News & Analysis as of

Economic Sanctions Anti-Money Laundering Beneficial Owner

Baker Botts L.L.P.

Beyond the Fine: What Financial Gatekeepers Must Learn from Interactive Brokers’ OFAC Settlement

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has significantly increased its focus on sanctions compliance for “financial gatekeepers,” including financial institutions and other firms...more

K&L Gates LLP

Key Lessons From the Latest UK Office for Financial Sanctions Implementation Art Market Participants and High Value Dealers Threat...

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On 18 June 2025, the UK Office for Financial Sanctions Implementation (OFSI) published a threat assessment (the Assessment) on compliance with UK sanctions and money laundering law for art market participants (AMPs) and high...more

Lowenstein Sandler LLP

OFAC Imposes Largest-Ever Penalty on Nonbank Financial Institution for Egregious and Sustained Sanctions Violations—a $216M...

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a historic $215,988,868 civil monetary penalty against GVA Capital Ltd. (GVA), a venture-capital firm registered in the Cayman Islands...more

K&L Gates LLP

The Latest OFSI Property and Related Services Threat Assessment

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The United Kingdom’s Office of Financial Sanctions Implementation (OFSI) has published a report detailing suspected breaches of UK financial sanctions involving UK property and related services firms since February 2022 and...more

K&L Gates LLP

What Legal Services Providers Need to Learn From OFSI's Legal Services Threat Assessment

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In its first-ever threat assessment of the UK legal sector, the UK’s Office of Financial Sanctions Implementation (OFSI) has raised red flags with regards to suspected sanctions breaches involving UK legal services providers...more

Conyers

Regulatory & Risk Advisory Outlook 2025: Cayman Islands

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2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the...more

Walkers

Global Legal Insights FinTech 2024: British Virgin Islands chapter

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The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more

Venable LLP

Alabama Federal District Court Declares CTA Unconstitutional: Here's What You Need to Know

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The Corporate Transparency Act (CTA), which became effective on January 1, 2024, was enacted to combat the use of shell companies by those seeking to evade anti-money laundering laws and economic sanctions. ...more

Holland & Hart LLP

The Corporate Transparency Act Isn't Dead Yet

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Congress has enacted legislation over the decades aimed at curbing money laundering and the financing of terrorism. Increased legislation has been necessary to ensure that the federal government is able to address evolving...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

K2 Integrity

The Challenge of Transparency in Preventing Financial Crime: Navigating Financial Integrity in a Changing Risk Landscape

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The landscape of financial crimes is constantly evolving, and the concept of transparency is being fundamentally challenged. A dynamic, innovative approach is imperative to preserve and shape the future of financial...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands – Jan To April 2023

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We are pleased to welcome you to Conyers' Cayman Islands Regulatory & Risk Advisory Review, keeping you apprised of the latest regulatory news and developments. The past few months have been a particularly active time for...more

American Conference Institute (ACI)

[Event] 22nd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 7th - 8th, Toronto, Ontario, Canada

AML compliance for reporting entities has never been of greater critical importance than it is today. With the growing sophistication of criminals and the methods and technologies that they employed, combined with the...more

White & Case LLP

Four major changes to corporate transparency in 2022

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There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...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

Latham & Watkins LLP

The Economic Crime (Transparency and Enforcement) Act 2022 Receives Royal Assent

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New legislation introduces further sanctions powers and aims to tackle financial crime by revealing identities of overseas beneficial owners of UK property. Following the UK government’s successive sanctions packages,...more

WilmerHale

The new Economic Crime Bill: can it deliver on its promises?

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On March 1, 2022, the UK Government put forward the Economic Crime (Enforcement and Transparency) Bill. The stated aim of the legislation is to “crack down on dirty money in the UK and corrupt elites”, and it is designed to...more

Harris Beach Murtha PLLC

U.S. Treasury Targets Money Laundering, Terrorism And Tax Fraud With Proposed Beneficial Ownership Rules

The Corporate Transparency Act of 2020 (the “CTA”) was enacted in January 2021 as part of the Anti-Money Laundering Act of 2020 to prevent the use of shell companies to evade anti-money laundering and economic sanctions...more

WilmerHale

Implications of the EU General Data Privacy Regulation for US Anti-Money Laundering and Economic Sanctions Compliance

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Many financial institutions will confront a new compliance challenge on May 25, 2018, the effective date of the European Union’s revamped data privacy law, the General Data Protection Regulation (“GDPR”). In short, GDPR data...more

The Volkov Law Group

Dig a Little Deeper: The Importance of Beneficial Ownership

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Companies interact with a large number of entities in the outside world – customers, third party intermediaries and vendors and suppliers to name the most significant ones. These relationships are the lifeblood of a company....more

The Volkov Law Group

The Evolving Due Diligence Standards and Beneficial Ownership

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In case you are not following all the latest scandals – Unaoil and the Panama Papers being two significant ones – we are seeing an evolution and possibly a revolution in due diligence expectations....more

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