The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

FACT Urges Treasury to Implement Landmark Corporate Transparency Act

n-img-fatf

FACT has urged the treasury department to impose crucial changes to draft regulations and implement the landmark corporate transparency act.

FACT (Financial Accountability and Corporate Transparency) Coalition has published a report that urges the treasury department to make critical changes in its proposed regulations. The guidelines deal with access to protocols of the true BOs (Beneficial Owners) of anonymous firms to be established under the CTA (Corporate Transparency Act).

While FACT welcomes the proposed rule from FinCEN (Financial Crimes Enforcement Network) as a crucial step towards the landmark transparency law, FinCEN needs to make substantive enhancements to realise the transformative promise of the CTA fully. Clarifying these provisions about access to important data is necessary to end the abuse of anonymous entities for laundering dirty money using the US financial system.

“The Corporate Transparency Act represents nearly a decade of tireless work by a bipartisan group of lawmakers, experts, and advocates, and its passage in 2021 was the most substantial legislative anti-money laundering victory of this generation,” said Ian Gary, executive director of the FACT Coalition. 

He added, “In order to realise the promise of this achievement, it is absolutely critical that FinCEN make important changes on the road to faithful implementation.”

“As currently drafted, this second rule has the potential to unnecessarily complicate access to the beneficial ownership database established under the CTA to a degree that could seriously impact the efficacy of the law as a whole. The Treasury Department should substantially revise this proposed rule to address weaknesses that, if left in place, would undermine U.S. national security and global leadership in the fight against corruption.”

“Secrecy and shell companies help kleptocrats squander and steal public funds,” said Arvind Ganesan, director of economic justice and rights at Human Rights Watch. 

He added, “Injecting transparency into ownership is key to stopping them from enriching themselves at the expense of their peoples’ rights. The Treasury Department’s final access rule must make it easy for our foreign and domestic law enforcement partners to access this information.”

FACT’s suggestions also mentioned concerns for draft forms proposed by FinCEN in January, through which the reporting firms would submit their beneficial ownership to the CTA directory. As written, the forms include fields that would allow a reporting entity “to simply claim not to be able to determine statutorily required identifying information for each beneficial owner.” If left unmarked, the FinCEN form will functionally make BO reporting under the CTA.

“FinCEN only gets one shot at this final rule,” said Gary. “At a time when the Biden Administration has raised the profile of the international fight against corruption, Treasury’s FinCEN needs to avoid stumbling this close to the finish line. The language and intent of the CTA are clear: collected beneficial ownership information should be accurate, complete, and useful to authorised users. FinCEN’s second final rule to implement the CTA must reflect that.”

Suggested Read:

FINCEN ALERTS FIS OF SANCTION EVASION BY RUSSIAN ENTITIES IMPLICATED IN U.S. COMMERCIAL PROPERTY INVESTMENTS

Related Posts

News

US Launches National Cryptocurrency Enforcement Team

The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...

US Launches National Cryptocurrency Enforcement Team Explore More

News

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud

PSR has advised UK banks to compensate customers who have been the victims by APP (authorized pus...

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud Explore More

News

HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations

HMRC has issued a total of  £519,645 in fines to 68 estate agents that failed to comply with rule...

HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations Explore More

News

IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns

The International Monetary Fund (IMF) is tightening the checks to prevent money laundering and wa...

IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns Explore More

News

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel

Intel has confirmed the findings of CISC’s report saying that Canadian real estate is a safe have...

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel Explore More

News

US Law to Ban Shell Companies Runs into Delays

A new US law to prevent businesses from tax evasion using shell companies has been delayed at the...

US Law to Ban Shell Companies Runs into Delays Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

News

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team

The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team Explore More

News

CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

News

AML investigation results in NZ police freezing $140 million

Police have collected $140 million from the Canton Business Corporation and its owner Alexander V...

AML investigation results in NZ police freezing $140 million Explore More

News

UBS to Restrict Credit Suisse Bankers After Takeover

The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...

UBS to Restrict Credit Suisse Bankers After Takeover Explore More

News

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations

The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator disco...

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations Explore More

News

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’

A small business lobbying group has sued the Treasury Department over asking more than 30 million...

