Institute for Financial Integrity

Illicit actors, including money launderers and sanctions evaders, use opaque corporate structures to obscure their identities and move illicit proceeds. In response, the U.S. government has implemented new requirements to increase the transparency of the U.S. financial system. 👉 https://lnkd.in/givhayGQ In today’s article, we detail: 💰 𝗛𝗼𝘄 𝗶𝗹𝗹𝗶𝗰𝗶𝘁 𝗮𝗰𝘁𝗼𝗿𝘀 𝗵𝗶𝗱𝗲 𝗺𝗼𝗻𝗲𝘆 𝗮𝗻𝗱 𝗺𝗼𝘃𝗲 𝗮𝘀𝘀𝗲𝘁𝘀 through shell and front companies and other opaque corporate structures 🏢 𝗪𝗵𝗶𝗰𝗵 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝘀 must reveal their beneficial owners to FinCEN ⏰ 𝗞𝗲𝘆 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗮𝗻𝗱 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 to submit beneficial ownership information 📑 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 to ensure your compliance with the new regulations 𝗨𝗽𝗰𝗼𝗺𝗶𝗻𝗴 𝗪𝗲𝗯𝗶𝗻𝗮𝗿 𝗔𝗹𝗲𝗿𝘁: 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 – 𝗗𝗼𝘀, 𝗗𝗼𝗻’𝘁𝘀, 𝗮𝗻𝗱 𝗘𝘅𝗽𝗲𝗿𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀  📅 Thursday December 5, 2024 🕒 12:00 – 1:00 PM EST 🔗 https://lnkd.in/eEu57jwk

𝗝𝗼𝗶𝗻 𝘂𝘀 𝗳𝗼𝗿 𝗮𝗻 𝗲𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝘄𝗲𝗯𝗶𝗻𝗮𝗿 𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗻𝗲𝘄 𝗯𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗿𝘂𝗹𝗲𝘀 𝗮𝗻𝗱 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀. 🔗 Register and Explore the Agenda: https://lnkd.in/eEu57jwk 💡 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 – 𝗗𝗼𝘀, 𝗗𝗼𝗻’𝘁𝘀, & 𝗘𝘅𝗽𝗲𝗿𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 📅 Thursday December 5 ⏰ 12:00 – 1:00 PM EST New beneficial ownership information reporting requirements came into effect this year, mandated by the Corporate Transparency Act passed by Congress. The effort aims to make hiding or benefitting from ill-gotten gains through the use of anonymous shell companies and other opaque ownership structures more difficult for illicit actors. The beneficial ownership information database that will be administered by FinCEN is part of this effort. Led by regulatory, anticorruption, and industry experts, this webinar will: 🔎 Explore the nuances of the new beneficial ownership reporting requirements 🛡 Address concerns about privacy, security, and access 🧠 Equip your organization with strategies you can use to research beneficial ownership and reduce your exposure to financial crime risk

🚨𝗕𝗜𝗦 𝗥𝗲𝗹𝗲𝗮𝘀𝗲𝗱 𝗡𝗲𝘄 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗼𝗻 𝗘𝘅𝗽𝗼𝗿𝘁 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀 🚨 In today’s article, we offer insights on how financial institutions can maintain compliance while avoiding overly cautious strategies that stifle legitimate business opportunities. 👉 https://lnkd.in/ec6Y7fiw The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) published guidance for financial institutions on Export Administration Regulations (EAR) compliance. The latest guidance discusses increased responsibilities for financial institutions, especially after Russia’s invasion of Ukraine and heightened concerns about China’s military and human rights issues. In this publication, the BIS provides guidance for financial institutions on: 👍 Best practices 🚩 Key red flags 🔎 Screening 💻 Reporting to help avoid EAR violations Read the full report here➡️ https://lnkd.in/ejGegkuc

✨🏦 Regulators worldwide are increasingly focusing on AI’s use in financial services, emphasizing responsible implementation and accountability. On our recent webinar, Catherine Woods cited instances where financial institutions faced scrutiny due to AI-related deficiencies. “Regulators are sending a clear message: Organizations are accountable for their AI systems,” she emphasized, so financial institutions must ensure their practices align with evolving standards. 🔗 View the webinar on-demand: https://lnkd.in/eead7Stz 📄 Read the webinar recap: https://lnkd.in/ghiVWwXY

