News & Analysis as of

Risk Assessment Terrorism Funding

DLA Piper

National Security Risks Headline New AML Requirements for Investment Advisers – and More to Come?

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Last week, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a widely anticipated final rule to police the estimated $125 trillion-plus investment adviser market. The new rule extends...more

Holland & Knight LLP

FinCEN Issues Proposed Rule Amending Requirements of Financial Institutions' AML/CFT Programs

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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on June 28, 2024, announced a proposed rule to "strengthen and modernize financial institutions' anti-money laundering and countering the...more

Paul Hastings LLP

Financial Sanctions—Ten Key Due Diligence Principles

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This Note is the second part of our look at regulatory expectations for sanctions compliance in the U.K. The first part of our review looked at Financial Conduct Authority (“FCA”) systems and controls requirements. The focus...more

American Conference Institute (ACI)

[Event] 29th Annual Flagship Conference on Regulatory Compliance for Financial Institutions - November 21st - 22nd, Toronto, ON,...

Don’t miss the opportunity to gain valuable insights from industry experts at Canadian Institute’s Annual Flagship Conference on Regulatory Compliance for Financial Institutions. This event will equip you with strategies to...more

Shipkevich PLLC

US Treasury Releases Risk Assessment Report on Decentralized Finance

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On April 6, 2023, the US Department of the Treasury released a report analyzing the risks of decentralized finance (DeFi) and potential vulnerabilities in the United States' anti-money laundering (AML) and countering the...more

Walkers

Central Bank of Ireland - Anti-Money Laundering Bulletin for the Funds Sector

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Having recently conducted a number of anti-money laundering, counter financing of terrorism and financial sanctions (“AML/CFT/FS”) supervisory engagements with Funds and Fund Management Companies (“Firms”), the Central Bank...more

StoneTurn

3 Key Takeaways from FATF’s Recent Mutual Evaluations Report

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The Financial Action Task Force (“FATF”) recently released its Report on the State of Effectiveness and Compliance with the FATF Standards (“Report”). The Report contains the results of its 4th Round of Mutual Evaluations...more

BCLP

FCA’s thinly veiled warning to challenger and traditional retail banks over financial crime risk

BCLP on

On 22 April 2022, the FCA published the findings of its review of financial crime controls at six relatively new and primarily digital challenger banks that all offer similar products to traditional retail banks. These six...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

King & Spalding

Understanding Regulatory Trends: Digital Assets & Anti-Money Laundering

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As cryptocurrency’s market cap surpasses the $2.5 trillion mark and continues to climb, global regulators have turned their attention to understanding and addressing the risks surrounding digital assets. In recent years,...more

Hogan Lovells

UK FCA becomes AML/CFT crypto supervisor

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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

Eversheds Sutherland (US) LLP

The OCC’s 2019 annual report addresses anti-money laundering risks for financial institutions

The Office of Comptroller of the Currency (the OCC) has published its 2019 annual report (the Annual Report), which summarized the OCC’s strategic priorities for 2019. The Annual Report also highlighted the OCC’s key...more

Dechert LLP

Financial Crimes Enforcement Network, Treasury Department Affirm Regulatory Regime for Convertible Virtual Currencies

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more

Ballard Spahr LLP

Congress Proposes National Directory of Beneficial Owners of Legal Entities

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Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), currently in committee in the Senate.  The CTIFA proposes the most substantial overhaul to the Bank Secrecy Act (“BSA”) since...more

Orrick, Herrington & Sutcliffe LLP

Nuovi adempimenti derivanti dal recepimento della IV Direttiva Antiriciclaggio

Lo schema di decreto legislativo approvato dal Governo lo scorso 23 febbraio 2017, ed ora sottoposto all'esame del Parlamento (di seguito "Schema di Decreto"), recante attuazione della Direttiva (UE) 2015/849 del Parlamento...more

K2 Integrity

FinCEN’s Beneficial Ownership Rule and Increased AML Burden

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Compliance officers at financial institutions have made great strides in improving Know Your Customer (KYC) programs to focus on knowing their customers as a critical function in combating money laundering. As regulators...more

Thomas Fox - Compliance Evangelist

Why FCPA Compliance Makes America Great

Last week, a colleague asked me what I thought the Trump administration might hold for Foreign Corrupt Practices Act (FCPA) enforcement specifically and for the greater compliance discipline in general. I have been exploring...more

The Volkov Law Group

AML Risks and Foreign Correspondent Banking

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With the Panama Papers scandal and government promises of continued aggressive AML enforcement, financial institutions face a variety of risks that require increased vigilance and mitigation strategies....more

Cooley LLP

Blog: The 4th Anti-Money Laundering & Terrorist Financing Directive

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The 4th Anti-Money Laundering & Terrorist Financing Directive (4AMLD) came into force on 25 June 2015; and the Member States of the European Union are (currently) obliged to transpose it into their national laws by 26 June...more

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