Tag Archives: anti-money laundering

Bipartisan Banking Committee Senators Introduce Anti-Money Laundering Reform Bill

On September 26, 2019, a bipartisan group of eight Senators introduced the Illicit Cash Act[1], which, among other proposed reforms, would require certain companies to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) at incorporation and within 90 days of any change in beneficial ownership. Led by Sen. Mark Warner (D-VA), co-sponsors … Continue Reading

United Arab Emirates Issues New AML Law in Context of FATF Evaluation

The Financial Action Task Force (FATF), an intergovernmental organization founded 30 years ago to develop and uphold policies to combat money laundering and terrorist financing, is conducting a peer review (or “mutual evaluation”) of the United Arab Emirates (UAE) this year. FATF last assessed the UAE in 2008, and found the country’s systems and frameworks … Continue Reading

Help Proposed for Anti-Money Laundering Deadline

As the two-year deadline approaches, help is proposed to meet upcoming anti-money laundering compliance requirements. A recent draft bill aims to assist banks and other regulated entities in complying with one of the most significant anti-money laundering requirements of the Final Rules on Customer Due Diligence Requirements (the “Rules”). The proposal will assist banks, brokers or … Continue Reading

Tabcorp fined $45 million

Gaming company Tabcorp has been fined $45 million for breaching anti-money laundering and anti-terrorism financing laws. The Federal Court found that Tabcorp broke the law on 108 occasions over five years. The fine imposed by the Federal Court is the highest civil penalty in Australian corporate history. The multi million dollar fine was handed down … Continue Reading
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