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Learn MoreIn order for companies to make sound and responsible business decisions, it is critical they know who they’re doing business with. Anonymous companies (entities that disguise the identities of their owners) raise the cost of doing business, undermine financial stability and make it difficult for companies to drive integrity in their supply and investments. Globally, the lack of ownership transparency is creating financial, reputational, operational and regulatory risks for companies and responsible businesses and investors are taking action to tackle this issue. We want you to join them.
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5% GDP
global cost of corruption -
3.8 billion
USD in recent fines -
10% cost
increase for business -
77 countries
are taking action -
91% of executives
want to know who owns companies
NEWS
UPDATE
- AML
- Country Action
- Due Diligence
Asian regulators continue to set high expectations on tracing sources of wealth
Asian regulators continue to keep tabs on sources of wealth, particularly in the private banking sector, setting high expectations by requiring these institutions to understand account holders in greater detail. If the recent increase in the hire of compliance professionals specialising in tracing sources of wealth and funds by Singapore-based private banks is any indication, regulators in Singapore and elsewhere in the region have not relented on the topic.
- AML
- Country Action
- Engage
G20 Buenos Aires: Despite low expectations, agreement reached on financial crime initiatives
Expectations were low at the G20 Summit in Buenos Aires that the leaders of the world’s largest economies could reach concrete agreement and issue a consensus-based G20 Communique at the end of the summit.
- AML
- Country Action
IMPACT ANALYSIS: Canadian AML rewrite set to extend compliance burdens to real estate sector
A leading question facing the Canadian government as it works to reform the country’s anti-money laundering (AML) laws is how to tackle money laundering and terrorist financing risks in the real estate sector.
- AML
- Country Action
- Due Diligence
Money launderers’ profile has changed, banks’ AML defences slow to adapt
The Panama and Paradise Papers’ publication as well as the current probes into Russian interference in U.S. elections have shifted counter-money laundering officials’ views on who money launderers are. Financial institutions, too, must change their understanding of who launders money, why and alter their strategies to defend better against a wider range of illegal activity. That change has been slow in coming.
- AML
- Commit
- Country Action
Intensified Iran sanctions will trigger historically complex evasion, laundering tactics
A recently announced U.S. plan to impose unprecedently stringent economic sanctions on Iran will likely trigger an equally historic effort to evade those restrictions and launder resulting proceeds. While past sanctions have wreaked havoc on the Iranian economy, Tehran still managed to sell vast quantities of oil in global markets, using a wide array of sanctions-evasion tactics.
- AML
- Commit
- Country Action
- Due Diligence
- Sanctions
COLUMN: “Flash crash” spoofer and his software provider — where are we now?
A recent report on the concealment of beneficial ownership provides a sideways look at the notorious exploits of the “Hound of Hounslow,” Navinder Sarao, in an anonymised case study. The report was a joint effort between the Financial Action Task Force and Egmont Group.
- AML
- Commit
- Country Action
- Due Diligence
U.S. Treasury extends ‘beneficial ownership’ rule exemption for rollovers and renewals
The U.S. Treasury Department’s anti-money laundering unit on Wednesday extended for another month temporary relief exempting certain rollover or renewal products and services from the bureau’s beneficial ownership rule.
- AML
- Commit
- Country Action
- Due Diligence
Anti-laundering bodies cite role of professional service providers in hiding ‘beneficial ownership’
Two international bodies charged with combating financial crime last week issued a report outlining the role lawyers, accountants and other “professional intermediaries” actually play in helping to hide the true, or “beneficial” owners of shell companies and other entities criminals use to disguise their assets.
- AML
- Commit
- Country Action
- Due Diligence
IMPACT ANALYSIS: FATF report on concealment of beneficial ownership, professions need to do more
A new joint report by the Financial Action Task Force (FATF) and the Egmont Group, entitled “Concealment of Beneficial Ownership”, has assessed the vulnerabilities linked to concealment of beneficial ownership. The report is designed to support risk analysis by governments, financial institutions and other professional service providers.
- Country Action
- Due Diligence
- KYC
IMPACT ANALYSIS: Proposed amendments to Canada’s AML/CTF regime impose new obligations for many
The Canadian government’s proposed amendments to its main anti-money laundering law introduce significant changes to compliance obligations for businesses and seek to bring the country’s regime closer to international standards. Under the amendments proposed earlier this month, firms subject to reporting requirements to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will have to contend with more stringent and burdensome reporting requirements and recordkeeping obligations.