Compliance Matters Archives - Page 31 of 50

¿Qué sucede si una FFI pierde su GIIN?

May 2020

Para estar registrado en FATCA y exento de retención por parte de los agentes de retención de los Estados Unidos, una institución financiera extranjera (“FFI”) debe de tener un número de identificación de intermediario global (“GIIN”). Una institución financiera extranjera

Foodman website and JD Supra

OFAC is not part of the BSA, But Convergence is Occurring

On April 15, 2020, the members of the Federal Financial Institutions Examination Council (FFIEC) released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual) which provide instructions to examiners when assessing the adequacy

What happens if an FFI loses its GIIN?

May 2020

In order to be FATCA registered and exempt from withholding by U.S. withholding agents, a Foreign Financial Institution (FFI) must have a Global Intermediary Identification Number (GIIN). A Foreign Financial Institution withoutaGIIN is treated as unregistered in FATCA and faces

Foodman website and JD Supra

How are Financial Institutions identifying and managing their PEP relationships?

May 2020

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. They are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past

Foodman website and JD Supra

Financial Institutions Ought to Remain Alert to Illicit Financial Activity During Covid-19

May 2020

On March 16, 2020, FinCEN advised Financial Institutions to be on the alert about fraudulent transactions and potential illicit behavior connected to Covid-19. FinCEN encouraged Financial Institutions to contact their functional regulator if the financial Institution has concerns about delays

Foodman website and JD Supra

Covid-19 and Non-Resident Aliens’ Emergency Time Period in the U.S.

May 2020

Nonresident alien individuals (NRA) who perform services or other activities while in the United States, and foreign corporations who employ individuals or engage individuals as agents to perform services or other activities in the United States may be considered engaged

Foodman website and JD Supra

What can Borrowers do to prepare for PPP Loan Program Audits?

May 2020

Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP Loan Program may expect compliance audits before their loans are forgiven. Many banks, with the encouragement of the U.S. Treasury, “skipped” standard Know your Customer and

Foodman website and JD Supra

Financial Institution OFAC Compliance and Bank Regulatory Agencies

May 2020

While OFAC is responsible for promulgating, developing, and administering sanctions for the U.S. Secretary of the Treasury, bank regulatory agencies cooperate in ensuring OFAC financial institution compliance. Although OFAC is not by itself a bank regulator; its basic requirement is

Foodman website and JD Supra

Cumplimiento OFAC de las Instituciones Financieras y las Agencias Reguladoras Bancarias

May 2020

Mientras que la OFAC es responsable de promulgar, desarrollar y administrar sanciones para el Secretario del Tesoro de EE. UU., las agencias reguladoras bancarias cooperan para asegurar el cumplimiento OFAC de las instituciones financieras. Aunque OFAC no es sí mismo

Foodman website and JD Supra

¿Qué pasa si fondos han sido bloqueados o congelados debido a OFAC?

Si sus fondos han sido bloqueados o “congelados” por una institución financiera u otra parte debido a un posible enlace a sanciones administradas por la OFAC, puede calificar para solicitar una licencia OFAC específica para liberar fondos bloqueados. ¿Qué es

Foodman website and JD Supra

What if Funds have been blocked or frozen due to OFAC?

April 2020

If your funds have been blocked or “frozen” by a financial institution or other party due to a possible link to OFAC-administered sanctions, you may qualify to apply for a specific OFAC license to release blocked funds. What is an

Foodman website and JD Supra

Connecting the FCPA with the “Travel Act” in 2020

April 2020

The Travel Act ( 18 U.S.C. § 1952 -one of the older members of the family of money laundering criminal statutes) is close to celebrating its 60th year. The Travel Act is still relevant today because of its “broad spectrum”