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LATEST: Treasury finalises rule on use of FinCEN identifiers in Beneficial Ownership reporting

Premium November 7, 2023

US TREASURY: "A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement to obtain a FinCEN identifier, doing so can simplify the reporting process and allows entities or individuals to provide the required identifying information directly to FinCEN."

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NEWS: Canada’s TD Bank names insider Michelle Myers as global chief auditor amid regulatory glare

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NEWS: Gazprombank, third largest lender in Russia, among 50 banks hit with new US sanctions

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NEWS: Thales, Europe’s largest defence technology company, faces bribery probe from UK’s SFO

FinCEN today (Tuesday) issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement to obtain…

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Premium

NEWS: Canada’s TD Bank names insider Michelle Myers as global chief auditor amid regulatory glare

 Premium

NEWS: Gazprombank, third largest lender in Russia, among 50 banks hit with new US sanctions

 Premium

NEWS: Thales, Europe’s largest defence technology company, faces bribery probe from UK’s SFO

Regulatory Watch News

  • Co-Founders of Paycheck Protection Program Lender Service Provider Charged for COVID-19 Relief Fraud Scheme

    US Department of Justice

    An indictment was unsealed yesterday in the Northern District of Texas charging two co-founders of Blueacorn, a lender service provider, in connection with a scheme to fraudulently obtain COVID-19 relief money guaranteed by the U.S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

  • SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports

    SEC

    Washington D.C., Nov. 22, 2024 —
    The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to pay $275,000 combined in civil penalties to settle the SEC’s charges.

  • Financial sanctions update: Frozen Assets Reporting 2024

    OFSI

    OFSI is conducting its Frozen Asset Review. If you hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, you are required to submit a report to HM Treasury's OFSI by the extended deadline of Monday 25 November 2024.

    This email is a final reminder that you are required to report the value of all assets as they stood at close of business on Monday 30 September 2024.

    Your report must include details of all funds or economic resources frozen in the UK and overseas, where these funds or economic resources are subject to UK financial sanctions legislation.

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