The US has reminded banks in the UAE and Turkey to be mindful of international efforts to combat Russian sanctions evasion amidst concerns in Washington that locations such as the Gulf and Turkey could harbour illicit cash linked to the… Read More ›
US treasury
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… Read More ›
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… Read More ›
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… Read More ›
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… Read More ›
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… Read More ›
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… Read More ›
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… Read More ›