Tag Archives: Ultimate Beneficial Ownership

Explore highlights from the 2021 True Cost of Financial Crime Compliance Study
November 24, 2021 |
Tailor an Effective Response to Today’s Costly Compliance Climate

Annual financial crime compliance costs in the U.S. are up 95% for mid/large financial institutions since the beginning of the COVID-19 pandemic to a total of almost $41 billion according to the LexisNexis® Risk Solutions 2021 True Cost of Financial …

Read More
The AML Act of 2020 and FinCEN Notice of Proposed Rulemaking on Cryptocurrency
June 21, 2021 |
The AML Act of 2020 and FinCEN Notice of Proposed Rulemaking on Cryptocurrency

Our recent post highlighted areas to focus on as the Anti-Money Laundering (AML) Act of 2020 takes shape. One important provision of the Act deals with virtual currency and digital assets and could have potential far-reaching effects on the industry, …

Read More
The Corporate Transparency Act and Beneficial Ownership Requirements
March 31, 2021 |
The Corporate Transparency Act and Beneficial Ownership Requirements

Anonymous corporate structures designed to move and hide illicit wealth have long plagued the fight against money-laundering and counter-terrorist financing. Under the Bank Secrecy Act (BSA), enacted in 1970, financial institutions are required to report certain transaction activities and subjects …

Read More