Small Business Group Sues Treasury Department Over ‘Money Laundering Transparency Initiative’ Explore More

News

Kount integrates AI software for immediate identity verification

Kount, a fraud prevention firm is planning on introducing the Identity Trust Global Network for t...

Kount integrates AI software for immediate identity verification Explore More

News

South Africa Gets the Green Signal for New AML/CTF Laws

South Africa has finally gotten a green signal for new finance laws to address shortcomings ident...

South Africa Gets the Green Signal for New AML/CTF Laws Explore More

News

Online fraudsters steal £17m over COVID-19 lockdown

About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

Online fraudsters steal £17m over COVID-19 lockdown Explore More

News

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)

Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN) Explore More

News

Beware of Puppy Scams This Holiday Season – BBB

The Better Business Bureau (BBB) has warned people to be cautious of online puppy scams, especial...

Beware of Puppy Scams This Holiday Season – BBB Explore More

News

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

The latest FATF report ranks France among countries that have effective measures in combating fin...

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

US Law to Ban Shell Companies Runs into Delays

A new US law to prevent businesses from tax evasion using shell companies has been delayed at the...

US Law to Ban Shell Companies Runs into Delays Explore More

News

UK Banks and Tech Firms Call on Regulators for Guidance on Tackling Scams

Banks, tech, and telecom firms in Britain have called on lawmakers and regulators to make it easy...

UK Banks and Tech Firms Call on Regulators for Guidance on Tackling Scams Explore More

News

The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases

The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...

The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases Explore More

News

The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

The UK plans to levy on banks to prevent money laundering Explore More

News

Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash

Assets worth over $10 million have been seized after an international investigation into money la...

Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash Explore More

News

German Parliament Passes Anti-Money Laundering Laws

On Thursday, the German parliament passed a draft of anti-money laundering measures to make sure ...

German Parliament Passes Anti-Money Laundering Laws Explore More

News

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans

US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...

US Seizes 18 Crypto ATMs Bought With Fraudulent Loans Explore More

News

EU Court of Justice Passes Judgement Against Provision of AMLD5

EU Court of Justice has passed a judgment against the provision of the AMLD5, concluding that pub...

EU Court of Justice Passes Judgement Against Provision of AMLD5 Explore More

News

Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’

5Dimes is a Costa Rica-based online gambling site that took bets from the US clients illegally. P...

Federal Prosecutors to End Criminal Investigations on Gambling Site ‘5Dimes’ Explore More

News

Archipelago Trading Fined $1.5 Million for SAR and AML Failings

The US Security and Exchange Commission (SEC) fined the Archipelago Trading company over the shor...

Archipelago Trading Fined $1.5 Million for SAR and AML Failings Explore More

News

Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

Palm Beach Art Dealer Charged With Money Laundering Through Fake Art Explore More

News

More Crypto Regulations on Their Way, Says Head of Turkish Central Bank

A  few days ago, the Turkish Central Bank imposed a complete ban on cryptocurrency payments. Now,...

More Crypto Regulations on Their Way, Says Head of Turkish Central Bank Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors

The government of Hong Kong has been looking at whether to legitimize crypto trading for retail i...

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors Explore More

News

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved

A Senate committee says that Australia is at risk of damaging its economy if money laundering law...

Australia Risks Damage To Economy Unless Money Laundering Laws are Improved Explore More

News

Star Entertainment Group Hit with Record Fine of $100M for Money Laundering

Australia’s gambling giant Star Entertainment Group has been charged $100 million for failing to ...

Star Entertainment Group Hit with Record Fine of $100M for Money Laundering Explore More

News

International Student Sues Commonwealth Bank for Money Laundering Scam

An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...

International Student Sues Commonwealth Bank for Money Laundering Scam Explore More

News

KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...

KYC Alliance between Dubai Economy and six banks Explore More

News

FCA Under Pressure for Compliance and Authorisation Delays

The FCA is being approached by regulatory experts due to backlogs in the provision of regulatory ...

FCA Under Pressure for Compliance and Authorisation Delays Explore More

News

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures

Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures Explore More

News

OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing

The Organisation for Security and Co-operation in Europe (OSCE) supported the joint efforts with ...

