Tag: Fraud

Regulatory Watch News

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  OFSI has Amended and Extended the Lukoil International General Licence and the Lukoil Bulgaria General Licence

  OFSI

  August 12, 2026

  OFSI has published amendments to the Lukoil International General Licence (INT/2025/8031092) and the Lukoil Bulgaria General Licence (INT/2025/7895596).

  Both General Licences include a notification requirement for any Entity using the amended licences. Entities relying on the amended General Licences must notify OFSI when they first use the licence and provide their current contact details. Entities that begin using the licences on or after 12 August 2026 must notify OFSI within 14 days of first use. Entities already relying on the licence when the requirement takes effect must notify OFSI within 14 days of 12 August 2026. This is a one-off notification requirement unless contact details change. Submission of a notification does not constitute confirmation by HM Treasury that the activity is permitted under the licences.

  The Lukoil International General Licence (INT/2025/8031092) has been extended until 26 February 2027.

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  Countering Financial Crime Conference taking place this week

  Isle of Man Financial Services Authority

  August 12, 2026

  The 2026 edition of the flagship Countering Financial Crime Conference takes place at the Villa Marina in Douglas on Wednesday 12 August.   The event brings together a diverse group of international experts, practitioners, and policymakers to share their insight into a range of current and emerging issues.   Presentations and panel sessions will highlight the work taking place to disrupt criminals who seek to exploit financial systems to launder the proceeds of cyber-enabled fraud, evade sanctions, and traffic drugs and people.   An audience of more than 500 professionals will hear from organisations including the US Treasury, UK National Crime Agency, HM Revenue and Customs, and Transparency International. The Isle of Man’s National Risk Assessment and preparations for the MONEYVAL mutual evaluation will also be key areas of focus.  

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  FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners

  FinCEN

  August 11, 2026

  Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule is effective on its publication in the Federal Register. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database. Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.