The Netherlands: From 2020 Dutch Businesses Must Register Their Beneficial Owners

The register of ultimate beneficial owners in the Netherlands will be introduced in January 2020. A legislative proposal to this effect was submitted to...

South Africa: Banking Law Developments

South Africa has a sophisticated banking system that aims to ensure economic stability, consumer protection and institutional safety. Numerous new laws are in the...

Ukraine: Shell Companies Face Scrutiny

On 3 April 2019 the National Bank of Ukraine ("NBU") unveiled the details for operation of current accounts by foreign companies in Ukrainian banks....

UAE Issues Cabinet Resolution Implementing the New AML Law

The AML Resolution introduces a number of significant enhancements to the UAE AML regime including:(a) the introduction of the "risk-based approach" to AML regulation, whereby...

UAE: Strengthening Compliance Against Financial Crime: Recent Developments and Enforcement Trends in the UAE

Greater scrutiny into financial crimes The newly enacted Federal Law No. 20 of 2018 on Anti-Money Laundering Law (AML Law) contains important improvements over the...

Malaysia: Updates to the 2018 Special Voluntary Disclosure Programme

In our previous client alert published in November 2018, we covered the 2018 special voluntary disclosure programme ("SVDP") which was announced during the Budget...

Foreign Companies Permitted to Open Offshore Accounts in Ukraine

Starting from 7 February 2019, any foreign legal entity will be able to open a current account in Ukraine, both in UAH and in...

Common Reporting Standard: Potential Impacts on Financial Institutions in Thailand and Residents

Snapshot: The happeningsThailand has committed to new global regimes on exchanges of financial information among multiple jurisdictions by joining the Global Forum on Transparency...

Portugal: Legal Regime on the Beneficial Ownership Central Register – Implementation Ministerial Order

In Portugal, the Ministerial Order 233/2018, which regulates the Legal Regime on the Beneficial Ownership Central Register, was issued.

New Ecuadorean resolutions establish mandatory compliance programs for financial institutions and insurance companies

The Ecuadorean authorities have issued mandatory resolutions for compliance matters to establish anti-money laundering and financing of terrorism compliance programs.

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