OSCE – Eurasian Forum Combines to Counter Money Laundering and Terrorism Financing Explore More

News

Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam

The US Secret Service and Spanish police were working together on an operation when they shut dow...

Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam Explore More

News

NAB, Largest Casinos Operators Caught in AUSTRAC’s Wrath

National Australia Bank (NAB) and the two largest casino operators in Australia are under investi...

NAB, Largest Casinos Operators Caught in AUSTRAC’s Wrath Explore More

News

Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector

The Swiss Government has signaled to amend the banking act for press freedom in the finance secto...

Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector Explore More

News

Bitcoin ATMs face stricter regulations over money laundering

According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

Bitcoin ATMs face stricter regulations over money laundering Explore More

News

Singapore offers $70M to aid the fintech industry during COVID-19

Singapore has allocated SG$125 million ($70.89 million) to assist its financial services industry...

Singapore offers $70M to aid the fintech industry during COVID-19 Explore More

News

Sebi Releases New Anti-Money Laundering Guidelines

The capital markets regulatory authority, the Securities Exchange Board of India (Sebi), publishe...

Sebi Releases New Anti-Money Laundering Guidelines Explore More

News

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme

The US Department of Justice has arrested two in a $1.1 million non-fungible token fraud and mone...

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme Explore More

News

“Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

After his statement in May that declared cryptocurrencies as a risky investment, the Vice Preside...

“Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President Explore More

News

Thousands of NSW driver’s licenses exposed online in a data breach

Last week, tens of thousands of NSW driver’s licenses were left exposed online. The breach was ac...

Thousands of NSW driver’s licenses exposed online in a data breach Explore More

News

FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

The Financial Services Analysis Unit (FIAU) FIAU has fined Triton Capital Markets Limited  €227,0...

FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

France to Consider Amendment Obliging Crypto Firms to Obtain Licenses

In January 2023, the French Parliament will consider the amendment to cancel the favorable treatm...

France to Consider Amendment Obliging Crypto Firms to Obtain Licenses Explore More

News

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing

The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing Explore More

News

US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud

An official request from the Brazilian government was made to the US government for helping to se...

US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud Explore More

News

California’s EDD is Falling Behind in Legitimate Unemployment Claims

According to a report by Calmatters, California’s Employment Development Department is lacking be...

California’s EDD is Falling Behind in Legitimate Unemployment Claims Explore More

News

Singapore offers $70M to aid the fintech industry during COVID-19

Singapore has allocated SG$125 million ($70.89 million) to assist its financial services industry...

Singapore offers $70M to aid the fintech industry during COVID-19 Explore More

News

Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management

Bank of Queensland Ltd (BOQ.AX) disclosed that separate agreements had been reached with the coun...

Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management Explore More

News

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators

UK’s Gambling Firms are being accused of exaggerating the numbers on the black market betting rep...

Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators Explore More

News

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers

VulcanForge is the third cryptocurrency company to be targeted by hackers in just this month, wit...

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers Explore More

News

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

News

Real Estate is Becoming a Primary Target for Money Launderers in the UK

According to a government report, Luxury London homes are a new method to launder illicit funds. ...

Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

News

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks

Starbucks and McDonald’s are among 19 businesses that will test China’s new digital c...

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks Explore More

News

Norway to Revive Travel by Introducing Vaccine Passports

By the Summer of 2021, Norway plans to revive travel to and from the country as it joins the list...

Norway to Revive Travel by Introducing Vaccine Passports Explore More

News

Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams

Bank of Ireland has warned clients of a surge in phone calls and text message scams. As per the f...

Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams Explore More

News

New Crypto Regulations to be Followed by Korean Banks

South Korea is increasing cryptocurrency regulations by making KYC verification necessary along w...

New Crypto Regulations to be Followed by Korean Banks Explore More

News

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

News

GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns

GBA concluded a workshop on AML and terrorist financing concerns to avoid any possible threats of...

GBA to Organize Two-day Training Workshop for Addressing AML and CFT Concerns Explore More

News

FATF’s New Regulations Will Help Sanctions Find Russian Targets

The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

News

New ultrasonic hack can manipulate your digital assistant

Researchers are advising consumers about a new type of hack that has recently emerged. It involve...

New ultrasonic hack can manipulate your digital assistant Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started