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Transparency Financial Institutions Anti-Money Laundering

Foodman CPAs & Advisors

Tres formas en que la auditoría forense fortalece la integridad institucional

En el entorno actual de cumplimiento de alto riesgo, se espera que las instituciones financieras entreguen más que resultados. Deben demostrar una rendición de cuentas que sea verificable y lista para auditorías. Esto es...more

Foodman CPAs & Advisors

Three Ways Forensic Reporting Builds Institutional Integrity

In today’s high-stakes compliance environment, financial institutions are expected to deliver more than results. They must demonstrate accountability that is both verifiable and audit-ready. This is especially critical for...more

A&O Shearman

FATF updates standards on payment transparency

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The Financial Action Task Force (FATF) has published revised standards and an accompanying explanatory note, updating its comprehensive framework on recommendations to strengthen global efforts in anti-money laundering,...more

Secretariat

Guardians of Finance Integrity, How the NY Fed’s Oversight in Iraq and Libya Could Hold a Blueprint for Post-Conflict...

Secretariat on

The Federal Reserve Bank of New York (FRBNY) has cemented its role as a global financial watchdog, using its influence to safeguard the integrity of the U.S. dollar and the broader international financial system. Recent...more

A&O Shearman

Wolfsberg Group guidance supplementing payment transparency standards

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The Wolfsberg Group has published guidance on payment transparency roles and responsibilities to supplement the Wolfsberg Group Payment Transparency Standards. The guidance discusses roles played by key actors in a payment...more

WilmerHale

Biden: The Fight Against Foreign and Transnational Corruption Is a National Security Interest

WilmerHale on

On June 3, 2021, President Biden issued a National Security Memorandum establishing the fight against corruption both at home and abroad as a core United States national security interest and directing the development of a...more

Eversheds Sutherland (US) LLP

Congress passes the Anti-Money Laundering Act of 2020, amending and modernizing the Bank Secrecy Act

On January 1, 2021, the US Senate voted to override President Donald Trump’s veto of H.R. 6395, the National Defense Authorization Act for Fiscal Year 2021 (NDAA). As part of the NDAA, the Anti-Money Laundering Act of 2020...more

Morgan Lewis

Corporate Transparency Act: How Will It Affect Financial Institutions?

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The Corporate Transparency Act, found within the National Defense Authorization Act, directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information. ...more

ArentFox Schiff

Piercing the Corporate Shell: New Legislation Will Force Anonymous Shell Companies to Disclose Their True Owners

ArentFox Schiff on

Three months after a leak and investigation into over $2 trillion in suspect transactions at the world’s largest banks and financial institutions, known as the “FinCEN Files,” Congress passed legislation that would require...more

Ballard Spahr LLP

Treasury Department’s 2020 National Illicit Finance Strategy: Aspirations for BSA/AML Modernization and the Combatting of Key...

Ballard Spahr LLP on

First in a Two-Post Series - The U.S. Department of Treasury (“Treasury”) has issued its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”)....more

Foodman CPAs & Advisors

What is Next after BSA turns 50?

On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy).  The purpose of the 2020 Strategy is to...more

Ballard Spahr LLP

FinCEN Stresses Transparency, BSA Filing Data, and Perils of “Under- Regulating” to Securities Industry

Ballard Spahr LLP on

Last Thursday, FinCEN Deputy Director Jamal El-Hindi appeared at the 20th annual Anti-Money Laundering (AML) and Financial Crimes Conference hosted by the Securities Industry and Financial Markets Association (SIFMA) in New...more

Ballard Spahr LLP

FATF Issues Best Practices Guidance on Beneficial Ownership Information

Ballard Spahr LLP on

As we blogged yesterday, the issue of the beneficial ownership of entities and the potentially pernicious role of shell companies in perpetuating money laundering is the primary anti-money laundering (“AML”) concern across...more

Moore & Van Allen PLLC

Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations

Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance...more

Morrison & Foerster LLP

Another Joint Statement from the Federal Anti-money Laundering Working Group: Improving Transparency of Risk-Focused BSA/AML...

On July 22, 2019, the five federal agencies tasked with the supervision, examination, and enforcement of Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements for banks (the “Agencies”) issued a joint statement...more

Ballard Spahr LLP

Beneficial Ownership Provision Stripped from Latest Draft of Counter Terrorism and Illicit Finance Act

Ballard Spahr LLP on

Critics Bemoan Removal of Potential Weapon Against Shell Companies - Last week, and on the eve of a scheduled markup of the original bill in the House Financial Services Committee, a new draft of the Counter Terrorism and...more

Ballard Spahr LLP

International Report Critiques U.S. Beneficial Ownership Transparency

Ballard Spahr LLP on

Last week, Transparency International (“TI”) released an updated assessment of the “beneficial ownership legal frameworks” in the G20 countries, entitled “G20 Leaders or Laggers?” ...more

Hogan Lovells

French Legal and Regulatory Update – December 2016

Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for December 2016. ...more

Morgan Lewis

FinCEN Requires Financial Institutions to Obtain Beneficial Ownership

Morgan Lewis on

FinCEN’s new CIP beneficial owner rules may hinder the ability of shell and nominee companies to directly access the US financial system without disclosing the natural persons who own 25% or more of the company. Pooled...more

Skadden, Arps, Slate, Meagher & Flom LLP

"FinCEN Finalizes Customer Due Diligence Rule Amid Other Actions to Enhance Financial Transparency"

In the wake of the Panama Papers controversy, the U.S. government has taken major steps this month to promote financial transparency. First, the Financial Crimes Enforcement Network (FinCEN) finalized its proposed rule issued...more

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