On June 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules to modernize and improve financial institutions’ anti-money laundering and countering the financing...more
A final decision with respect to the location of the new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) is expected on 22 February 2024, but it’s clear that AMLA, which the European...more
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
La Superintendencia de Sociedades de Colombia expidió una guía práctica para el diligenciamiento del Informe 58 en relación con los oficiales de cumplimiento en materia de Sistema de Autocontrol y Gestión del Riesgo Integral...more
Domestic terrorism is not a new threat in America, but in recent years we have seen a significant and horrific increase in violent attacks and activities carried out by individuals and groups motivated by a range of radical...more
The Financial Crimes Enforcement Network (“FinCEN”) has continued a spate of regulatory activity related to financial crimes compliance matters in the first year of the Biden Administration, recapped in its recent report...more
Financial Crimes Enforcement Network (FinCEN) remains committed to combating money laundering, in all forms, in connection with the banking and financial systems. To this end, on June 30, 2021, FinCEN issued new...more
First Blog Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime - Change is upon us. The U.S. House and Senate have passed – over a Presidential veto – the National Defense Authorization Act...more
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently updated its industry guidance in respect of suspicious transaction reporting (Guidance) and released: Transaction reporting requirements...more
The Minister of Finance recently introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86). Though Bill C-86 makes some minor modifications to the Proceeds of Crime (Money Laundering) and Terrorist Financing...more
The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction. ...more
As we recently blogged, the Royal United Services Institute (“RUSI”) for Defence and Security Studies — a U.K. think tank – has released a study: The Role of Financial Information-Sharing Partnerships in the Disruption of...more
With two decades of experience in bank fraud investigations and anti-money laundering compliance—including the creation of early-warning systems to detect potential money laundering and suspicious activity—Thomas Bock was...more
The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more
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
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
Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more
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
Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more
Banks and credit unions that issue reloadable, general purpose prepaid cards must apply Customer Identification Program (CIP) procedures to those cardholders, according to guidance issued by the federal banking regulators and...more
Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more
Why it matters - More than 12 years after initially proposing to extend the Bank Secrecy Act's anti-money laundering compliance programs and recordkeeping and reporting requirements to investment advisers, the Financial...more