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The UK and Switzerland have negotiated a mutual recognition agreement (MRA) (UK publication/ Swiss publication) to enhance regulatory cooperation and facilitate cross border financial services to institutional and certain HNW clients. The agreement could bring new opportunities for the insurance and private banking/wealth management sectors and help stabilise and bring regulatory certainty to other financial sectors. This article explores the possible implications of the agreement and opportunities for each sector. #KPMG #finacialservices #insurance #wealthmanagement

Foreign vs Domestic Asset Protection Trusts Listen to the full episode: https://lnkd.in/eTQ_KK24 #assetprotection #assetprotectiontrust #trusts #foreigntrust #domestictrust

Effective 1 January 2024, new Treasury regulations under the Corporate Transparency Act (CTA) will require many U.S. entities and foreign entities doing business in the U.S. to report identifying beneficial owner information to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Read our article on the CTA compliance issues relevant to investment fund sponsors and private funds, here. #Funds #CorporateTransparency #FinancialCrime #PrivateEquity

Effective 1 January 2024, new Treasury regulations under the Corporate Transparency Act (CTA) will require many U.S. entities and foreign entities doing business in the U.S. to report identifying beneficial owner information to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Read our article on the CTA compliance issues relevant to investment fund sponsors and private funds, here. #Funds #CorporateTransparency #FinancialCrime #PrivateEquity

📢FinCEN Introduces Rule to Combat Illicit Finance in Investment Adviser Sector: The U.S. Department of the Treasury’s Financial Crimes Enforcement Network #FinCEN has proposed a groundbreaking rule on February 13, 2024 to combat #illicit #Finance and #National #Security threats in the investment adviser sector! FinCEN issues a Notice of Proposed Rulemaking #NPRM to enhance transparency in the U.S. financial system and curb #Exploitation by #Criminals and foreign adversaries through investment advisers. The proposed rule, aligned with recent #Treasury actions, reinforces efforts against illicit finance #Risks from anonymous companies and all-cash #RealEstate transactions. It mandates certain investment advisers to implement #AntiMoneyLaundering and Countering the Financing of #Terrorism (AML/CFT) requirements, boosting the sector's resilience. Investment #Advisers, overseeing trillions of dollars, are recognized as crucial gatekeepers to the American economy. The proposed rule aims to level the regulatory playing field, protect economic and national security, and fortify American businesses against #FinancialCrimes. Investment advisers registered with the Securities and Exchange Commission (SEC) must adhere to #AML #CFT programs, report suspicious activities to FinCEN, and meet specific recordkeeping obligations. The proposed rule adds investment advisers to the list of "financial institutions" under the Bank Secrecy Act #BSA. Information-sharing provisions between FinCEN, Law Enforcement Agencies, and financial institutions are integral components of the proposed rule. The SEC is proposed to receive examination authority, leveraging its expertise in regulating investment advisers. This initiative builds on the 2021 U.S. Strategy on Countering #Corruption, showcasing a tailored approach to address material #Risks, strengthen financial #Transparency, and minimize potential business burdens.FinCEN encourages the public to submit written comments on the proposed rule until April 15, 2024. 💡#FinCEN #FinancialRegulation #NationalSecurity #InvestmentAdvisers #AML #CFT

#IndustryNews This week, the Financial Accountability and Corporate Transparency (FACT) Coalition officially supported a proposed rule that aims to enhance transparency within the $130 trillion investment advisory industry. This joint initiative by the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) would mandate the collection and recording of basic client details to better prevent, detect, and address money laundering and terror financing risks. Ian Gary, Executive Director of the FACT Coalition, commented, "This proposal brings the U.S. a crucial step closer to closing the loopholes that have long allowed adversaries and criminal networks to exploit the opaque U.S. private investment sector for money laundering." https://lnkd.in/eiWWESpM

The Nigerian Exchange Group (NGX Group) has shown itself to be market-sensitive. It has supported a vibrant price discovery mechanism premised on the listing-mandated provisions for quoted entities on the bourse. The governance-laden move has generally been welcomed but not without the challenges of a lack of precision, equity and fairness. Not lost in the X-compliance discussion must be the consideration of minority shareholders' interests and how much should be managed openly and transparently. This would allow investors to know why regulatory approvals have been held back, thereby affecting investor value. The inability of a quoted entity’s principal regulator to give approval would now seem to be a limiting factor and a decision criterion for suspending shareholder interest Click below to read the full article: https://lnkd.in/dXsDWaWF cc: Lasaco Assurance Plc, Regency Alliance Insurance Plc, Unity Bank Plc, Guinea Insurance Plc., Mutual Benefits Assurance Plc., NPF MICROFINANCE BANK PLC.

Andrew Rafferty, ACG, Director, Real Estate Services, recently spoke to Financier Worldwide about, strengthening corporate transparency, investor confidence and the fight against money laundering in the UK. In this article, Andrew highlights the synergies between the Economic Crime and Corporate Transparency Act (ECCTA) 2023 and its predecessor, the Economic Crime Transparency and Enforcement Act 2022, how one builds on the other and how the latest legislation moves the needle on prosecuting corporate economic crimes. Read the article in Financier Worldwide here 🔗 https://lnkd.in/esFjgBTV #ECCTA #Compliance #FundAdministration

🔐 Material Non-Public Information (MNPI) in the Professional World Material Non-Public Information (MNPI) is crucial for maintaining trust and integrity in our industry. MNPI refers to any information that could influence a company's stock price but hasn't yet been made public. Handling this information responsibly is not just a legal obligation, but a cornerstone of ethical business practices. Remember: 1. Confidentiality is Key: Always safeguard sensitive information. 2. Think Before You Share: Even casual conversations can have serious implications. 3. Stay Informed:Regularly update yourself on compliance policies and regulations. 💼📈 #Integrity #Compliance #BusinessEthics #MNPI

❕ In the ever-evolving landscape of global finance, Luxembourg and the United Kingdom stand out as prominent hubs for investment fund activities. Luxembourg often serves as a preferred choice for structuring investment funds by entities based in the UK, making it essential for UK asset managers to comprehend the intricacies of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance within this context. 👨👩 Our AML/CFT experts from Arendt Regulatory & Consulting, Sandrine Periot and Markos - Marios Bikas, will place the spotlight on AML/CFT risks and compliance for UK asset managers who oversee Luxembourg-based funds. They will present the specific requirements and challenges faced by UK professionals navigating Luxembourg's regulatory environment. 📅 The presentation will take place in London on 7 February 2024. Learn more and register here > https://lnkd.in/eyi-Zvzp   👨👩 With > Dimitrios Kafteranis and Kathryn Westmore   🤝 Organisation > Coventry University London, Centre for Financial and Corporate Integrity (#CFCI) in cooperation with the Centre for Financial Crime and Security Studies (CFCS) at RUSI Find out more about our: 🔍 Regulatory & AML/CFT compliance practice > https://lnkd.in/ekwwNDzg ⚖ Financial crime expertise > https://lnkd.in/dWavVVs #Luxembourg #law #AML #moneylaundering #CFT #AMLCFT #compliance #regulatory #risk #riskmanagement #funds #investmentfunds #assetmanager #UK #transparency