Hong Kong bankers urged to curb dual-use and advanced technology exports to Russia
Bankers in Hong Kong are amongst those in the Asian financial hub to have been asked by US treasury department officials to help identify American-made high-tech items being shipped to Russia according to the Nikkei The US diplomatic effort reflects Washington’s aim to prevent circumvention…
US lawmakers demand amendments to FinCEN’s proposed rules on beneficial ownership
Lawmakers in Washington are demanding amendments to the US treasury department’s notice of proposed rulemaking on beneficial ownership information reporting requirements. They say that the proposal by the US treasury department and its Financial Crimes Enforcement Network (FinCEN) deliberately provides an “escape hatch” for avoiding…
Wells Fargo agrees US$30 million settlement for trade finance breaches of sanctions against Iran, Syria and Sudan
Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan. For about seven years, Wells Fargo and its…
FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on 1 January 2024. Banks are…
Impact on financial institutions of upcoming US beneficial ownership rule examined in new paper
Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by the US treasury department’s Financial Crimes…
US and South Africa establish task force to combat financing of wildlife trafficking
The US treasury department and South Africa’s national treasury have made a commitment to form a US-South Africa task force on combatting the financing of wildlife trafficking. The task force will work to combat illicit finance linked to illegal wildlife trade in three key areas:…
FinCEN analysis of Russian oligarchs’ funds flows highlights value of data from financial institutions
Russian oligarchs are increasingly purchasing high-value goods or property as they reroute their finances in response to their country’s invasion of Ukraine and the subsequent slew of international sanctions imposed on them, according to new analysis from the US treasury department’s Financial Crimes Enforcement Network…
FinCEN seeks comments from financial institutions and other stakeholders on proposed rule on access to beneficial ownership information
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is seeking comments on a notice of proposed rulemaking (NPRM) published on 15 December 2022 that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information….
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination of the US treasury department’s…
International banks and auditors involved in US$700 million TBML scheme says Zambia’s financial intelligence unit
International banks and audit firms were used by a company involved in an “aggressive profit shifting” trade-based money laundering (TBML) scheme to understate its taxable income and tax liability due to the Zambian government by over US$700 million according to a new study by Zambia’s…
