White and Partners’ Post

📣💥Switzerland said it had drafted new rules to tighten perceived cracks in its money laundering regulations. ✅ If the new rules are accepted, lawyers, accountants and other company consultants who set up trusts, or holding companies, or arrange real estate deals, will also become subject to due diligence rules and reporting obligations. ✅ Switzerland also plans to create a central registry to track who actually owns legal entities in a move to fight money-laundering via shell companies. ✅ The new register, to be held at the Federal Department of Justice and Police, would detail the beneficial owners of companies and other legal entities, with a body within the finance ministry carrying out checks on the registry and, if necessary, imposing sanctions. ✅ The rules would also tighten obligations for banks, firms and service providers to scrutinize and control risks of sanctions violations amongst their clientele. ℹ️ Switzerland, whose banks make it the world's biggest manager of offshore wealth, has long sought to fight its old image as a place for criminals to stash ill-gotten gains. https://lnkd.in/eX_H7_-w #aml #amlcft #amlcompliance #compliance #regulatory #training #financialcrimes #financialcrime #moneylaundering #duediligence #antimoneylaundering #kyc #financialservices #corruption #scams #fraud #terroristfinancing #terrorismfinancing #barbados #anticorruption #sanctions #financialcrimecompliance #bribery 

The Luxembourg financial services regulator (CSSF) has fined Fuchs & Associés Finance SA, a Luxembourg-based investment firm currently in liquidation, €785,000 for AML and sanctions compliance failings. Amongst other things, the firm is alleged to have “failed to undertake screening controls to detect [designated individuals and entities] for all clients of the trading desk” and the “screening tools were updated only once a week”. The CSSF said that these deficiencies constitute a “failure to comply with the obligation to detect these persons, entities and groups without delay”. #EUSanctions #Russia #EUCommission #ExportControl  #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

Anti-Money Laundering And Other Matters Bill 2024 | Regulatory Capsule Powered by: Transact Comply This week we delve into the newly introduced Anti-Money Laundering and Other Matters Bill in Singapore Read More: https://zurl.co/GDCa Explore the product's full scope: https://zurl.co/E0MW #MoneyLaundering #FinancialSecurity #SingaporeLaw #AntiMoneyLaundering #AML #TerrorismFinancing #ProliferationFinancing #FinancialIntegrity #EnvironmentalCrimes #CasinoRegulations #LegalReform #FinancialIntelligence #CrimePrevention

Jersey’s recent MONEYVAL assessment findings are in, placing Jersey amongst the highest level of jurisdictions evaluated around the world! 🌎   The Fifth Round Mutual Evaluation Report, based on a two-year assessment, commended Jersey for its robust efforts in strengthening its legal and regulatory frameworks to combat money laundering, financing of terrorism and financing of proliferation.   Key highlights from the report include:   - Jersey excels in understanding ML/TF risks and implementing effective AML/CFT policies. - Significant improvements in the operational independence and resources of Jersey’s Financial Intelligence Unit (FIU). - Excellent national coordination and private sector awareness of risks. - Notable strides in risk assessment, civil forfeiture mechanisms, deferred prosecution agreements and criminal offences for ML prevention. - Effective mechanisms for TF and FP sanctions, though supervision and oversight can improve. - Private Sector Compliance: Good understanding of risks, with areas for improvement in handling complex structures, enhanced due diligence and suspicious transaction reporting. - International Cooperation: Commendable efficiency in mutual legal assistance and beneficial ownership information sharing.   A big congratulations to everyone involved in showcasing Jersey as a responsible and reputable international finance centre!

Are you aware of the money laundering risks that the EU faces from closer economic ties with Monaco, San Marino and Andorra? These three microstates have historically maintained less rigorous financial regulations and may be prone to money laundering and other illicit activities. According to a recent article from AML Intelligence, the chair of the European Banking Authority (EBA) and the chairs of two other European Supervisory Authorities have written a letter to the European Commission, expressing their concerns about these risks. The letter warns that companies might be tempted to set up in these microstates to benefit from lighter financial standards, which would create significant risks to consumers in the EU. The article also mentions that Monaco received a scathing assessment of its anti-financial crime defences from the Council of Europe earlier this year, and that the intervention of the European Supervisory Authorities threatens to disrupt trade talks with the three microstates that were due to conclude soon. This is a very important issue for anyone who is interested in financial crime prevention and compliance in the EU. I urge you to read the full article and share your thoughts on this topic. How do you think the EU should deal with these money laundering risks? What are the implications for the financial sector and the consumers in the EU? How can we ensure that our anti-money laundering policies are effective and consistent across the EU? Please like, comment and share this post with your network if you find it useful and informative. Thank you for your attention and engagement. #EUMoneyLaunderingRisks #MicrostateConcerns #FinancialRegulation #EBAWarning #EuropeanCommission #TradeTalksDisruption #AMLIntelligence #CouncilOfEurope #AntiFinancialCrime #EUBanking #EUCompliance #FinancialSecurity #ConsumerProtection #AMLChallenges #LearnWithKrish

