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.
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The Swiss government has developed new rules to combat money laundering, which will require consultants to strengthen compliance for legal entities and report identified potential risks. The rules will apply to lawyers, accountants, and other consultants who establish trust or holding companies or arrange real estate transactions. The rules will tighten the obligations of banks, firms, and service providers to thoroughly examine and control the risks of sanctions violations among their clients or facilitating sanctions evasion. All future real estate transactions will also be subject to additional compliance, and monetary payments for precious metals and gemstones, such as gold and diamonds, will be subject to checks for money laundering exceeding 15,000 Swiss francs (100,000 francs currently). The government has also announced a detailed plan to establish a centralized registry to track the beneficiaries of legal entities. The registry will be held in the Federal Department of Justice and Police, with financial ministry bodies conducting checks on the registry and imposing sanctions if necessary. The new AML rules are currently in the consultation stage, and it is expected that they will be presented to Parliament during 2024. Our team are always ready to provide high-quality consultation and help you solve your tasks. Follow our page for further notification and articles or write to us on Email/WhatsApp/Viber/Telegram +380 98 363 6493, or call us. #SwitzerlandAML #CorporateServices #ComplianceConsultants #SwissBusiness #AMLRegulations #LegalAdvisors #FinanceSwitzerland #CompanyRegistration #SwissLawFirms #FinancialCompliance #BusinessSetup #SwissFinance #AntiMoneyLaundering #CorporateGovernance #SwissMarket #AMLCompliance #WealthManagement #SwissLegal #FinancialTransparency #KYCProcedures #BeneficialOwnership #SwissCompanies #OffshoreServices #TaxPlanning #AssetProtection #SwissIndustry #BusinessConsultancy #CorporateLaw #SwissEconomy #FinancialInstitutions
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https://lnkd.in/gEmwAPqE Integrity Consulting contributed our thoughts on changes to Singapore's anti-money laundering regime
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In her conference report on anti-money laundering regulation for RUSI Europe, Fellow Maria Nizzero notes, “...lawyers and accountants have an important role to play as gatekeepers of the financial system.” Research and meetings in the UK and EU have made it clear that more is needed to make current standards, enforcement practices and incentives effective. Read the full report here: https://lnkd.in/e4SEmaEw #FinancialCrime #Transparency #AntiMoneyLaundering
Anti-Money Laundering and Professional Service Providers: Conference report
rusi.org
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https://lnkd.in/g29_-A5w Thanks Jean Iau, Senior Editor, South China Morning Post for inviting me to share views on Singapore's AML reforms
Singapore’s dirty money clean-up: US$2 billion laundering case prompts reforms
scmp.com
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Compliance Compass: Global Regulatory Insight's Weekly Regulatory Roundup! Explore the latest regulatory changes and trends from around the G-20 nations in our newest edition, covering updates from 24 – 28 June 2024. What’s Inside: - Anti-Money Laundering: Argentina's implementation of working groups for efficient execution of Law 27,739 on Money Laundering and Terrorism, a new framework transforming Europe’s approach to money laundering and terrorist financing. - Competition: Canada's strengthened Competition Act enhancing merger control and anti-competitive conduct provisions, Final updates to the US FTC's Ophthalmic Practice Rules to promote competition and consumer choice. - Data Protection: New practical sheets on data matching circuits published by CNIL and CASD, Consultation on the interim review of Japan's Personal Information Protection Law. - Financial Services: India revised Currency Swap Arrangement for SAARC countries, Russia's new consumer loan regulations and mandatory response times for financial institutions. - Human Rights: Updated EU Guidelines on Children and Armed Conflict. - And more! Read the full Compliance Compass newsletter - https://lnkd.in/gh-Q7y5t Stay informed and compliant with Global Regulatory Insights! #RegulatoryUpdates #Compliance #GlobalInsights #GRI #LegalNews #Sustainability #DataProtection
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Like a slow train pulling into a station, the EU has adopted the sixth Anti-Money Laundering (AML) directive, the EU “single rulebook” regulation and the Anti-Money Laundering Authority (AMLA) regulation. It all still has to go through Council for formal adoption before publication to the EU Official Journal, but it is progress... https://lnkd.in/eYHExefh #AML #EU #AMLA
New EU rules to combat money-laundering adopted | News | European Parliament
europarl.europa.eu
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Q1 brought plenty of regulatory developments in Bermuda… From updates on international sanctions by the BMA to digital asset regulations, and acts like The Registrar of Companies Act 2024 and the Personal Information Protection Act - our report covers it all. 🔵 Stay informed with our Bermuda regulatory update: https://okt.to/UvLxhn Key updates: 🔸 The BMA released updates on international financial sanctions 🔸 New content on the BMA’s site for Digital Asset Business 🔸 Stakeholders invited to share views on the draft Digital Asset Business (Custody of Client Assets) Rules 2024 🔸 All entities, including exempted, local, and overseas, must pay annual corporate regulatory fees to the Registrar of Companies, effective from February 9 2024 🔸 The Guide to PIPA is now available on the Office of the Privacy Commissioner’s website #AssetManagers #RegulatoryTracker #RegulatoryUpdate #Bermuda #FinancialServices #DigitalAssets #AML #PIPA
Bermuda regulatory update Q1 2024
apexgroup.com
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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
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The European Parliament has voted to impose a €10,000 limit on #cash payments within the European Union. This move, part of comprehensive anti-money laundering legislation, marks a significant step in standardizing regulations across the 27-member bloc. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #euro #europe #eu #europeanunion
European Parliament Passes Law to Restrict Cash Payments to €10,000 - Novinite.com - Sofia News Agency
novinite.com
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Understanding UK Currency Exchange Law with ABM Global Compliance 🇬🇧 Navigating the complexities of currency exchange in the UK can be challenging. At ABM Global Compliance, we're here to simplify the process and ensure you stay compliant with all regulations. Discover the key aspects of UK currency exchange law with our expert guidance: 🔹 Regulatory Compliance: Stay compliant with the latest UK currency exchange regulations to avoid penalties and legal issues. 🔹 Exchange Rates: Understand how exchange rates are determined and their impact on your transactions. 🔹 Transaction Limits: Learn about the legal limits on currency exchanges and how to manage large transactions effectively. 🔹 Reporting Requirements: Ensure proper reporting of all currency exchange transactions to relevant authorities. 🔹 Anti-Money Laundering (AML): Comply with AML regulations to prevent and detect illegal financial activities. 🔹 Licensing and Registration: Get to know the licensing requirements for businesses involved in currency exchange. Stay compliant and informed with ABM Global Compliance! Contact us today for tailored solutions and expert advice on UK currency exchange law. 📞 Call Us: +44 (0) 207 515 7080 📧 Email: [email protected] 🌐 Visit: https://lnkd.in/g4pcxta7 #ABMGlobalCompliance #UKCurrencyExchangeLaw #FinancialCompliance #BusinessSolutions #SecureTransactions #LegalGuidance
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