Managers of Wealth Americas

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."

US Banking Regulators Release Roadmap for Crypto-Related Activities by Banks

The Roadmap sets up a process for the Federal Banking Regulators to clarify the legal parameters for banking organizations engaging in, and the application of federal banking laws to, crypto-related activities.

Carey Olsen supports Brazil fintech TruePay on US$32m funding round

Working alongside onshore counsel Cooley LLP, the Carey Olsen team advising TruePay on the Cayman law aspects of the funding round comprised partner Alistair Russell and associate Trevor McCabe.

How US policy could impact global markets

Global economy likely to suffer growth slowdown as stimulus policy reversed

Navigating the evolving ESG disclosure landscape as a U.S. public company

Existing SEC disclosure standards applicable to climate change and HCM are largely based on principles of materiality and thus provide significant discretion to company management.

Risk Partners VP Gary Osborne named SCCIA Person of the Year

“In the face of tremendous uncertainty during the height of the pandemic, Gary’s poise and guidance helped the association and its members seamlessly navigate unprecedented challenges,”

McKinsey investment fund pays $18 million to SEC for compliance failures

The fund invests on behalf of current and former McKinsey employees and is managed by a staff and a 12-person board of former McKinsey partners and independent directors.

JPMorgan wins appeal against insurers over Bear Stearns settlement

Banks, mutual fund firms and individuals paid billions of dollars to settle regulatory probes of the practices

EBRD steps up green financing in Turkey via Garanti BBVA Leasing

In Turkey, the EBRD is a major institutional investor and to date has invested more than €14 billion in various sectors of the economy through 351 projects

IRS Criminal Investigation releases annual report highlighting 2,500+ investigations, law enforcement partnerships

Enforcement actions focused on tax and COVID-related fraud, money laundering, cybercrimes

Legal, Regulation & Compliance