On 27 October, the Financial Action Task Force (FATF) removed the Cayman Islands from its anti-money laundering ‘grey list’, determining its AML regime now meets the global standard. The European Commission is expected to follow suit later this year. Minister of Financial Services and Commerce, André Ebanks, said: “[The FATF’s decision] confirms our reputation as a well-regulated jurisdiction in AML matters. We have demonstrated that we are a global partner in financial services. And with this tremendous achievement, the Cayman Islands is on the move, looking to bolster our commercial offerings for sound business, and our corresponding compliance regime.” #CaymanFinance #CaymanIslands #FinancialServices

🇦🇹 Austria's financial regulator (FMA Finanzmarktaufsicht Österreich), is investigating Raiffeisen Bank International (RBI) for failures in #antimoneylaundering controls, focusing on "#knowyourcustomer" rules. The investigation also examines payments related to Russia and data from the Cyprus Confidential project. The bank, which is also under #investigation in the USA for sanctions related to Russia and Ukraine, could face fines for #payments made between 2017 and 2020. RBI plans to appeal against any #sanctions. https://lnkd.in/ehG_j7Tu #aml #moneylaundering #compliance #complianceofficer

𝐒𝐡𝐞𝐥𝐥 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 - 𝐓𝐂𝐅 (𝐓𝐫𝐚𝐝𝐞 &𝐂𝐨𝐦𝐦𝐨𝐝𝐢𝐭𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐞) In TBML, these companies are used to reduce the transparency of the ownership in the transaction. In TCF, these companies were always there and played significant role to cover up corruption, UBOs and optimizing taxes and costs. With the current geopolitical changes and the introduction of sanctions, their role has become even more crucial. These companies increasingly used to conceal individuals and entities subject to sanctions. Typically, traders know the people they are doing business with, including their understanding of ultimate beneficial owners (UBOs), origins, and more. However, when it comes to banks, their screening processes during onboarding these companies, conducting transactions (payments, collections, LCs etc) may not raise any red flags or uncover any issues. Everything may seem clean on paper. 𝘛𝘩𝘢𝘵’𝘴 𝘸𝘩𝘺 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘮𝘦𝘵𝘩𝘰𝘥𝘴 𝘪𝘴 𝘶𝘯𝘥𝘰𝘶𝘣𝘵𝘦𝘥𝘭𝘺 𝘤𝘳𝘶𝘤𝘪𝘢𝘭. 𝘏𝘰𝘸𝘦𝘷𝘦𝘳, 𝘪𝘵 𝘪𝘴 𝘦𝘲𝘶𝘢𝘭𝘭𝘺 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘵𝘰 𝘬𝘯𝘰𝘸 𝘵𝘩𝘦 𝘴𝘦𝘤𝘵𝘰𝘳 𝘴𝘱𝘦𝘤𝘪𝘧𝘪𝘤𝘴 𝘵𝘰 𝘦𝘧𝘧𝘦𝘤𝘵𝘪𝘷𝘦𝘭𝘺 𝘢𝘥𝘥𝘳𝘦𝘴𝘴 𝘵𝘩𝘦 𝘳𝘪𝘴𝘬𝘴. How do you or your organization address these risks?  #compliance #tradefinance #commodities #tbml

Switzerland Bolsters Anti-Money Laundering Laws with New Framework Switzerland's Federal Council has decided to enhance its anti-money laundering (AML) strategies by proposing new measures and a transparency register to Parliament, aimed at boosting the integrity and security of its financial sector. A central feature of this update is the creation of a federal register where legal entities must disclose their beneficial owners, enhancing the ability to trace illicit financial activities more swiftly. This registry, however, will not be open to the public and will be managed by the Federal Department of Justice and Police. Additionally, the updated framework extends AML due diligence requirements to certain high-risk legal advisory activities. The proposed reforms also include enhanced sanctions for breaching embargo regulations and due diligence for large cash transactions in real estate and precious metals. This legislative push aligns with international standards and is set for parliamentary review, with implementation not expected before early 2026.