KYC & CDD

PEPs & Sanctions

EU Issues New Guidance on Preventing Sanctions Circumvention

By Editors | 11/09/2023

If sanctioned items are exported to third countries and then re-exported to Russia, the underlying due diligence inadequacies will be considered sanctions law violations.

PEPs & Sanctions

FCA Unveils Findings from Sanctions System Testing in Financial Sector

By Manesh Samtani | 07/09/2023

The FCA used a “new analytics-based tool” developed in-house that tests how effective firms are at identifying sanctioned individuals and entities.

PEPs & Sanctions

UK FCA Launches Review of Treatment of PEPs

By Editors | 07/09/2023

The FCA said it will take “prompt action” if any significant deficiencies are identified in the arrangements of any firm assessed in the review.

Anti-Money Laundering

Foreign Ownership of UK Property Still Not Transparent, Despite Reforms

By Manesh Samtani | 07/09/2023

The biggest reason for missing or inaccessible information on beneficial owners is the use of trusts, according to new research.

Anti-Money Laundering

ACRA Working on Bill to Cap Nominee Directorships – Report

By Editors | 06/09/2023

Amendment bill may also increase financial penalties for corporate service providers that breach their AML obligations.

Anti-Money Laundering

FSS Inspections Find AML Deficiencies at Korean e-Payments Firms

By Editors | 06/09/2023

The FSS said management awareness of AML work within electronic financial businesses is low; internal controls and risk assessments are deficient.

Anti-Money Laundering

APG Spotlights Money Laundering Associated With Tax Crimes

By Manesh Samtani | 06/09/2023

A key and “almost universal” element of money laundering associated with tax crimes is the concealment of beneficial ownership, APG says in a new report.

Anti-Money Laundering

India Ministry Gazettes Enhancements to AML/CFT Rules

By Editors | 05/09/2023

The amendments lower the shareholding threshold for company partners to be considered beneficial owners, from 15 percent to 10 percent

Anti-Money Laundering

Cayman Islands Proposes Beneficial Ownership Transparency Bill

By Manesh Samtani | 04/09/2023

Public access to the beneficial ownership register will be enabled, but only after there is clarity on the effect of the CJEU’s November 2022 ruling.