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Entries in beneficial owners (31)


FinCEN expands beneficial owner reporting for cash real estate deals

The Treasury Department's Financial Crimes Enforcement Network issued an order Thursday expanding the requirement for title insurance companies to report the beneficial owners of shell companies buying residential real estate for cash or cryptocurrencies.

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Martin Kenney: Crooks are (predictably) avoiding open company registers 

I was bemused when I read that the head of the UK’s National Crime Agency (NCA), Donald Toon, had bitterly complained about the tardiness of the Cayman Islands authorities in responding to information requests about the identities of ultimate beneficial owners (UBO) of Cayman companies.

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Martin Kenney: Yes, Mossack Fonseca was a mess. But don't blame the BVI

I have had several dealings with Mossack Fonseca over the years, while trying to identify its clients who had wronged my own.

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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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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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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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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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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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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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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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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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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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