The Switzerland government has developed new rules to combat money laundering, which will require consultants to strengthen compliance for legal entities and report identified potential risks. The rules will apply to lawyers, accountants, and other consultants who establish trust or holding companies or arrange real estate transactions. The rules will tighten the obligations of banks, […]

Banks in the United Arab Emirates (UAE) have tightened the conditions for opening accounts for Russian companies due to increased scrutiny from regulatory authorities and pressure from Western countries combating sanctions evasion against Russia, Bloomberg reports. According to sources cited by the agency, Emirati banks have also intensified controls over money transfers to Russia and […]

The Gibraltar Financial Services Commission (GFSC) will introduce the world’s first individual license for fintech firms using distributed ledger technology starting next month, aiming to attract startups to the overseas territory of the United Kingdom. This move, deemed unprecedented by authorities, officially recognizes the use of blockchain records as an accepted mechanism for payment transfers. […]

According to the November review of financial stability by the European Central Bank (ECB), the balance sheets of eurozone banks show “first signs of stress” due to the increase in loan defaults and overdue payments. The level of defaults on corporate and retail loans has begun to rise, and the share of loans overdue by […]

Bittrex Global, one of the world’s largest cryptocurrency exchanges, has announced its intention to cease operations, according to CoinDesk, citing the company’s official statement. According to the information, trading on the platform will be halted on December 4 of this year. The company advises its clients to complete all necessary transactions by this date, after […]

In November 2022, the National Association of Small Businesses in the United States filed a lawsuit against the requirement for beneficiary registration for millions of small enterprises. The law, which came into effect at the beginning of this year, aims to prevent criminal actions by anonymous companies at the US. Lobbyists argue that this rule […]

In a bid to foster a fair and globally competitive tax environment, the UK government has unveiled plans to modernize its tax system, particularly aimed at non-domiciled individuals (non-doms). The overarching goal is to attract talented individuals and investments that will contribute significantly to the nation’s economic growth while ensuring that those who benefit from […]

The European Union has recently released a handbook aimed at identifying individuals with PEP status. Remaining abreast of the latest regulatory publications is essential for compliance professionals, particularly in combatting money laundering and financial crimes. The European Union’s recent publication provides a comprehensive list of prominent public positions within member states and EU institutions. This […]

The number of ultra-rich (HNWI) people in the world has begun to grow again. According to the Knight Frank The Wealth Report, the number of people with extremely high incomes (HNWI) worldwide increased by 4.2% in 2023 to 626,619 compared to 601,300 the previous year. This growth compensates for the decline observed in 2022. At […]

Choosing the location for the new Anti-Money Laundering (AML) agency marks the final stage of the European reform aimed at reducing the volumes of “potentially dirty” money in the financial system. The main task of the new agency will be to control the activities of banks and identify money laundering risks. The idea of ​​creating […]