New beneficial ownership rules in the US to require disclosure of shareholders of private entities in a move towards G20/G8 financial transparency

Tweet New Beneficial Ownership Rules FinCEN has released draft rules under the Bank Secrecy Act to identify the legal and beneficial shareholders (the natural persons) of private corporate entities (also known as legal persons). In other words – the disclosure of natural persons involved in all legal persons. The rule will take effect within a year after […]

Aligning FATCA with the AML compliance regime

Tweet It has been noted by US officials that the Foreign Account Tax Compliance Act (“FATCA“), 26 USC Ch. 4, is not only one of the most significant pieces of US legislation for financial institutions, asset managers and foreign residents, it is also one of the most legally complex and technical that “will spawn significant enforcement activity […]

Financial services firms and institutions expect 40% increase in regulatory compliance for FATCA and anti-money laundering

Tweet According to a 2013 Financial Crime survey, 2014 is expected to be an expensive one for regulatory compliance , with more than 20% more being spent for each of anti-money laundering compliance and compliance with the U.S. Foreign Account Tax Compliance Act (“FATCA“), for a total of a 40% increase. Cybersecurity The financial crime […]