NEWS: UBS fined $55,000 for high profile AML failing in Switzerland; bank also reprimanded by Danish regulator

Regulatory Watch News

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  U.S. Attorneys for Southwestern Border Districts Charge More than 840 Illegal Aliens with Immigration-Related Crimes During the Third week in March as part of Operation Take Back America

  US Department of Justice

  March 24, 2025

    President Trump has been clear that securing the Southwestern Border of the United States is a priority of the absolute highest level. To that end, the Department of Justice is playing a critical role in Operation Take Back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transitional criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

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  Estonia: Investigation into WOW Experience Centre leads to eight indictments for €1.6 million subsidy fraud

  European Public Prosecutor's Office

  March 24, 2025

  (Luxembourg, 24 March 2025) – The European Public Prosecutor’s Office (EPPO) in Tallinn (Estonia) has brought charges against five individuals and three companies, in connection with financial support for the development of the WOW Experience Centre, and a padel centre, located on the island of Saaremaa. The charges include three instances of subsidy fraud and forgery of documents and one attempt of subsidy fraud, with an overall estimated damage to the EU budget of approximately €1.6 million. 

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  FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

  FinCEN

  March 24, 2025

  WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.