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Anti-Money Laundering › Customer Due Diligence (CDD) › Regulatory Requirements

Dorsey & Whitney LLP

Investment Adviser Compliance with FinCEN’s AML/CFT Rule

Dorsey & Whitney LLP on

On August 28, 2024, Financial Crimes Enforcement Network (FinCEN) issued a final rule (the “Final Rule”) that imposes comprehensive anti-money laundering and countering the financing of terrorism (“AML/CFT”) requirements on...more

Walkers

What you need to know about Bermuda new Digital Identity Service Provider Regime

Walkers on

A new licensing regime for digital identity service providers is to be introduced in Bermuda. The new licensing regime should pave the way for a smoother CDD journey for consumers, without compromising Bermuda's high...more

Ballard Spahr LLP

Fifth Circuit Halts Nationwide Stay of CTA Enforcement

Ballard Spahr LLP on

The Fifth Circuit has granted the government’s request to stay temporarily the order and injunction issued by the United States District Court for the Eastern District of Texas, which had issued a nationwide stay prohibiting...more

Bilzin Sumberg

The Corporate Transparency Act: Ready, Set, Go!

Bilzin Sumberg on

It’s official: the Corporate Transparency Act (the “Act”) has gone into effect January 1, 2024. On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) issued its second final rule establishing the framework...more

Williams Mullen

Reminder: The Corporate Transparency Act (CTA) goes into effect on Monday, January 1, 2024

Williams Mullen on

The purpose of this memo is to provide our clients with an overview of the Corporate Transparency Act (CTA) and steps necessary to take to be compliant with the CTA. The CTA was enacted into law on January 1, 2021 as part...more

Parker Poe Adams & Bernstein LLP

Practical Tips for Broker-Dealers After SEC Flags Compliance Issue

Parker Poe Adams & Bernstein LLP on

Last month, the U.S. Securities and Exchange Commission (SEC) took a refreshed look at how broker-dealers are complying with anti-money laundering rules. What auditors discerned — as detailed in their July 31 risk alert — is...more

Morgan Lewis - All Things FinReg

Agencies Emphasize Risk-Based Due Diligence Approach for Charities and Nonprofits

Morgan Lewis - All Things FinReg on

The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact Sheet purports to not impose additional obligations on banks, it is hard to...more

Orrick, Herrington & Sutcliffe LLP

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

Orrick, Herrington & Sutcliffe LLP on

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

Ballard Spahr LLP

AMA Updates AML Best Practices for AML Compliance

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AMA Details Components of a Strong AML/BSA Program - Earlier this month, the American Gaming Association (“AGA”) released an updated Best Practices for Anti-Money Laundering (“AML”) Compliance (“Best Practices Guidance”)...more

Sullivan & Worcester

FFIEC Examination Procedures for the Beneficial Ownership Rule

Sullivan & Worcester on

The FFIEC has updated its BSA/AML manual effective May 5, 2018, to add a section on the new legal entity due diligence requirements and to update the section of the manual on customer due diligence generally. The Fed...more

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