Gherson LLP’s Post

In 2023, the United Arab Emirates (UAE) updated its regulations on Ultimate Beneficial Ownership (UBO) as part of its ongoing efforts to strengthen anti-money laundering and counter-terrorism financing measures. These changes introduced a risk-based approach to identifying UBOs in complex ownership structures and continue to impose strict compliance requirements on companies. Non-compliance with the new regulations can result in fines ranging from AED 15,000 to 100,000 and a potential suspension of the business license. For a detailed overview of these important regulatory changes, read the full briefing by Dr. Constantin Frank-Fahle, Marcel Trost and Adina Sevelius in the following link: https://lnkd.in/dwmszF78 emltc #UAE #UBO #AML #CTF

Does anybody know if there's a regulatory framework that ensures compliance with Payment Card Industry Data Security Standard (PCI DSS) in Bangladesh? Also, if there’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Regulations in Bangladesh?

Discover how the UAE's new Federal Decree-Law fortifies the nation’s fight against financial crimes.   In a recent Arabian Business article, Lily Eid, Money Laundering Reporting Officer, is quoted discussing the enhanced legal framework that establishes key committees, strengthens compliance with international standards, and advances anti-money laundering and counter-terrorism financing efforts.   To read the full commentary, please click on the link: https://lnkd.in/dwE_MV9a   #AMLCompliance #FinancialCrimePrevention #UAERegulations #CFTLaws

Counter-terrorism financing (CTF) is a critical component of global efforts to combat terrorism by disrupting the flow of funds that support terrorist organizations and activities. The AntiMoney Laundering Act of 2020 (AML Act) is the most recent law about combating the financing of terrorism. Financial institutions are required by the AML Act to establish and maintain initiatives to stop the financing of terrorism and money laundering.

Stepping up your AMLA Compliance: Best Practice & Challenges in Identifying the Beneficial Owner Gain a sound understanding of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001. To register >> https://bit.ly/39AUf5l To download brochure >> https://bit.ly/3LNEcFi

The Financial Action Task Force (FATF) maintains a list of jurisdictions with strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. These jurisdictions are subject to increased monitoring. Being on the FATF grey list is not the same as being sanctioned, but it does indicate a higher risk of money laundering and terrorist financing. As of February 2024, the following countries are on the FATF grey list: * Bulgaria * Burkina Faso * Cameroon * Croatia * Democratic Republic of the Congo * Haiti * Jamaica * Kenya * Mali * Malta * Mozambique * Namibia * Nigeria * Philippines * Senegal * South Africa * South Sudan * Syria * Tanzania * Turkey * Vietnam * Yemen

Oman's efforts to combat money laundering and terrorist financing recognised The Financial Action Task Force (FATF) has published the 2024 Mutual Evaluation Report on Oman’s anti-money laundering and counter-terrorism financing systems. The Report says that the Sultanate demonstrates a high level of adherence to FATF standards and has a good understanding of money laundering and terrorist financing risks https://lnkd.in/eKVxd3Ey #oman #FATF #gafi #aml #centralbankofoman #capitalmarketauthorithy #guidelines

The much-anticipated Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (AML Bill) has finally passed through the Senate and the House. The AML Bill addresses three key objectives: * capturing higher risk 'gatekeeper' professions; * simplifying the anti-money laundering and counter-terrorism financing (AML/CTF) regime to improve its effectiveness; and * modernising the regime to reflect changing business structures, technologies and illicit financing methodologies. The new laws are intended to commence in 2026 and apply to services provided both in Australia and overseas. This is all directed towards the Government ensuring that the reforms are in place for Australia's mutual evaluation by FATF in 2026-27. #aml #ctf

UAE Amends Anti-Money Laundering and Terrorism Financing Laws | https://lnkd.in/g3zghpDg #UAE #AntiMoneyLaundering #CounterTerrorism #FinancialCrimes #AML #CFT #LegalReforms #EmiratiTimes #UAENationalStrategy #FinancialSecurity #UAEGovernment #EconomicProtection

🚨 The EU’s AML/CFT Reforms Are Official! The European Union (#EU) has unveiled a groundbreaking set of rules, marking a significant milestone in the fight against money laundering and terrorism financing. This new regulatory framework aims to enhance the effectiveness and consistency of anti-money laundering (#AML) and counter-terrorism financing (#CFT) measures across all Member States. In our latest article, we dive into the key components of the AML/CFT package and explore what these changes mean for #financial institutions. Click the link below to read more: 👇 https://lnkd.in/e_HuCGeh #FinancialServices #AML #AMLReform #AntiMoneyLaundering #CFT #terrorismfinancing #EUFinance #EURegulations #AMLA #Compliance #RegulatoryCompliance #EU