Fundiligence’s Post

At Fundiligence we're inviting experts, compliance officers, legal practitioners, and scholars in the fields of AML, Compliance, finance and banking law to write and submit articles and share their knowledge and analyses to our diverse and engaged audience. Why Write for Us? - Gain global exposure and influence on current practices in finance law. - Share your insights on AML practices, whether it's the aspects of Indian financial regulations, the AML regulation in the Cayman Islands, or the Irish legislation regarding funds. Contributing to Fundiligence means advancing global understanding and best practices in AML and Compliance worldwide. More details in the link below 👇

  Anti-Money Laundering Scenario 9 – Source of funds checks 🔥 Hot off the press 🔥 We have just released the latest in our #training series of Anti-Money Laundering Scenarios, key in helping lawyers maintain knowledge and apply #AML techniques in practice. Each scenario is based on real law firm examples and takes about 10-15 minutes to complete along with feedback and a quiz. Our new Scenario 9 guides you through obtaining the correct evidence for source of funds checks when instructed by a foreign national, essential for establishing that funds and wealth are legitimate. The Scenario also covers dealing with translated documents and Chinese Government rules on overseas transfers. Available standalone for only £15.00 plus VAT or as part of our full bundle of AML eLearning and scenarios for a discounted £60.00 plus VAT. Click the link, or get in touch for more information. [email protected] 0114 273 8300 https://lnkd.in/ebDbHJDb #lawyers #compliance #solicitors #lawfirms

As more stringent protocols must be established within your practice to keep up with AML regulations, we look at the cost of failure when these measures aren't enforced. Read our latest blog for AccountingWEB.co.uk, for examples of what happens when compliance goes wrong: https://lnkd.in/db5DQ94Y #WoltersKluwer #AML #WKUK #AntiMoneyLaundering #Compliance #Accounting

We're delighted to announce that we've expanded our compliance services to now facilitate comprehensive FAIS (Financial Advisory and Intermediary Services Act) advice and compliance for financial advisors and intermediaries. 📈 Plus, we're here to ensure your business stays on the right side of FICA (Financial Intelligence Centre Act) compliance, with specialised expertise in this as well as the associated KYC (Know Your Customer) and AML (Anti Money Laundering) requirements tailored to various industries. 💰⁠ ⁠ We work with talented experts who are ready to assist you in navigating the complex landscape of financial regulations, providing tailored solutions to suit your specific needs. Whether you're in need of FAIS advice, FICA compliance, or comprehensive data protection services, Lay Law has you covered. 💼⁠ ⁠ Don't let compliance concerns hold your business back. Reach out to us today to learn how we can help you stay ahead of the curve and focus on what you do best. 📲⁠ ⁠ #Compliance #FinancialRegulations #DataProtection #FAIS #FICA #AML #KYC #LayLaw #LegalConsultancy⁠

Argentina Implements Revised Anti-Money Laundering Regulations: What Companies Need to Know Companies in Argentina are facing a fresh set of tasks concerning anti-money laundering (AML) regulations as the country recently implemented revised laws. DLA Piper, a leading law firm, has examined these changes, shedding light on the implications for businesses. Under the new guidelines effective since March 26, companies operating in Argentina are urged to review whether they fall under the category of an “obliged person,” obligated to adhere to existing and new AML regulations. Notably, the definition now encompasses lawyers and legal advisers, specifically in transactions involving asset management, incorporation of entities, and other related activities conducted on behalf of clients. The Unidad de Información Financiera (UIF), the financial intelligence unit, outlines reporting requirements and procedures for obliged persons. This includes registration with the UIF, appointment of compliance officers, establishment of internal AML manuals, implementation of know-your-client procedures, and reporting of unusual or suspected... https://lnkd.in/dj6hEM7c

Money laundering laws in the EU have been significantly tightened with the approval of a new comprehensive AML regulation by the European Parliament and EU Council, requiring accountants to strictly adhere to uniform standards across all member states. Read the full ACCA article from here: #MoneyLaunderingLaws #AccountingCompliance #LangbrookFinance https://buff.ly/4bOBRV2

