Citywire South Africa’s Post

✋ ENGAGEMENT: LAST CHANCE to sign up and join us for a free webinar on 'Financial Crime and the Law: Identifying and Mitigating Risks' Tomorrow night, the Financial Integrity Hub is hosting a webinar on Financial Crime and the Law. Our author experts will be considering the role of the FATF and the application of a risk-based approach to fighting financial crime. All places have been reserved, but you can join the waiting list and we will send you the link to join! Date: 1/08/2024  Time: 6:00-7:00 pm (Sydney). We will hear from: 👉 Charles Littrell: Economic and Demographic Biases in FATF Mutual Evaluation Results 👉 Dr Rachel Southworth and Michael Levi: Application of RBA for Financial Crime Risk Management by Banks 👉 Louis De Koker FATF’s Risk-Based Approach: Has the Pendulum Swung too Far? The panel will be moderated by Isabelle Nicolas, Associate Director of the Financial Integrity Hub. There will be an opportunity for Q&A following the end of all presentations. _____ If you want to see more from the Financial Integrity Hub (#FIH), don't forget to click "+Follow" (top left) to receive notifications for future posts and events. #Financialcrime #AML #CTF #compliance #risks #webinar #financialintegrityhub

FinCEN BOI Reporting: International Businesses Operating in U.S. The Beneficial Ownership Information (BOI) Reporting requirements introduced by the Financial Crimes Enforcement Network (FinCEN) will have several impacts on international businesses operating in the U.S.: Reporting Obligations International businesses that are considered "reporting companies" under the rule will need to disclose information about their beneficial owners and, in certain cases, company applicants. This includes businesses that are created or registered to do business in the U.S. on or after January 1, 2024. Businesses existing before this date have until January 1, 2025, to file their initial reports. Continue reading: https://lnkd.in/dGmtmCPh #FinCEN #corporatetransparency #corporatetransparencyact #beneficialownership #FinCENBOI

The #FATF hosted its Plenary between 26-28 June, which produced the following key outcomes: ➡️ Approval of the revised criteria for prioritising countries for ICRG review process ➡️ The addition of Monaco and Venezuela to the list of jurisdictions subject to increased monitoring; ➡️ The removal of Jamaica and Türkiye from the list of jurisdictions subject to increased monitoring; ➡️ The adoption of Mutual Evaluation Reports for India and Kuwait; ➡️ The completed horizonal review of DNFBP Technical Compliance related to corruption, the findings of which are scheduled to be published in July; ➡️ An agreement to publish fifth annual update on progress by jurisdictions on implementing the FATF Standards on virtual assets and virtual asset service providers (VA/VASPs) in July; and ➡️ The continued revision of FATF Standards to reflect the evolution of cross-border payment systems, and changes to industry standards. ✅ Firms with UK operations should note changes made to the lists of high-risk jurisdictions subject to a call for action and the jurisdictions under increased monitoring. Following the removal of Schedule 3ZA from the Money Laundering Regulations 2017 (MLRs) in January, firms are reminded to consult the revised FATF list of jurisdictions for enhanced due diligence purposes. 💡 Plenitude #Compass has been developed specifically for Financial Crime Compliance teams to keep you informed of changes to geographical risk and its implications for numerous financial crime controls. Visit our website for more information: https://lnkd.in/dBjnvK5p Learn more: https://lnkd.in/ei5Qz9rj

BRG’s Financial Institution Advisory practice is pleased to share the third-annual edition of the Consumer Finance Enforcement Action Tracker – Year in Review. This tracker provides insight into current trends in regulatory and state enforcement actions and uses those actions to support institutions in initiating risk mitigation steps. This edition includes data from Q1 through Q4 2023, a summary of current actions, enforcement action trends, federal enforcement actions, and state enforcement actions. Download the 2023 Year in Review>>> https://lnkd.in/g3eJsVvC #financialinstitutions #consumerfinance #enforcement #FIA

FinCEN BOI Reporting: Implications for Financial Crime Prevention FinCEN's Beneficial Ownership Information (BOI) Reporting, which came into effect on January 1, 2024, represents a significant regulatory measure aimed at enhancing transparency in financial transactions and corporate structures. This reporting requirement is a crucial component of the Corporate Transparency Act (CTA), enacted to combat financial crimes such as money laundering, tax evasion, and financing of terrorism. Key Aspects of BOI Reporting Definition of Reporting Companies: > Domestic Reporting Companies: Entities created under U.S. state or tribal law. > Foreign Reporting Companies: Entities formed outside the U.S. but registered to do business within the U.S. > Not all entities are required to report; specific exemptions apply based on entity type and activities. Continue reading: https://lnkd.in/gUCUwtvE #FinCEN #FinCENBOI #CorporateTransparency #CorporateTransparencyAct #BeneficialOwnership #regulatory #regulatorycompliance #compliance #compliancematters #compliancesoftware #compliancesolutions #compliancemadeeasy #complianceregulations #compliancesupport #compliancetech #compliancesimplified

📢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

UDAAP and Credit Reporting continue to have the top number of actions along with the greatest fines and penalties. BRG is well positioned address institutions credit reporting needs not only through our partnership with Consumer Data Industry Association but also through our experts who have worked hundreds of credit reporting assessments / remediations / software implementation. Feel free to message me or the experts below to learn more. Michael Canale, Laura Gudaitus #CFPB, #consumerfinance, #riskmanagement, #creditreporting

It is all about protection, compliance and stability! What are the three key points you should know about a regulator? One is ‘Protection’: Our regulations and frameworks help to protect financial services customers and the country’s currency by helping to prevent misconduct, scams and other unfair financial practices that can disrupt Bermuda’s financial sector; Two is ‘Compliance’: Establishing prudential regulations and frameworks assists in the standardisation of practices across financial institutions’ day-to-day operations and are designed to prevent fraud and misconduct and protect financial services customers; Three is ‘Financial Stability’: Our risk-based framework allows us to monitor and assess potential risks. We do this by enforcing policies and regulations to reduce the probability of these risks taking place – these factors help keep our financial sector stable! The Bermuda Monetary Authority is here to implement our risk-based approach and continue to assist in the protection, compliance and stability of Bermuda’s financial services sector. #BMAInsights #Protection #Trust #Compliance #Regulation #Supervision #Bermuda #BermudaMonetaryAuthority

The Financial Conduct Authority (FCA) is stepping up its game to combat financial crime faster than ever before, especially in light of the increasing number of fraudulent activities and money laundering schemes. But is it fast enough? A recent National Audit Office report has further highlighted the urgency for change, emphasising the critical role of efficient management in this process. For more on these reforms, check out: https://bit.ly/3H4aFEF #FinancialConductAuthority #FCA #Audit #FinancialCrime

The Financial Conduct Authority (FCA) is stepping up its game to combat financial crime faster than ever before, especially in light of the increasing number of fraudulent activities and money laundering schemes. But is it fast enough? A recent National Audit Office report has further highlighted the urgency for change, emphasising the critical role of efficient management in this process. For more on these reforms, check out: https://bit.ly/3H4aFEF #FinancialConductAuthority #FCA #Audit #FinancialCrime