Category: Sanctions

Regulatory Watch News

• 

  SFC warns public of suspicious investment plan relating to Big Boss Night Club

  Securities and Futures Commission

  May 14, 2024

  The Securities and Futures Commission (SFC) today warns the public of a suspicious investment plan relating to Big Boss Night Club which has been widely reported in the media. The investment plan may involve an offer to the public in Hong Kong to subscribe for or purchase shares in a company operating Big Boss Night Club or New Big Boss Night Club新‧

• 

  SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers

  FinCEN

  May 13, 2024

  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

  May 13, 2024

  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).