UBO Service

08/04/2024

We've had a lot of clients asking about AML inspections and reviews. In our latest article, we provide insights on the scope of AML inspections, inspection structure, and key findings. Read the full article and approach your next AML inspection with confidence: https://hubs.li/Q02rtjv00

We understand that receiving the Quality Assurance Review or AML inspection letter can be stressful. In our latest article, “AML Inspections for Accountants: What to Expect,” we break down the AML inspection process. Here’s what you’ll find: Scope of Inspections Inspection Structure Key Find...

04/01/2024

New update on US UBOs: The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) is now accepting reports on beneficial ownership information.

Existing companies have a one-year window to submit their reports, while new companies must file within 90 days of being created or registered. Find out more: https://hubs.li/Q02f4Njg0

28/12/2023

Here are three important factors that will affect regulated businesses in 2024 when it comes to AML:

1. Changes in regulations: Prepare for new initiatives such as the European Union's AML package, which will establish a new AML authority (AMLA) and increase regulatory scrutiny and enforcement. It's crucial to strengthen AML policies, implement efficient procedures, and educate staff.

2. Integration of AML processes: Given the stricter regulations and the rise in sophisticated financial crime, AML teams must effectively manage risks across various channels, products, and systems. Collaboration within the organization, as well as with regulators and law enforcement, is of utmost importance.

3. The role of artificial intelligence in AML: 2024 will witness businesses embracing technologies like AI to enhance AML processes. AI plays a significant role in improving the detection and prevention of financial crimes. However, it is important to exercise responsible use and seek guidance from experts.

01/11/2023

UK AML update: The Economic Crime and Corporate Transparency Act has been granted Royal Assent! 🎉 Companies House will now verify identities, and share info with criminal investigation agencies, and law enforcement has enhanced powers to seize/recover cryptoassets. Plus, courts and prosecutors can now hold big corporations accountable, protecting the open economy. 💪 https://hubs.li/Q027f_-L0

The Economic Crime and Corporate Transparency Act received Royal Assent on Thursday 26 October.

25/07/2023

Policymakers are struggling to accommodate cryptocurrencies within tax systems not designed to handle them. The following IMF paper reviews the issues that arise and the challenges for implementation. It finds existing AML policies don’t go far enough to stop tax evasion in the fast-growing world of cryptocurrencies. View Here: https://hubs.li/Q01YL-4s0

13/06/2023

The FCA is to introduce tough new rules for the marketing of crypto assets designed to ensure buyers understand the risks. They will include a 24-hour cooling off period for first-time buyers and clear risk warnings must be shown. Read More: https://hubs.li/Q01TfXw20

The Financial Conduct Authority has introduced a stricter set of rules aimed at those marketing cryptoassets, after limiting the marketing of complex investment products to retail investors in recent years.

06/06/2023

According to a study conducted by Transparency International UK, only a small percentage of companies fully disclosed their anti-corruption policies, practices, and financial information in a timely manner. The findings underscore the need for stricter regulations and increased accountability to ensure transparency and combat corruption in the corporate sector. Read More: https://hubs.li/Q01SnsVJ0

By Chara De Lacey, Head of Business Integrity, and Tilly Prior, Senior Programme Officer.Corporate corruption has a corrosive social, environmental and economic impact. The drivers are multifaceted, as are the opportunities for preventing it. What is clear, however, is that transparency is a fundame...

16/05/2023

Despite being under sanctions by the UK government since June 2022, Volodymyr Saldo, one of Vladimir Putin's senior officials in Russian-occupied eastern Ukraine, has managed to establish a UK company in his name. The company was registered approximately five months after the sanctions were imposed. Read more: https://hubs.li/Q01P_gzx0

Volodymyr Saldo, a Kremlin puppet in the Russian-occupied territories, listed as firm’s owner, despite being under sanctions

03/05/2023

Transform your process and accelerate customer with our automated . Seamlessly integrate our API into your current system so you can verify , shareholders, and directors instantly. Learn More: https://hubs.li/Q01NvcK00

Accelerate your onboarding process using our Restful API. Integrate our industry leading beneficial ownership and AML data into your compliance processes.

02/05/2023

A new study finds the UK's legal and accounting sectors are still weak in their ability to detect and prevent money laundering. The study identifies several key weaknesses in risk perception, training, customer due diligence, and suspicious transaction reporting and investigations. The report calls on firms to take action to improve their AML procedures and for regulators to provide clearer guidance and take stronger action against non-compliant firms. Read more: https://hubs.li/Q01NlkJS0

Professional legal and accounting bodies in Britain continue to show significant weaknesses in policing how their members apply anti-money laundering rules, a regulatory body said on Friday. Russia’s invasion of Ukraine has highlighted the risks of money laundering and illicit finance, the Office ...

25/04/2023

The Financial Conduct Authority (FCA) has published a series of measures aimed reducing the risk of money laundering through post offices after investigations by UK police found hundreds of millions are laundered each year through the cash deposit channel at the Post Office. Read more: https://hubs.li/Q01MG8Kz0

20/04/2023

The UK Treasury is consulting on whether regulation for providers of Environmental, Social and Governance (ESG) ratings should be introduced, and the potential scope of a regulatory regime. The consultation opened on 30 March and will close on 30 June. View Document: https://hubs.li/Q01Mc4tx0