The Londoner

Payable Through Accounts (PTAs) can introduce certain Anti-Money Laundering (AML) risks due to their nature as conduits for cross-border transactions . AML refers to the set of regulations, laws, and procedures aimed at preventing and detecting activities related to money laundering and the financing of terrorism . Here are some potential AML risks associated with PTAs: 1. Lack of Visibility:   PTAs involve transactions that may not be directly visible to the beneficiary bank or financial institution. This lack of transparency can make it more challenging to identify suspicious activities or patterns that may indicate money laundering. 2. Layering :  Layering is a technique used by money launderers to obscure the origin of funds by conducting a series of complex transactions . PTAs can be used to facilitate these layered transactions , making it harder for authorities to trace the source of funds . 3. Rapid Movement of Funds :  PTAs can facilitate rapid movement of fun...

The United Arab Emirates (UAE) has implemented several measures to comply with anti-money laundering (AML) regulations and combat the financing of terrorism (CFT) .  1. AML Law and Regulations : The UAE has established specific laws and regulations to combat money laundering and terrorist financing. These laws define various offenses related to money laundering and prescribe penalties for non-compliance. 2. Designated Authority : The UAE has designated a competent authority responsible for overseeing AML/CFT efforts and ensuring compliance across the financial sector. The authority may vary depending on the emirate or the type of financial institution. 3. Customer Due Diligence (CDD) : UAE's AML regulations require financial institutions and designated non-financial businesses and professions ( DNFBPs ) to conduct customer due diligence before establishing a business relationship. This includes verifying the identity of customers, beneficial owners, and understanding the nature of...

FCG provides practical assistance and information for firms of all sizes and across all FCA-supervised sectors on actions they can take to counter the risk that they might be used to further financial crime. Its contents are drawn primarily from FCA and FSA thematic reviews , with some additional material included to reflect other aspects of our financial crime remit. Effective systems and controls can help firms to detect, prevent and deter financial crime. FCG provides guidance on financial crime systems and controls, both generally and in relation to specific risks such as money laundering, bribery and corruption and fraud. Annexed to FCG is a list of common and useful terms. ■ FCG Annex 1 is provided for reference purposes only and is not a list of ‘defined terms’. Where a word or phrase is in italics, its definition will be the one used for that word or phrase in the Glossary to the FCA Handbook . FCTR provides summaries of, and links to, FSA (now the FCA) thematic reviews of va...

Ok, so I wanted to get some information on differences between a  Visa Waiver Program and a normal B1/B2 visa as I am researching business opportunities in the United States and wanted to check what type of visa will be best for scouting businesses in the United States.  I am also researching on the best corporate structure to adopt for the business and what kind of tax implications that structure will have in the medium to long term. United States is an ideal location to start a business as per various surveys and A Visa Waiver Program (VWP) and a B1/B2 visa are both ways for foreign nationals to enter the United States for temporary purposes , but there are significant differences between the two. Here are the top ten differences: 1. Purpose of Travel:  Visa Waiver Program: The Visa Waiver Program allows eligible travelers to visit the United States for tourism or business purposes without obtaining a visa. It is intended for short stays (typically up to 90 days) fo...