Treasury considering rule to address AML ‘loopholes’ in private investment
By 
Aaron Nicodemus2022-06-07T22:05:00
The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
Related articles
-
ArticleTreasury expands sanctions against large Russian banks
The Department of the Treasury announced strengthened sanctions against two of Russia’s largest financial institutions, Sberbank and Alfa-Bank, that were already subject to U.S. restrictions.
-
ArticleSenators call for close of private investment AML/CFT loophole
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.
-
ArticleTreasury official: Compliance has chance to effect history with Russia response
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
More from Regulatory Policy
-
ArticleU.K. shake up of immigration rules for skilled worker visas should prompt compliance review
As of July 22, U.K. companies hiring foreign nationals on skilled worker visas face higher salary and qualification requirements. Over 100 jobs were also removed from the list of roles eligible for overseas recruitment. Compliance managers should ensure policies are updated to reflect the changes.
-
ArticleU.K. regulator urges auditors to explain AI use in audits
Plans to push audit firms to disclose how they use AI in audits have been broadly welcomed, but concerns remain over how corporate data is used, secured, retained, and potentially exposed.
-
ArticlePCAOB faces uncertain future as SEC Chair solicits new candidates
SEC Chair Paul Atkins is soliciting candidates for all five seats on the Public Company Accounting Oversight Board, he announced Wednesday.