The UK’s HM Treasury is holding a consultation, which is open for comment through January 26, 2017, on the process for the imposition of civil penalties for breaching financial sanctions. This is a major departure from the current law, which has not produced many enforcement actions, as it currently only allows for criminal enforcement
Maury Shenk is an Advisor to Steptoe's London office and is a dual-qualified US/UK lawyer. Maury has experience on a wide variety of national and multi-national regulatory regimes relating to cross-border regulation and compliance, including export/import, trade sanctions, anti-corruption, anti-money laundering, data protection, and competition law. He regularly counsels clients on these legal regimes, primarily from UK, EU and US perspectives. He often has handled such issues in the context of M&A due diligence (and related deal execution issues), internal investigations, government investigations and voluntary disclosures. His experience covers a wide range of industries, including IT infrastructure & information security, software, telecom & satellite, financial services, energy, petroleum & petrochemicals, aerospace & defense, and others.
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Yesterday, the European Commission (EC) adopted its long-awaited decision endorsing the EU-US privacy shield. This is the latest milestone in restoring a stable legal basis for transatlantic flows of personal data, since the Court of Justice of the EU annulled the EU-US Safe Harbor program in its judgment in the Schrems case in October 2015.
Continue Reading European Commission Endorses EU-US “Privacy Shield”
Strict anti-money laundering (AML) controls apply in Europe, including under the Fourth AML Directive that took effect this past June. A key element of those is customer due diligence (CDD) by banks, law firms and others when they take on new customers and clients—and on existing customers in various circumstances. It is hard to argue with the principle of CDD from a policy perspective, but the CDD process sometimes seems to be out of control.
For example, for banks in the UK, CDD obligations apply under the Money Laundering Regulations 2007 and rules of the Financial Conduct Authority. Among other things, the rules require identification of all beneficial owners with more than 25% ownership of the customer. So far, so good. The problem, though, is that banking compliance departments are increasingly imposing CDD requirements far beyond those specified by regulation, often with very burdensome documentation requirements. This seems a real problem for two main reasons.Continue Reading Is European AML Customer Due Diligence Out of Control?
On the October 2 episode of the Steptoe Cyberlaw Podcast, Maury Shenk and Stewart Baker discussed the implications of a highly influential advisor to the European Court of Justice (ECJ) criticizing the “Safe Harbor” agreement between the European Union and the United States that allows companies to transfer data between both regions,…