News & Analysis as of

Penalties AML/CFT

White & Case LLP

SEC Charges Investment Adviser - Signaling Importance of Accurate Disclosure of AML Procedures

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The U.S. Securities & Exchange Commission ("SEC") recently announced settled charges against an investment adviser for misrepresentations regarding its anti-money laundering ("AML") procedures and compliance failures. As we...more

Walkers

Obligation for independent AML Audits under the Anti Money Laundering Regulations – What you need to know

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Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations. AML audits are an important component of the control environment to...more

Walkers

Channel Islands Regulatory Update: October 2024

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The financial services sector in the Channel Islands has seen the publication of a report by MONEYVAL, a proposal to increase administrative penalties and the release of two public statements. The Bailiwick gambling...more

King & Spalding

FinCEN’s Final Rule on Anti-Money Laundering for Residential Real Estate Transfers

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On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule under the Bank Secrecy Act (“BSA”) requiring certain persons involved in real estate closings and settlements to report and maintain...more

Barnea Jaffa Lande & Co.

Anti-Money Laundering Obligations in Israel

The Israel Securities Authority’s Financial Sanctions Committee recently issued two different decisions to impose financial sanctions on companies. These sanctions were for financial activities violating provisions of the...more

Ius Laboris

Who needs an anti-money laundering officer?

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Both individuals and companies risk severe penalties if they contribute to money laundering, even if the contribution is the result of negligence. By appointing an anti-money laundering officer organisations will reduce their...more

Walkers

Proceeds of Crime Law: Jersey's AML / CFT / CPF regime

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Executive Summary - On 30 January 2023, legislation came into force that amended the Proceeds of Crime (Jersey) Law 1999 ("the POCL") and expanded the scope of Jersey's anti-money laundering, counter-terrorist financing,...more

Perkins Coie

FinCEN’s Highly Anticipated Beneficial Ownership Reporting Rule Under CTA Effective January 1, 2024

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its highly anticipated final rule implementing the beneficial ownership information (BOI) reporting requirements of the Corporate...more

Ballard Spahr LLP

Investors Bring 10b-5 Action Against Westpac Over Money Laundering Scandal

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AML Scandals Seem to Inevitably Spawn Investor Lawsuits - As we recently blogged, Westpac, Australia’s second-largest retail bank, has been embroiled in a scandal arising from approximately 23 million alleged breaches of...more

Hogan Lovells

Changes in insurance regulation: China / Hong Kong / Singapore / Indonesia / Vietnam - January - March 2018

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Our Asia insurance regulatory tracker for the first quarter of 2018 is below. It includes updates on the introduction of an insurance levy in Hong Kong, a consultation on agency recruitment incentives in Singapore, and new...more

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