Category: Compliance

INSIGHT: U.K. Tax Authority Getting Ready to Bite on Evasion

The U.K. tax authority is indicating its intention to enforce legislation and investigate corporations for failure to prevent tax evasion. Mukul Chawla QC and Kate Ison of Bryan Cave Leighton Paisner LLP review the current status of inquiries and discuss what action organizations need to take to ensure their procedures are robust and compliant. The focus by HM Revenue & Customs (HMRC) on organizations, under the Criminal Finances Act 2017, for the corporate offense of failure to prevent tax evasion, appears to be making steady progress. The number of investigations and inquiries that HMRC is currently undertaking, and the wide… Read More

The intensity of regulatory scrutiny of AML and crypto-assets

As envisaged in its 2019/20 Business Plan, the Financial Conduct Authority (FCA) is consulting on proposals to extend its financial crime reporting obligation to additional firms irrespective of their total annual revenue. The proposed extension would cover all crypto-asset exchange and custodian wallet providers, as well as all electronic money institutions, Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs). Under the proposed requirements each firm must provide information to the FCA on the location of its customers, the jurisdictions in which it has business and which of those jurisdictions it considers high risk. In addition, firms must disclose the resources it… Read More

Statement by FinCEN Regarding Unlawfully Disclosed Suspicious Activity Reports

The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago. As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can impact the national security of the United States, compromise law enforcement investigations, and threaten the safety and security of the institutions and individuals who file such reports. FinCEN has referred this matter to the U.S. Department of Justice and the U.S. Department of the Treasury’s Office of… Read More

Regional Report: In face of massive EU AML scandals, prosecutors, regulators, banks looking to bolster information sharing, accountability, liability

The Skinny:  In this regional report focusing on Europe, the ACFCS Netherlands Chapter looks at some of the EU AML scandals and issues in and out of banks that can make compliance difficult.  The takeaways come from the “Fintech and FinCrime in Europe” session, a panel from ACFCS Fincrime Virtual Week, the association’s first-ever fully online fincrime compliance conference.   More than 5,600 attendees, speakers and thought leaders registered for the event, which addressed the overarching themes of Disruption, Innovation and Resiliency. In the panel focused on compliance and regulatory trends in the EU, speakers highlighted several key trends, including: … Read More

KYC Reviews: The Dragon of AML Compliance Programmes

Written by Samantha Sheen | Jun 30, 2020 9:38:09 AM “It does not do to leave a live dragon out of your calculations, if you live near him.”J.R.R. Tolkien, The Hobbit Introduction The most common area of AML/CFT compliance programmes that organisations struggle with are in relation to KYC reviews, refresh and subsequent remediation work needed to update or patch up existing customer KYC information. It’s a tough nut to crack. This month the Jersey Financial Service Commission (“JFSC”) published feedback from its examination of firms required to comply with local AML/CFT regulations. Findings in relation to KYC reviews included: In over half of the firms who used reviews… Read More