NCUA’s Post

Council of the European Union (EC) and European Parliament have provisionally agreed to establish an Anti-Money Laundering Authority (AMLA) to combat money laundering and terrorism financing. AMLA will possess direct supervisory authority over high-risk cross-border institutions and indirect oversight across the broader financial sector, extending to the non-financial sector. https://lnkd.in/dN7ih5UM #AMLA #MoneyLaundering #EUFinance #FinancialOversight #AML #EURegulation #TerrorismFinancing #FinancialSecurity #Europol #AntiFinancialCrime #RegulatoryFramework #EUAgreement

In an era marked by rapid globalization and the growing interconnectedness of financial systems, the fight against money laundering and terrorism financing has assumed a pivotal role on the global stage. In today’s legal alert, #ourveryown Partner Jacob Ochieng and Associate Blenda Nyahoro delve into the guidelines by the Kenyan Government to safeguard its financial systems and protect the citizens against the ever-evolving threats posed by illicit financial activities. Read more here: https://shorturl.at/CFQT2 #FinancialTransparency #FinancialServices #AML #AMLAmendmentAct 

🌍 Strengthening Safeguards: The EU's New Anti-Money Laundering Measures 🛡️ The European Parliament has enacted tougher regulations aimed at intensifying the fight against money laundering and terrorism financing within the EU. Discover how these changes, including the establishment of the new EU Anti-Money Laundering Authority (AMLA) in Frankfurt, will enhance transparency and reduce illegal financial flows across Europe. Dive into our full article for an in-depth look at these pivotal reforms and their implications for businesses and financial institutions. 👉 https://lnkd.in/eAyZ3aGM #EURegulations #FinancialSecurity #AntiMoneyLaundering

The Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, No. 10 of 2023, brings important changes for Kenyan companies and LLPs. Don't be caught off guard! Stay informed about: Key amendments impacting your business operations. Compliance requirements to avoid penalties. How these changes help combat financial crime and terrorism financing. Be proactive, protect your business, and build a safer financial ecosystem for all! ️ #CMSME #KenyaAML #CFTCompliance #NewRegulations #KnowYourObligations

🔍 Important Update: EU Intensifies Anti-Money Laundering Efforts 🚨 At Nawi, we're committed to keeping you informed on the latest regulatory changes. The European Parliament has approved stringent new measures to combat money laundering and terrorism financing. Learn how the establishment of the EU Anti-Money Laundering Authority (AMLA) and new restrictions on cash payments will impact the financial landscape. Explore our detailed analysis of these developments and understand what they mean for your business➡ https://lnkd.in/eJTcNN7y #Compliance #FinancialRegulation #NawiInsights

Did you know that significantly stricter Anti-Money Laundering regulations have recently been agreed between the European Council and Parliament? The provisional agreement marks a historic moment, as it will standardise regulations across the EU, effectively eliminating avenues exploited by criminals to launder illegal funds or support terrorism through the financial sector. Read the full article here https://ow.ly/1lPf50QwfjF #AMLRegulations #EUFinance #FinancialCompliance #EURegulations #RegGenome

Whilst joining forces with the global community in the fight against money laundering, terrorism financing and proliferation financing, Kenya enacted the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment Act) 2023, which introduced a series of substantial reforms aimed at enhancing transparency, accountability and vigilance in the financial sector. The Amendment Act has resulted to the formulation of 4 important regulations: 1. The Proceeds of Crime and Anti-Money Laundering Regulations 2023; 2. The Proceeds of Crime and Anti-Money Laundering (Criminal Assets Recovery Fund) Regulations 2023; 3. The Companies (Beneficial Ownership Information) (Amendment) Regulations 2023; and 4. The Limited Liability Partnership (Beneficial Ownership Information) Regulations 2023. For more information on what the Amendment Act requires from entities, read the alert on the page below👇

As per the General Laws (anti-money Laundering and Combatting Terrorism Financing) Amendment Act, 22 of 2022, which amended the Companies Act, 2008 (“the Act”), Beneficial Ownership Declarations, Annual Financial Statements /Financial Accountability Supplements must be filed with Annual Return. #CIPC #BOFiling #SimplifyAnnualReturns #ThinkCIPC

In February 2024, Frankfurt won the joint vote to become host city for the European Union’s central agency in the fight against financial crime. The new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) will directly supervise Europe’s “high-risk” entities in the financial sector and will have powers to impose pecuniary sanctions and penalties. Pending final approval by the European Parliament later this month, AMLA will be operative from July 2025 onwards. In our client alert we explain AMLA’s relevance for financial institutions and all major companies having global business activities and what they should be aware of. https://lnkd.in/edChRyiw

🌟 Exciting news! The European Parliament has taken significant steps to combat money laundering and terrorism financing with new regulations. 📭 Check out our infographic for a quick overview of key changes. #AML #CFT #EURegulations #FinancialSecurity 🚀