Avoid “willful blindness” on beneficial ownership under new U.S. rule lawyers

Dec 08 2016 Brett Wolf, Regulatory Intelligence As financial institutions prepare to comply with the Customer Due Diligence rule issued by the U.S. Treasury Department earlier this year, compliance officers and bank training units would be wise to revisit the legal concept of willful blindness, lawyers said during a webinar earlier this week. Willful blindness [...]

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Is de-risking sounding a death knell for foreign banking?

Faced with unprecedented international anti-money laundering (“AML”) and anti-terrorist enforcement actions, financial institutions are actively “de-risking” their portfolios; that is, aggressively terminating bank-to-bank relationships and closing customer accounts that the financial institutions believe present too much risk. Included in these account closures are cash transaction businesses that facilitate remittances sent by foreign workers in the [...]

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Maldives newspaper raided after corruption claims against president

Al-Jazeera documentary airing corruption allegations against President Abdulla Yameen leads to crackdown on media   Authorities in the Maldives have raided the offices of a newspaper and a human rights NGO and cancelled the passports of fugitive opposition figures after an al-Jazeera documentary aired corruption allegations against the country’s president, Abdulla Yameen. Local journalists involved […]

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How Do Criminals Launder Money Through a Restaurant?

None would have described Mizu Sushi Lounge in Puerto Vallarta, Mexico as nondescript. It wasn’t a traditional Mexican restaurant by any means. Patrons dined on deep-fried sushi rolls, and washed the quasi-fusion food down with icy glasses of sangria. Mizu hosted anniversaries, birthdays, and Oscar-viewing parties — and guests made sure to document each boisterous celebration on […]

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El lavado de dinero en el “Crowfunding”

Teodoro Briseño, director general de TM Sourcing, precisó que el lavado de dinero en México es una problemática que va de “US$15.000 hasta US$50.000 millones anuales en el sistema financiero”. El surgimiento de nuevos canales de financiamiento en México, como las fintech y el crowfunding representan no sólo un riesgo para los acreditados, sino también […]

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