Did you know there’s 𝗻𝗼 𝗴𝗹𝗼𝗯𝗮𝗹 𝗰𝗼𝗻𝘀𝗲𝗻𝘀𝘂𝘀 𝗼𝗻 𝘄𝗵𝗮𝘁 𝗰𝗼𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗲𝘀 𝗮 𝗵𝗶𝗴𝗵-𝗿𝗶𝘀𝗸 𝗰𝗹𝗶𝗲𝗻𝘁? Despite the ever-expanding web of regulation, each financial institution sets its own risk appetite. 👉 https://lnkd.in/eVHszpsx Learn more about high-risk customers and best practices in our recent article. A high-risk client is a customer who presents a greater risk of financial crime and who warrants enhanced due diligence and monitoring throughout the client lifecycle. ⚠️ Four factors determine if a customer is high-risk: 1. Geography & Jurisdiction 2. Profession or Industry 3. Products or Services 4. Delivery Channel ⛔ Client-specific characteristics may also influence their risk rating including political exposure, adverse news, sanctions nexus, ownership structure, or entity type.

Institute for Financial Integrity’s Danny McGlynn is moderating FTF’s upcoming expert panel on global sanctions. Register now for what promises to be a timely and informative discussion. 🧭 𝗙𝗶𝗻𝗱 𝗧𝗿𝘂𝗲 𝗡𝗼𝗿𝘁𝗵 𝗳𝗼𝗿 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 & 𝗥𝗶𝘀𝗸 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴  📅 Thursday November 7, 2024 🕒 10:00 – 11:00 AM ET 🔗 https://lnkd.in/eTbwsfFH

✨ While AI is top of mind nowadays, it’s not new. Explore how it's been used for decades in financial crime compliance in our recent webinar. 🔗 https://lnkd.in/eead7Stz In this clip, our Chief Product Officer, Shannon B., discusses how AI has evolved since the 1960's to where we are today. #AI #MachineLearning #Compliance 

💳🌍 Digital payments are transforming financial interactions globally with staggering growth projected to reach $𝟭𝟲.𝟱𝟵 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 by 2028. Behind the convenience and speed, payment service providers face the critical task of embedding AML practices seamlessly. 🚀🔒 In today’s article, we explore the fusion of innovation and security, ensuring that while transactions speed up, compliance doesn't lag behind. ➡ https://lnkd.in/gx--tgwP #Fintech #AML #Compliance #Technology

🚫 The U.S., EU, UK, and other regimes have imposed stringent sanctions on #Venezuela over the past several years for drug trafficking and other crimes, corruption, and human rights violations. 🛢️These #sanctions have severely hindered the export of petroleum products and gold, previously Venezuela’s financial lifeline. 🛠️ Maduro and the ruling elites have now turned to unique methods of sanctions evasion, most notably by exporting scrap metals and trafficking cocaine. 💰 Government officials and the country’s elite have stockpiled US dollars, embezzled funds from state-owned enterprises (SOEs), and engaged in complex schemes to evade sanctions. The trade of scrap metals, continued export of petroleum products despite sanctions, as well as numerous methods of money laundering, including trade-based money laundering, have contributed to the culture of #corruption and has helped to keep Maduro in power. Most recently, in response to the apparent presidential election fraud, the U.S. sanctioned Venezuelan officials aligned with Maduro pursuant to Executive Order (EO) 13692, which blocks property and suspending entry of certain persons contributing to the situation in Venezuela. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝘁𝗮𝗸𝗲 𝗽𝗮𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝗿 𝗻𝗼𝘁𝗲 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗶𝗻𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝗩𝗲𝗻𝗲𝘇𝘂𝗲𝗹𝗮𝗻 𝗲𝗻𝘁𝗶𝘁𝗶𝗲𝘀 𝗮𝗻𝗱 𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹𝗹𝘆 𝗲𝘅𝗽𝗼𝘀𝗲𝗱 𝗽𝗲𝗿𝘀𝗼𝗻𝘀 (𝗣𝗘𝗣𝘀), which may include designated Russian and Iranian counterparties or involve drug trafficking, and deepen Maduro and elites’ rule while harming the will and wellbeing of the Venezuelan people.

In today’s article, we distill the key points shared by panelists during our recent #webinar. ➡️ https://lnkd.in/ghiVWwXY ✨ Discover how #AI is reshaping #compliance strategies, the challenges financial institutions are facing, and how professionals can stay ahead in this rapidly evolving landscape.