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On July 28, 2020, the U.S. Senate Permanent Subcommittee on Investigations released its findings on the role of the unregulated art market in undermining U.S. sanctions policies and facilitating criminal activity.[1] The Subcommittee identified specific vulnerabilities in the art market, such as anonymous purchasing through the use of art dealers and offshore shell companies to conduct transactions, and it made recommendations to address the gaps in the anti-money laundering ( AML ) regime.[2] On January 1, 2021, Congress passed the Anti-Money Laundering Act of 2020 ( AMLA ) within the broader National Defense Authorization Act, imposing significant AML reforms, some of which target the art and antiquities market.[3]
Compliance: FinCEN seeks input on new CDD proposals
The Financial Crimes Enforcement Network (FinCEN) has issued an advance notice of proposed rulemaking (ANPR) to solicit public comment on questions pertinent to the implementation of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA) Jan. 1. A detailed look at the ANPR can be found on CUNA’s
CompBlog. Comments are due by May 5.
Specifically, FinCEN seeks initial public input on procedures and standards for reporting companies to submit information to FinCEN about their beneficial owners as required by the CTA.
How the Corporate Transparency Act affects DSOs drbicuspid.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from drbicuspid.com Daily Mail and Mail on Sunday newspapers.
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Much has occurred in the last two months regarding the relationship between financial institutions and Marijuana-Related Businesses, or MRBs. In this post, we discuss three major developments, all of which share a complex connection. First, the National Credit Union Administration (“NCUA”) recently pursued its first enforcement action against a credit union for Anti-Money Laundering (“AML”) compliance failures when servicing MRBs. Second, two cannabis industry executives were convicted of bank fraud for allegedly tricking banks and other financial institutions into unwittingly extending financial services to their MRB. Third, and despite this enforcement drumbeat regarding MRBs, Congress has introduced again, with bi-partisan support, the SAFE Banking Act, which seeks to normalize the banking of cannabis by prohibiting federal bank regulators from taking certain actions against financial institutions servicing MRBs
DoJ Apprehends New Jersey Native for Running an Unlicensed Bitcoin Exchange insidebitcoins.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidebitcoins.com Daily Mail and Mail on Sunday newspapers.