News & Analysis as of

Due Diligence Terrorist Financing Regulations

A&O Shearman

Australia moves – incrementally – towards AML/CTF compliance

A&O Shearman on

Australia has implemented “Phase 1.5” in its anti-money laundering and counter-terrorism reforms. However, Australia’s long-awaited and much-debated “second tranche” of reforms remains out of grasp. ...more

Ballard Spahr LLP

Westpac’s Alleged AML Failures Back in the News

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Internal Investigation Report Stresses Lack of Intentional Misconduct – But the Investigation May Broaden - Westpac Banking Corporation (“Westpac”), Australia’s second largest retail bank, has been besieged by serious...more

Hogan Lovells

UK FCA becomes AML/CFT crypto supervisor

Hogan Lovells on

The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more

White & Case LLP

The French Financial Markets Authority released its new guidelines on AML/CFT

White & Case LLP on

The French Financial Markets Authority ("AMF") has just carried out a complete overhaul of its doctrine on Anti-Money Laundering/Combating the Financing of Terrorism ("AML/CFT") and published its new guidelines setting out...more

Orrick, Herrington & Sutcliffe LLP

The implementation of the Fifth Anti Money Laundering Directive in German Law – Tighten the tight?

In the course of the “Panama Paper” scandal, Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing – known as 4. Anti-Money Laundering...more

Ballard Spahr LLP

FinCEN Issues Advisory on Foreign Jurisdictions with AML Deficiencies

Ballard Spahr LLP on

On November 12, 2019, FinCEN issued its latest Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies and Relevant Actions by the...more

A&O Shearman

European Supervisory Authorities Publish Opinion on AML/CTF Risks in EU Financial Sector

A&O Shearman on

The European Supervisory Authorities have published a joint opinion on the current anti-money laundering and counter-terrorist financing risks posed to the EU financial sector. The opinion is published in accordance with the...more

Ballard Spahr LLP

Anti-Terrorism Act Liability Requires More than Mere Failures of Customer Due Diligence

Ballard Spahr LLP on

On September 25, 2019, the Southern District of New York dismissed a complaint brought by victims of rocket attacks in Israel perpetrated in 2006 by Hizbollah, operating in Lebanon. Kaplan v. Lebanese Canadian Bank, SAL, Civ....more

Pillsbury Winthrop Shaw Pittman LLP

The United States Updates Sanctions to Combat Terrorism with New Focus on Non-U.S. Banks

As it targets terrorist groups and their finances, the U.S. Government announces potent secondary sanctions that can impede correspondent banking relationships of non-U.S. banks. A new U.S. Executive Order updates the...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2018: Luxembourg Implements Fourth EU AML Directive

Dechert LLP on

The EU AML4 Directive (Directive)1 – an EU directive aimed at combatting money laundering and terrorist financing – has finally been transposed into Luxembourg law through the adoption of bill 71282. This occurred several...more

Davis Wright Tremaine LLP

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

The Volkov Law Group

Scrutinizing Third-Party Payments

The Volkov Law Group on

It is often hard to convince people that receiving money can be a problem. Everyone likes to receive money, especially when they are being paid for something they did. In the area of compliance priorities, companies do not...more

Sheppard Mullin Richter & Hampton LLP

New EU Rules on Disclosure of Ultimate Beneficial Owners

On June 5, new EU’s anti-money laundering (AML) rules, namely the Fourth EU Anti-Money Laundering Directive (“4AMLD”) and a new Regulation on the information accompanying transfer of funds were published in the Official...more

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