New Thomson Reuters offering aims to identify beneficial owners of international entities
Thomson Reuters has launched CLEAR Global Beneficial Ownership (GBO), a new product that aims to enable organisations to quickly understand the ownership and control of international corporate entities and help them find global business registry information. The launch coincides with an increasing realisation that beneficial…
FACT Coalition “applauds” proposals for revised US beneficial ownership reporting
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2021)….
Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports the creation of the registry…
FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…
Financial institutions’ critical role in combatting wildlife trafficking outlined in new FinCEN report
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data. The report aims to further inform efforts to combat wildlife trafficking and the associated movement…
Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
FinCEN issues specific instructions to banks in response to upward trend in environmental crimes
Financial institutions in the US have been given specific suspicious activity report (SAR) filing instructions in a new notice issued by the US treasury’s Financial Crimes Enforcement Network (FinCEN) to pay more attention to an upward trend in environmental crimes and associated illicit financial activity….
FinCEN reminds US banks to comply with new FATF country risks but beware wholesale de-risking
The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering, counter financing of terrorism and combatting weapons of mass destruction proliferation financing (AML/CFT/CPF) regimes (Trade-based Financial Crime, 22 October 2021). As a result of this,…
OFAC sanctions Paraguay-based individuals and entities in multi-million dollar global TBML network
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated three Paraguayan individuals and five associated entities to the Specially Designated Nationals (SDNs) list. Their assets in US are blocked and US persons are generally prohibited from dealing with them. The sanctioned individuals…
Draft reports, regulations and studies central to US trade-based financial crime compliance due from FinCEN before year end
A report on trade-based money laundering (TBML), regulations regarding anti-money laundering and counter financing of terrorism (AML/CFT) requirements for the antiquities trade and a study on money laundering and the art trade are amongst 22 reports, regulations or studies to be published by the US…
