Category Archives: Regulatory Update

Regulatory Update is information specific to regulations affecting the financial services industry

Switzerland – FINMA AML Beneficial Owner

On 4 September, FINMA proposed new AML rules, for beneficial ownership. Follows fourth round mutual evaluation of Switzerland's AML provisions by FATF. Due to shortcomings, country entered the FATF enhanced follow-up procedure. Amendments are part of wider package of measures in response to FATF report. Package was summarized in a 28 June 2017, release issued…
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U.K. BoE Conflicts Management

On 9 August, BoE published review of approach to managing conflicts. Covers NED review of Bank of England's approach to managing conflicts of interest. BoE plans to designate Conflicts Officer with executive responsibility for conflicts. Follows Mar. BoE statement on resignation of new deputy governor Hogg. Conflicts Review Review examined policies for identifying and managing…
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OFAC Lists Venezuela President

On 31 July, Treasury OFAC designated President Maduro of Venezuela. Treasury Secretary Mnuchin delivered remarks at The White House press briefing. Basis of Sanctions OFAC designated Nicolas Maduro Moros, for undermining democracy in Venezuela. Arranged illegitimate elections to usurp democratically elected National Assembly. To rewrite constitution, and impose authoritarian regime on citizens of Venezuela. Claimed…
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