📢 CSSF Imposes Fine on 'Fuchs & Associés Finance S.A.' for AML/CFT Law Violations 📅 On April 23, 2024, an Administrative penalty imposed on the investment firm Fuchs & Associés Finance S.A. (in liquidation) 📝 The CSSF fined investment firm "Fuchs & Associés Finance S.A." EUR 785,000 for AML/CFT Law non-compliance on September 21, 2023. This follows liquidation and license withdrawal. Breaches included deficient client onboarding, inadequate transaction monitoring, and outdated AML/CFT procedures. ✅ The fine, proportional to turnover, aligns with legal obligations, detailed in AML/CFT Law and related regulations. CSSF’s publication complies with Article 8-6(1) of the AML/CFT Law. Major violations included insufficient due diligence, lack of source of funds verification, and inadequate risk categorization. The Entity also failed to report suspicious activities to the Financial Intelligence Unit (FIU). Original source 👉: https://lnkd.in/gkqASrvy #EUsanctions #sanctionsupdate #sanctionscompliance #TransactionMonitoring #RiskCategorization #FinancialIntelligenceUnit #CSSF #FIU

𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗔𝗠𝗟 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗻𝗱 𝗡𝗼𝗻-𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 Compliance in an organization refers to specific set of rules and regulations that must be followed. These regulations are designed to protect investors, maintain the integrity of financial markets, and prevent financial crimes such as money laundering, terrorism, fraud, and corruption. 📌 In the financial sector, compliance and AML are essential due to the large transactions occurring on a daily basis. The entire financial spectrum such as banking, Money Services Businesses (MSBs), insurance companies and securities Broker-Dealers must comply with strict regulations. 📌 Similarly, nonfinancial sectors must prioritize compliance and AML. Due to the strict governmental AML obligations on the financial sector, an increase in money laundering activities within the nonfinancial businesses and professions has been noticed. Businesses such as travel agencies, real estate, dealers in high value items, and #gatekeepers such as accountants, auditors, and lawyers are being utilized as alternative means to launder money. 🔍 Overall employees in both financial and nonfinancial sector should be aware of compliance and #moneylaundering risks and obligations to effectively safeguard their organizations against financial crime and regulatory penalties. At Rasma Legal, we can assist you in identifying your compliance obligations and ensure they are met in a timely manner. #Compliance #AML

Rasma Legal, they offer expert guidance and support to help you navigate these regulations effectively, ensuring that your business remains fully compliant

Canadian lawyers disbarred for money laundering. See comments below for the article. As noted by the Cullen Commission, the gatekeeper role is an attractive role for criminal organizations to leverage. The law societies although providing AML oversight of lawyers rarely penalize them for money laundering failings. This impacts institutions that provide financial services to lawyers, which includes banks but also high risk business types such as money service businesses and third party payment processors. Below are a few suggestions: 1) Have a framework in place to understand what controls/framework lawyers/law firms have in place, to address money laundering risk, where your organization is on-boarding this client type. 2) Where possible if a counterparty in the transaction is not a law firm (and it is not a properietary transaction) issue a Request for Information to that party to ask the question. You may or may not get a response but at least there is an attempt to understand the payment. 3) Where it has been determined that an RFI needs to be issued to a law firm, confirm whether there are underlying parties to the transaction or if the activity is proprietary in nature. Where there is an underlying party and privilege is being cited, change the questions being asked to the lawyer/ law firm so that the questions align with their obligations under the law society e.g (Was the underlying party identified in line with By-Law 7.1?). 4) Ensure your banking agreements are up to date, and that there is an understanding with the client that ceases and desists orders maybe issued and that an exit management process is in place where you are not comfortable with the transactional activity. These processes should be vetted by your internal lawyers to ensure they align with legal obligations/regulations. #gatekeepers #moneylaundering #CullenCommission