- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-11-29T18:17:00
Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.
In a Nov. 22 decision, the Court of Justice of the European Union (CJEU) invalidated a provision of the 5th EU Anti-Money Laundering Directive (AMLD5) that guaranteed public access to information on companies’ real owners.
The case was sent to the CJEU from a Luxembourg court after a Luxembourgish company and a beneficial owner wanted to restrict public access to the Luxembourg Business Registers, which maintains company details.
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The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
Only the United States and Switzerland can be considered “active enforcers” in tackling foreign bribery, while countries like the United Kingdom and Israel have taken a step back, according to the latest report from Transparency International.
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency has created a new online portal for organizations to voluntarily report cybersecurity incidents, including ransomware attacks.
The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
