, for numerous federal and statewide offices, including state Attorney...more

FFIEC Examination Procedures for the Beneficial Ownership Rule

by Sullivan & Worcester on

The FFIEC has updated its BSA/AML manual effective May 5, 2018, to add a section on the new legal entity due diligence requirements and to update the section of the manual on customer due diligence generally. The Fed...more

FinCEN Provides Exceptive Relief from New Beneficial Ownership Rule

by Ballard Spahr LLP on

Relief is Narrow, but FinCEN’s Explanation of Low Money Laundering Risk Posed by Lending Products is Instructive - On May 11, the Financial Crimes Enforcement Network (“FinCEN”) issued a ruling to provide exceptive relief...more

South Carolina’s Money Transmission Law Comes into Effect

by Morrison & Foerster LLP on

On May 14, 2018, the Office of the South Carolina Attorney General (“AG”) issued a press release announcing that it has created a Money Services Division (“Division”) within the AG’s office and that, effective May 14, the...more

BSA/AML Alert: The Beneficial Ownership Rule Becomes Effective Today

by Vedder Price on

On May 11, 2018, the beneficial ownership rule became fully effective. While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018. The delay in implementation was to permit covered...more

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Law on benchmarks published - Parliament voted bill 7164 implementing certain provisions of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial...more

Bank Regulatory News and Trends

by DLA Piper on

This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing federal regulatory landscape....more

Amendments to the Proceeds of Crime Act and the New Sanctions and Anti-money Laundering Bill: the UK’s answer to the Global...

by Hogan Lovells on

Following the use of a nerve agent in Salisbury earlier this year, there were calls for the UK to adopt a British equivalent to the US Global Magnitsky Act, enabling the state to sanction gross human rights violations...more

Financial Action Task Force Publishes Outcomes of its 2018 Private Sector Consultative Forum

by Shearman & Sterling LLP on

The Financial Action Task Force held its annual private sector consultative forum in Vienna on April 23 – 24, 2018. The annual forum provides a platform for the FATF to learn more about the private sector's views and concerns...more

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

by Ballard Spahr LLP on

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

Allen & Overy's weekly update on Key Regulatory Topics - 27 April 2018 – 3 May 2018

by Allen & Overy LLP on

BREXIT - ECB speech considers impact of Brexit on ECB banking supervision - On 2 May, the ECB published a speech by Ignazio Angeloni, ECB Supervisory Board member, in which he considers the future of ECB banking...more

Global Regulatory Update for Cryptocurrency and Initial Coin Offerings

by Holland & Knight LLP on

• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more

SEC Proposes New Best Interest Standard for BDs, Conduct Standards for RIAs, Warns Advisers about Bad Billing Practices, and the...

SEC Proposes “Regulation Best Interest” for Broker-Dealers: In an attempt to “enhance the quality and transparency of investors’ relationships with investment advisers and broker dealers,” the SEC has proposed and is...more

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Proposals to make French funds more attractive for international marketing - A working group set up by Euroclear France, Ailancy, professional associations and different actors of the asset management industry, presented...more

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