Menu

International Regulatory Enforcement

It's Only the Beginning: COVID-19, Public Procurement, and Corruption
As public money is increasingly used to mitigate the damage of COVID-19 on the world economy, the guidance document issued by the United Nations Office on Drugs and Corruption (UNDOC) on August 31, 2020, should raise the interest not only of public authorities but also of all companies bidding for public procurements
Anti-Money Laundering Lessons to be Learnt from the Commerzbank Fine
With the hefty £37.8 million fine imposed on Commerzbank AG’s London branch last month (and an accompanying strong deterrent message for the market more generally), the UK Financial Conduct Authority (FCA) have signalled their intention to continue to come down hard on firms’ breaches of anti-money laundering obligations.
New EU Anti-Money Laundering Laws Applicable to Cryptocurrency
Anti-money laundering and counter terrorist financing requirements to apply to cryptoasset businesses from 10 January 2020. Crypto-businesses will need to overcome obstacles to customer journeys and satisfy fit and proper threshold.
Financial Regulators Issue Joint Guidance to Snuff Out Reporting Requirement on Legal Hemp-Related Businesses
The Guidance was issued as a result of the Agriculture Improvement Act of 2018 (2018 Farm Bill), which directed the removing of hemp as a Schedule I controlled substance under the Controlled Substances Act.
FATF Adopts New Anti-Money Laundering Guidelines for Virtual Assets and Related Providers
On June 21, 2019, the Financial Action Task Force—an independent intergovernmental body that develops and promotes policies to protect the global financial system from money laundering and terrorist financing—released new Guidance governing virtual assets and virtual asset service providers. The Guidance clarifies the obligations of member jurisdictions with respect to licensing, supervision, and enforcement of covered virtual asset activities and virtual asset service providers. The Guidance also clarifies the compliance obligations of private sector entities engaged in virtual asset activities, particularly with respect to the obligation to obtain, hold, and transmit required originator and beneficiary information.