News & Analysis as of

Politically Exposed Person (PEPs)

Latham & Watkins LLP

FCA Findings on Firms’ Treatment of Politically Exposed Persons

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Regulator finds that firms could improve how they conduct anti-money laundering checks when dealing with UK PEPs. ...more

Walkers

AML update: JFSC announces its focus on PEPs in January 2024

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The Jersey Financial Services Commission ("JFSC") recently announced that its first area of focus for its 2024 thematic examination programme will be politically exposed persons ("PEPs") (the "Examination"). The Examination...more

WilmerHale

The Financial Conduct Authority’s Review of Firms’ Approaches to Politically Exposed Persons

WilmerHale on

The UK Financial Conduct Authority (FCA) launched in September a review of the treatment of domestic politically exposed persons (PEPs) by UK-regulated financial services firms. This review will look at firms’ arrangements...more

Walkers

AML update: consultation on amendments to the AML/CFT/CPF Handbook

Walkers on

The Jersey Financial Services Commission ("JFSC") recently launched a consultation on further amendments to its anti-money laundering/countering the financing of terrorism/countering proliferation finance ("AML/CFT/CPF")...more

Lowenstein Sandler LLP

AML Best Practices for Private Funds: Red Flags and Responses for Private Funds

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U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970...more

Hogan Lovells

Italian FIU issues new Regulation on anomaly indicators for suspicious transactions reporting

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On 25 May 2023, the FIU Regulation containing anomaly indicators to be used by obliged entities for suspicious transactions reporting was published in the Official Gazette....more

Ballard Spahr LLP

Coinbase Settles with NYDFS for $100 Million Over Lax AML Safeguards

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On January 4, 2023, the New York State Department of Financial Services (“NYDFS”) issued a consent order against Coinbase, Inc. (“Coinbase” or the “Company”), the largest U.S.-based cryptocurrency trading exchange, for...more

Cohen & Gresser LLP

The Economic Crime Act: What will Change for Managers of Offshore Structures

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In the early hours of 15 March 2022, the Economic Crime (Transparency and Enforcement) Act (the “Act”) came into force. The rapid passage of the Act through the UK Parliament, after years of delays, came in response to...more

A&O Shearman

Mistaken breach of UK Financial Sanctions: possible exposure and what to do

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The UK sanctions imposed as a result of Russia’s invasion of Ukraine have undoubtedly put intense pressure on businesses to review existing commercial arrangements and tighten sanctions compliance systems and controls. But...more

The Volkov Law Group

OFAC Closes Out Year with Two-Fisted Settlement with TD Bank

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The Treasury Department’s Office of Foreign Asset Control had another consistent year – not a big year but continued adherence to its enforcement program. At the end of the year, OFAC announced a settlement with TD Bank...more

Ballard Spahr LLP

The FFIEC’S Third 2021 Update to the BSA/AML Examination Manual

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On December 1, 2021, the Federal Financial Institutions Examination Council (“FFIEC”) released updates to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the “Manual”), which provides guidance to...more

King & Spalding

Anti-Money Laundering Implications for the Art Market in the UK

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Introduction - The art market is characterised by high-value, portable items that can be bought and exchanged quickly and often confidentially. These features, which make the market inherently vulnerable to many types of...more

Thomas Fox - Compliance Evangelist

The Berko FCPA Resolution – Lessons on Corrupt Deal Making

This week, the Securities and Exchange Commission (SEC) obtained a Final Judgment against Asante Berko, former employee of a Goldman Sachs subsidiary, for, as noted in the SEC Press Release, his role in orchestrating a...more

Thomas Fox - Compliance Evangelist

A Primer on Charitable Donations and Political Contributions

This week has seemingly turned into a series of blogs posts which are primers for areas which are still of concern under the Foreign Corrupt Practices Act (FCPA) and for compliance professionals. I previously looked at...more

A&O Shearman

UK FCA extends annual financial crime reporting obligation (REP-CRIM) to more firms

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The FCA is extending its existing annual financial crime reporting obligation (termed the “REP-CRIM” by the FCA) to a broader range of firm types.  The change is expected to impact approximately 4500 firms who were previously...more

K2 Integrity

New U.S. Law’s Impacts on Non-U.S. Financial Institutions

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The U.S. Anti-Money Laundering Act of 2020 (AML Act) became law on January 1 when the United States Congress passed the broader National Defense Authorization Act for 2021 over a presidential veto. Although it is a U.S. law,...more

Blank Rome LLP

The Dawn of a New Day: Expansive Law Signals Heightened AML Enforcement

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On January 1, 2021, the Senate voted to override the president’s veto and to enact the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”). Incorporated into the NDAA, the Anti-Money Laundering Act (“AMLA”)...more

White & Case LLP

FinCEN and US Federal Banking Agencies Clarify Risk-Based Obligations on Politically Exposed Persons

White & Case LLP on

The US Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies (Agencies)1 issued a joint statement on August 21, 2020, regarding Bank Secrecy Act/anti-money laundering (AML) regulatory requirements for...more

Orrick, Herrington & Sutcliffe LLP

FinCEN and Banking Regulators Clarify Due Diligence Requirements for Politically Exposed Persons

The Financial Crimes Enforcement Network (FinCEN) and federal banking regulators recently issued a Joint Statement intended to clarify the due diligence obligations of banks under the Bank Secrecy Act (BSA) regarding...more

Faegre Drinker Biddle & Reath LLP

Regulators Issue Guidance on U.S. Banks’ Reporting Obligations Regarding Suspected Foreign Corrupt Practices

In response to inquiries from the financial industry as to how to assess risks of potential illegal activity with respect to beneficial owners who are “politically exposed persons” (PEPs) overseas, federal bank regulators...more

Ballard Spahr LLP

Joint Statement Clarifies Due Diligence Expectations for Politically Exposed Persons

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Regulators’ Joint Statement Attempts to Clarify AML Expectations Regarding Potential Corrupt Actors - On August 21, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and other banking regulators –...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Dechert LLP

Ensuring Your Compliance: Lessons From Commerzbank London

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On 17 June 2020, the London branch of Commerzbank AG (“Commerzbank London”) was fined £37,405,400 by the Financial Conduct Authority (“FCA”). The FCA’s fine against Commerzbank emphasises a continued focus on Anti-Money...more

Foodman CPAs & Advisors

How are Financial Institutions identifying and managing their PEP relationships?

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”.  ...more

Ballard Spahr LLP

U.K. Court Strikes Down “Unexplained Wealth Orders” By Parsing Facts and Making Value Judgments About Meaning of Corporate...

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A Court Ruling that May Resonate Across the Globe - The High Court in London recently struck down three “Unexplained Wealth Orders” that U.K. law enforcement had hoped would foil an alleged money laundering scheme by...more

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