Does the House of Lords ‘No’ vote on public beneficial ownership registries—a proposed amendment to the UK Sanctions and Anti-Money Laundering bill—mean a softer stance on money laundering? Not necessarily. Take a closer look.
What constitutes a PEP? Why PEPs can pose a risk of money laundering? The new guidance from the FCA advises on how companies should manage this risk to meet their AML requirements.
Transparency International says national anti-money laundering laws have “a long way to go” to meet the global standards, with beneficial ownership being the “weakest link” in global financial systems. Read our latest blog post on why AML investment is “good business sense”.
We’ve done the research so you don’t have to and answered the key questions about the EU 4AMLD. Read on to receive insights into a risk-based approach, customer due diligence, on-going monitoring and beneficial ownership.
The FATF (Financial Action Task Force) attended a recent meeting in Paris to outline the standards of legal, regulatory and operational measures for combating money laundering and terrorist financing. Find out how companies should consider increasing the level of their due diligence efforts to mitigate these risks.
As of June 2017, all member states will have to prove that their gambling sector is at low risk of laundering before being exempt. In advance of the Fourth AML Directive, all casinos will have to adhere to their employer's rules on procedures around customer due diligence.
23 January 2017 - Posted by Mark Dunn in Anti-Bribery And Corruption, Anti-Money Laundering
This week, LexisNexis is considering how the FCA recently introduced some of the key themes arising from briefings, regional visits, discussion forums and online feedback and how their 'Future Mission' encourages a due diligence process for UK firms.
24 November 2016 - Posted by Mark Dunn in Anti-Bribery And Corruption, Anti-Money Laundering
In the UK’s first DPA, in November 2015, Standard Bank paid $33 million. In the second DPA, agreed in July 2016, an anonymous company paid more than £6.5 million. These cases highlight the UK’s distinctive approach to DPAs which seems to have provided a more attractive model for countries to consider.
10 November 2016 - Posted by in Anti-Bribery And Corruption, Anti-Money Laundering
The Financial Action Task Force (FATF) has published proposals on how to improve the implementation of international standards on transparency, including the availability of beneficial ownership information.
While money from illegal activities is a primary source of revenue for terrorist organisations, detecting and disrupting the financing of terrorist networks is complex. On 5 July 2016, the EU Commission proposed amendments to the Fourth Anti-Money Laundering Directive that aim to improve oversight over many of the financial methods used by terrorists.