Reported by: swissinfo.ch The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime. The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the government said on […]
Reported by: Thomas Brewster Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine, Forbes has learned. Acquired by Block in 2021, […]
Reported by: Martin Byers of Ogier To comply with applicable regulations in the Cayman Islands, anti-money laundering officers appointed by Cayman funds must understand and act in accordance with their duties and responsibilities. The Cayman Anti-Money Laundering Regulations (AMLRs), which apply to funds carrying on relevant financial business in the jurisdiction, set out certain duties […]
Reported by: ZDRAVKO LJUBAS The U.K. branch of the global anti-graft watchdog Transparency International warned on Monday that more than one in ten of all Limited Liability Partnerships (LLPs) ever registered in Britain bear the “hallmarks of shell companies used for serious financial crimes.” Around 14% of all LLPs formed between 2001 and 2021 have […]
Reported by: Steve Kaaru Digitex started operations in April 2020 after months of running its beta under which users could only purchase its native DGTX tokens. Just before it launched, it was hit by a data breach in which sensitive data for over 8,000 users was stolen and some of it leaked. Following the breach, […]
Reported by: FinCEN’s Office of Strategic Communications at press@fincen.gov Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act […]
Financial Crime News Briefs 