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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-03-26T15:48:00
The United States’s progress on implementing the beneficial ownership information (BOI) reporting requirements contained within the Corporate Transparency Act (CTA) earned it praise from the intergovernmental Financial Action Task Force (FATF).
The FATF upgraded the United States to “largely compliant” with its recommendations on transparency and beneficial ownership of legal persons. The designation, announced in a report published Tuesday, snaps a run of seven straight evaluations where the country was deemed noncompliant.
“The United States’s upgraded rating is a result of nearly a decade of hard work by the Treasury Department, along with our interagency partners, to stop the flow of dirty money through anonymous companies,” said Treasury Secretary Janet Yellen in a press release. “As the world’s largest economy, we have a unique responsibility to safeguard our financial system from criminal exploitation. We’re fully committed to strengthening the implementation of the FATF’s global standards as we work to advance transparency and fairness across the U.S. financial system.”
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News and analysis for the well-informed compliance or audit exec.
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2024-05-17T16:00:00Z By Kyle Brasseur
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
2024-04-16T16:59:00Z By Jeff Dale
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
2024-03-05T18:30:00Z By Aaron Nicodemus
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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