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Corporate transparency and register reform

Detail of outcome The government response sets out a range of proposals to improve the reliability and accuracy of information on the Companies Register, including: identity verification: introducing compulsory identity verification for all directors, People with Significant Control and those filing information on behalf of a company reforms to Companies House powers: providing the Registrar of Companies stronger powers to query, seek evidence for, amend or remove information and to share it with law enforcement partners when certain conditions are met protecting personal information: improving the processes for removing personal information from the register company accounts: the response proposes further… Read More

2020 Half year fraud report

Whether it’s elaborate scams and attempts by criminals to con innocent victims into handing over their money or providing access to data which can then be used to gain illicit funds, stories of those impacted by fraud are becoming increasingly common. In particular, Covid-19 has seen criminal gangs focus on taking advantage of people’s fears and uncertainties around the virus, sometimes to devastating effect.  This is demonstrated by a sharp rise in the number of impersonation scams, which nearly doubled in the first six months of the year, with almost 15,000 cases reported. Such scams occur when the victim is… Read More

Publication of Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs  The Wolfsberg Group is pleased to publish Frequently Asked Questions (FAQs) on how Financial Institutions can identify, mitigate and manage money laundering risks by undertaking Source of Wealth (SoW) and Source of Funds (SoF) checks on relevant customers, when appropriate and/or required by applicable regulation. Such checks are to be considered among the key elements of customer risk assessment and risk management for certain customers, as defined by each Financial Institution. This document is primarily aimed at Financial Institutions’ Private Banking/Wealth Management customer segments and the Group… Read More