Managers of Wealth Americas

New AML regulations governing antiquities trade are on the way

These regulations will represent a sea change in law enforcement’s efforts to shed light on an otherwise opaque market.

FinCEN Issues Proposed Rules Requiring Certain US and Non-US Legal Entities to Report Beneficial Ownership Information

The registration and disclosure requirements may be particularly relevant to banks and investment fund structures that establish legal entities in connection with financings and corporate acquisitions.

Fed urges big banks to heed risk assessment following Archegos

US central bank’s review into the collapse of the hedge fudge could lead to further action, Fed warns

Son of Panama ex-president pleads guilty to money laundering

The company pleaded guilty in 2016 to conspiracy to violate anti-bribery provisions of the U.S. Foreign Corrupt Practices Act.

HSBC and Wells Fargo achieve PvP settlement finality with DLT

As part of the implementation for settlement in US dollar, Canadian dollar, GBP and euro transaction, both banks have agreed to the Baton Rulebook, a framework designed to provide legal certainty around settlement finality.

SEC issues additional LIBOR guidance for market participants

Funds and advisers should also monitor and manage any conflicts of interest associated with the transition

FINRA Caps Off UIT Rollover Sweep With $2M Fine on Wells Fargo Unit

The early rollovers of UITs caused customers to incur potentially excessive sales charges, FINRA reported.

ComplianceQuest Announces Strategic Partnership with Enhesa to Ensure Compliance Across Global Enterprises

In combination, companies can easily take steps to comply with these national and regional requirements, as well as easily understand when regulatory changes occur.

First-Ever US Strategy on Countering Corruption Globally

Improving Diplomatic Engagement and Leveraging Foreign Assistance Resources to Achieve AntiCorruption Policy Goals.

FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance

FinCEN strongly encourages the public to submit written comments in response to the ANPRM.

FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency

FinCEN strongly encourages all interested parties, including those that would be affected by the proposed beneficial ownership information reporting rule, to submit written comments.

Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)

Few jurisdictions in the United States require legal entities to disclose information about their beneficial owners—that is, the people who actually own or control a company—or the persons forming them.

Carey Olsen advises fintech startup Clara as it becomes the fastest unicorn in Latin America

The Series B was led by global investment manager Cotaue, who has also invested in TikTok, Deel and fellow Mexican unicorn Bitso.

FinCEN’S Broad Proposed Beneficial Ownership Reporting Requirements

Targeting “terrorists, criminals and kleptocrats”

Citi Private Bank Law Firm Group and Hildebrandt Consulting Issue 2022 Citi Hildebrandt Client Advisory

U.S. Law Firm Industry wraps up one of the strongest years on record with growth levels not seen since pre-2008

SEC finalizes Holding Foreign Companies Accountable Act rules

The SEC also declined to provide a non-exclusive list of appropriate documentation.

Tax Justice Network proposal to FATF’s consultation on beneficial ownership for legal persons

While a multi-pronged approach using many sources of information is welcome, a central beneficial ownership register should become mandatory for all countries, without allowing for “alternative mechanisms”.

Allen & Overy advises Christie’s

The new business, which will retain the name Christie’s International Real Estate, will create one of the largest residential brokerage firms in the U.S.

Supreme Court of Canada pronounces on application of Luxembourg/Canada Treaty

The profit was not taxable in Luxembourg and Alta Lux argued that Canada did not have the right to tax the profit due to the provisions under the Treaty.

United States: Federal Bank Regulators Approve New Cybersecurity Incident Notification Rule

A "computer-security incident" is defined as one that results in "actual harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits."

Legal, Regulation & Compliance