WE’VE all heard the moaning about GDPR being a constant obstacle to the effective fight against financial crime. It was nonetheless a surprise to hear a European banking chief describe the ‘Aytollahs’ of data protection and their ‘rigid’ views on information sharing. Take a bow Sebastien deBrouwer of the European Banking Federation (EBF) who called…
Regulatory Watch News
SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
FinCEN
WASHINGTON—Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.
Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC
UNODC
Vienna (Austria), 13 May 2024 - Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations. This was the unprecedented call to action from the heads of the Financial Action Task Force (FATF), INTERPOL and the UN Office on Drugs and Crime (UNODC) in Vienna today at a high-level side event on the first day of the 33rd session of the Commission on Crime Prevention and Criminal Justice (CCPCJ).
SFC warns public of suspicious virtual asset-related product “LENA Network”
Securities and Futures Commission
The Securities and Futures Commission (SFC) today warns the public of a suspicious investment product named “LENA Network” involving virtual asset-related staking, borrowing and lending arrangements, and claiming to offer high returns to investors. The product has not been authorised by the SFC for offering to the Hong Kong public .
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