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FCPA Blog Daily News

Entries in beneficial owners (28)

Wednesday
May162018

Lindsay Columbo: How do we reconcile UBO due diligence and GDPR obligations?

In less than two weeks the new General Data Protection Regulations (GDPR) will be in full force. Most companies subject to the GDPR have prioritized efforts to implement necessary internal safeguard measures, procedures and required contractual provisions.

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Tuesday
May152018

FinCEN’s CDD Rule is on: Are you complying?

With implementation of FinCEN's Customer Due Diligence Rule on May 11, beneficial ownership and customer due diligence are top of mind for many covered financial institutions. What is your organization doing to comply?

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Thursday
May102018

Eric Lochner on customer due diligence: UBOs in diapers

Performing due diligence on third parties can be hard. When you discover that your third party is still in diapers, however -- that’s pretty much a surefire sign something is amiss.

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Wednesday
May092018

Lindsay Columbo: How do we comply with the new UBO rules?

The pressure on companies to identify and verify ultimate beneficial ownership or UBO information is growing, with more legal requirements being imposed, first by FinCEN, and most recently by the UK, which particularly targeted the British Overseas Territories.

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Monday
May072018

Martin Kenney: Open company UBO registers are not the panacea to financial crime

Predictably, the NGO "transparency" brigade has once again raised its guns and placed its cross-hairs over its preferred target: the offshore service providers in the British Overseas Territories, particularly those in the Caribbean. Only this time, they appear to have coerced and cajoled the support of a split, and apparently hesitant, UK government.

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Friday
Apr132018

John Arvanitis: Complying with FinCEN's new customer due diligence rules

Kroll's John ArvanitisOn May 11, FinCEN's Final Rule regarding customer due diligence will be in force. That means covered financial institutions will have to make sure their due diligence programs are in line with FinCEN’s guidance on core elements of a customer due diligence program.

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Wednesday
Mar072018

Martin Kenney: Portugal enacts UBO and central company registers

Like all EU states, Portugal is seeking to manage the thorny question of managing and recording Ultimate Beneficial Owner (UBO) information, as part of its obligations under Chapter III of EU Directive 2015/849.

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Wednesday
Feb142018

Martin Kenney: In the BVI, there's confidentiality but not secrecy

My adopted home of the British Virgin Islands (BVI) has implemented what is known as the BOSS Act (or to give it its full title, the Beneficial Ownership Secure Search System Act), that received its assent in June last year.

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Friday
Jan262018

Martin Kenney: UK rejects open public register of beneficial owners

I have decided to don my tin hat and stick my head above the parapets again. Why? Because for once common sense has prevailed and the anti-1% brigade have lost their argument for an open Public Register of Ultimate Beneficial Owners (UBOs) in the British Virgin Islands (BVI) and her sister islands in the Caribbean.

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Thursday
Nov092017

Martin Kenney on the Paradise Papers: Real news or a titillating non-story?

The recent revelations arising out of the publication of the Paradise Papers have been gleefully seized upon by anti-corruption and tax justice campaigners.

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Wednesday
Oct252017

David McLaughlin: How AI can nail a bribe paying scrap metal dealer

Last year 27 companies paid nearly $2.5 billion to resolve FCPA-related offenses. So far this year, 9 companies have paid more than $1.2 billion for FCPA-related settlements. Yet despite these staggering outcomes, existing tools deployed today by corporations are not capable of effectively mitigating FCPA risk.

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Wednesday
Aug232017

FinCEN expands beneficial owner reporting rules for real estate

The Treasury Department's Financial Crimes Enforcement Network added Honolulu Tuesday to a reporting program for real estate deals involving cash transactions.

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