News & Analysis as of

Beneficial Owner

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

by Dechert LLP on

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

BSA, FinCEN, Treasury and IRS Want to Know: Who is the Ultimate Beneficial Owner (UBO)?

by Foodman CPAs & Advisors on

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

Property in 2018: all change

by Dentons on

Who says that property law doesn't move with the times? 2018 kicks off with talk of a register of beneficial ownership, consultations on topics as diverse as electronic signatures and chancel repair liability, plus proposals...more

Mexico’s AML Regime Evaluated by the FATF: Systemic Improvement, but Suspicious Transaction Reporting and Law Enforcement Efforts...

by Ballard Spahr LLP on

Last week, the Financial Action Task Force (“FATF”) issued a report concluding that Mexico needs to “step up efforts in pursuing money launderers.” ...more

Will Bankers = Law Enforcers on 5/11/18?

by Foodman CPAs & Advisors on

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

EU Adopts Regulations Increasing Transparency in Virtual Currency Trading to Combat Money Laundering, Tax Evasion, and Terrorism...

by Ballard Spahr LLP on

After over a year of negotiations, the European Parliament and its executive arm, the European Council, recently agreed to an amendment to the Fourth Anti-Money Laundering Directive to include measures targeting exchange...more

AML News: FINRA Guidance

In the latest anti-money laundering news, the Financial Industry Regulatory Authority published guidance on AML obligations of firms subject to FINRA supervision. What happened - FINRA’s guidance supplements the...more

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

by Michael Volkov on

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

PSC Regime – issues when taking Scottish share security

by Dentons on

The UK persons with significant control regime (the PSC Regime) continues to cause uncertainty for lenders seeking to take security over shares in Scottish companies. The main concern is whether the security could cause the...more

New anti-money laundering regulations: action for pension scheme trustees - Updated December 2017

by Hogan Lovells on

Pension scheme trustees should be aware of requirements under new money laundering regulations to record information and, in some cases, to give the information to third parties and to register the information with...more

Luxembourg transparency registers: soon a reality!

by Dentons on

On 6 December 2017, two Bills of Law which will implement articles 30 and 31 of the Directive (EU) 2015/849 of the European Parliament and the Council of 20 May 2015 on the prevention of the use of the financial system for...more

New German Money Laundering Act Establishes Additional Transparency Requirements for Certain Listed Companies, European Capital...

by Jones Day on

On 25 June 2017, the new German Money Laundering Act came into force, which primarily implements the 4th European Anti-Money-Laundering Directive (EU 2015/849) into German law. Among others, the Act establishes a new...more

Incorporating AML Compliance Into a Compliance Program (Part III of III)

by Michael Volkov on

Global companies should implement an AML program and KYC practices that follow the general outline for best practices, though it does not need to be as rigorous as a financial institution. For most companies, AML risks can...more

U.K. Regulator Critiques Legal Industry AML Compliance

by Ballard Spahr LLP on

In its “Risk Outlook, Autumn Update” (“Update”) released last week, the Solicitor Regulation Authority (“SRA”), a regulator of solicitors and law firms in England and Wales, found that although the legal sector remains at...more

Making the Case for Requiring Beneficial Ownership Information

by Michael Volkov on

In this era of aggressive enforcement, global companies have to integrate beneficial ownership requirements when conducting due diligence of business associates and when engaging customers....more

SCA delivers clarity on locus standi for oppressive conduct

by Hogan Lovells on

In the reportable case of Smyth v Investec Bank Ltd (674/2016) [2017] ZASCA 147, the Supreme Court of Appeal held that the beneficial owners of shares in a company are not eligible to join as co-applicants with the relevant...more

Anti-money Laundering Regulations: New HMRC Reporting Duty for Pension Scheme Trustees

by Reed Smith on

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force on 26 June 2017 and impose new registration and reporting duties on trustees,...more

Episode 8 -- The Critical Importance of Beneficial Ownership to Compliance

by Michael Volkov on

In the aftermath of the Panama Papers scandal and increased focus on shell companies and hidden ownership interests, US enforcement and regulatory agencies are increasing focus on beneficial ownership of related entities. In...more

France Establishes Register of Beneficial Owners of Corporations and Other Entities

by Jones Day on

In an effort to prevent money laundering and fight the financing of terrorist activities, France has adopted requirements for the identification and registration of beneficial owners of corporations and other entities...more

Small Businesses: Keep the Corporate Transparency Act on Your Radar

by Barley Snyder on

If the federal legislature passes a controversial new proposal, more information will be required when forming or transferring ownership of certain business entities....more

New Obligations for German Transparency Register Now in Force

by McDermott Will & Emery on

A core element of the new German Anti-Money Laundering Act (Geldwäschegesetz), which came into force on 26 June 2017, is the implementation of a transparency register in which beneficial owners of almost all companies, trusts...more

Who can sue for breach of the non-payment terms of a bearer note?

by Dentons on

Secure Capital SA (SC) was the owner of the entire beneficial interest in a series of notes issued by Credit Suisse (the Notes). The Notes were governed by English law and issued in bearer form. SC held its interest in the...more

New obligation to declare beneficial owner(s)

by White & Case LLP on

The Ordinance of 1 December 2016 (which implemented the European Anti-Money Laundering Directive of 20 May 2015) and the so-called "Sapin II Law" of 9 December 2016 introduced new obligations for companies. Companies must now...more

New GTO covers Wire Transfers

by Foodman CPAs & Advisors on

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission prevailed at the trial of Howard Present, a co-founder of F-Squared centered on the marketing claims for its AlphaSector product. That product was also the focus of a series of actions involving investment...more

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Cybersecurity

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