The Wall Street Journal’s Kristin Broughton recently reported on the ongoing U.S. legislative saga that seeks to impose the compulsory disclosure of Ultimate Beneficial Ownership (UBO) information, relating to the use of privately-held companies and most LLCs, to a “controlled-access” registry to be maintained by the Financial Crimes Enforcement Network (FINCEN).… Continue Reading
Four federal agencies and state bank regulators said Tuesday that banks are no longer required to file suspicious activity reports for customers solely because they’re growing and cultivating hemp.… Continue Reading
It may be perceived that Transparency International (TI), and its now-rebranded former U.S. branch, the Coalition for Integrity (CI), and I do not get along. In fact, we all want the same thing.… Continue Reading
In March 2019, Transparency International Canada released a comprehensive report examining the ways in which Canada’s “lack of beneficial ownership transparency” contributes to money laundering (or “snow-washing”, as it’s known up North) within the Toronto real estate market.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network issued an order Thursday expanding the requirement for title insurance companies to report the beneficial owners of shell companies buying residential real estate for cash or cryptocurrencies.… Continue Reading
Over the past several years, concepts that once served as basic elements to an appropriate customer due diligence program and that had simple definitions have morphed into requirements that are completely decentralized and that vary, based on factors such as geographical location, risk level, industry and business activity.… Continue Reading
At the federal level in the United States, cryptocurrencies have a lot of regulators — FinCEN, OFAC, the IRS, the Commodity Futures Trading Commission (CFTC), and the SEC among them.
These regulators characterize cryptocurrencies respectively as money, property, commodities, and a security. … Continue Reading
In less than two weeks the new General Data Protection Regulations (GDPR) will be in full force. Most companies subject to the GDPR have prioritized efforts to implement necessary internal safeguard measures, procedures and required contractual provisions.… Continue Reading
The pressure on companies to identify and verify ultimate beneficial ownership or UBO information is growing, with more legal requirements being imposed, first by FinCEN, and most recently by the UK, which particularly targeted the British Overseas Territories.… Continue Reading
On May 11, FinCEN’s Final Rule regarding customer due diligence will be in force. That means covered financial institutions will have to make sure their due diligence programs are in line with FinCEN’s guidance on core elements of a customer due diligence program.… Continue Reading
Latvia’s independent anti-corruption agency detained the governor of the central bank Saturday after a raid on his home and office.
Ilmars Rimšēvičs, 52, is also a member of the European Central Bank’s rate-setting committee.… Continue Reading