Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.
May 11, 2023COSMIC will be rolled out in phases starting from H2 2024, enabling banks to alert one another about illicit activity involving their customers.
May 9, 2023Jeremy Moller discusses TBML trends, indicators, and how Australia's proposed beneficial ownership registry could help mitigate this threat.
May 2, 2023The guidance is intended to help businesses understand new beneficial ownership information reporting requirements that come into effect on 1 January 2024.
March 29, 2023The US-led initiative commits participating countries to implementing the FATF's revised Recommendation 24 to combat corruption.
March 29, 2023The CFTC says Binance’s US activities were subject to registration and regulatory requirements but that key executives deliberately disregarded these requirements.
March 28, 2023The Bill provides FIs statutory protection from civil liability in respect of their disclosure of risk information on to COSMIC for the purposes of mitigating ML, TF and PF risks.
March 21, 2023The guidance will assist policymakers and practitioners to prevent bad actors from using shell companies for illicit activity.
March 13, 2023Prosecutors had sought a 15 year sentence for Roger Ng, saying he was a central player in the "brazen and audacious scheme" to steal billions of dollars from 1MDB.
March 10, 2023China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as "transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.
March 7, 2023