#anti money laundering and lawyers

[dostoyevsky-official]

“Treasury has been denying that they gave Marko write access, but I am looking at his access request right now”

So they have “read and write” access, or even “read only” access, why do we care? What are the possible consequences? 

1. Musk, Trump and their respective cronies have unrestricted access to your social security numbers, your confidential bank information, your confidential medical information and so much more. 

This is true with just “read only” access. This is why the burgeoning media war (that currently “read only” is winning unfortunately) is something of a red-herring. It matters, don’t get me wrong. As a source yesterday said, Apocalyptic. But that source also said that “read only” was “catastrophic”. If the smash and grab operation commences just as stupidly, quickly and dangerously as it has so far, this could easily become identity theft by an untold number of people using their personally identifiable information within weeks.

This kind of information can also be used to target enemies and, if they get operational control elsewhere, the capability of using the Anti-Money Laundering (AML), Know Your Customer (KYC), & the Combating the Finance of Terror (CFT) laws to target political enemies. Of course, these laws have already been used to target political dissidents; but we are talking about something of an incomprehensibly larger scale. As one long time payments lawyer wrote to me: “Is DOGE using its own, non-OFAC definition of ‘terrorist group’ that has no basis in law?” In this sense, the Democratic party has fully and unequivocally participated in building the apparatus that is showing to be extraordinarily easily weaponized against them. In short, they can not just steal money but eliminate the financial existence of anyone they felt like, if operational control gets sufficient. The week Trump won his second term, I told a room full of Democratic party operatives that “if the Democratic Party really believed Trump was a fascist, they would destroy the servers containing all the surveillance data.”

2. Creating “backdoors” into the Treasury’s multi-trillion dollar payment system

I’m running short on time (it's late at the time of writing) and I have to get up in the morning and be prepared for another round of intensive interviews so this will have to be more carefully detailed in the future. But these are extremely sensitive systems, and complicated systems. All the factors that slow them down in taking over the system are also the factors that would make it hard to find intentionally hidden code to their benefit that could give them ongoing access to the system even if they are removed. I need to do more reporting on this one but it is something many, many sources have mentioned

3. Subordinate the judicial system to the Trump Administration/DOGE

This one has been hard to get across to readers. As you can imagine, the overwhelming social media response to this reporting has focused on the absurd illegality of the actions. Asking for judicial intervention. But as I covered in my piece Friday, the constitution is not self enforcing and the supreme court is unlikely to step in, or to step in a positive way. In my Friday’s piece I unfortunately presciently asked:

As a famous twentieth century statesman might have said in this situation "...and how many divisions does the Constitution have?” 

What happens if they are just embedded so deeply in the heart of government payments that there is no mechanism to dislodge them? Court Injunctions are not self enforcing either My longtime payments lawyer source agrees with this point, which I also tried to articulate Monday:

Chokehold to stop or delay any and all payments initiated by federal agencies, and potential mechanical method to thwart judicial rulings when a judge/court says “You as the Executive Branch cannot stop federal grants/payments lawfully approved and directed by Congress.”

As we’ve seen, there are no armed law enforcement figures coming in to save the day and if Musk's DOGE get deep enough into the Bureau of the Fiscal Service, the only way to enforce the law is through street actions.

4. Elon Musk can use this system against his enemies.

It almost feels quant to say because the timeline of so many of the other possibilities are so immediately and dramatically dire that this one almost feels hopeful in comparison in that it implies “competitive position” being something that is very meaningful. Nevertheless, it should be obvious that this information, which includes information on all businesses the Federal Government does business with, is ripe to be used to kneecap competitors. Specifically my longtime payments lawyer source brought up just outright putting competitors on the “do not pay” list. The “good case scenario” may just be an economy increasingly dominated in all corners by Musk and/or Trump through a sprawling network of business ventures with the greatest possible advantages.

5. The New American Payments System, X the Everything App

For this one I am just going to quote my longtime payments lawyer source at length. They’ve got it and note this is a “read only” issue. Imagine the worst case of paying your taxes on X payments, or “receiving” your social security payments there.:

Obtaining access to and potentially exfiltrating data sets from BFS that may be characterized as “anonymized” (in order to evade criticism about potential violation of privacy laws), but could give insight into payment patterns and payment system strengths, weaknesses and behaviors:

1. Such information obtained on an inside track by DOGE would be very helpful, for example, if you are an entity like X Payments LLC and are currently licensed as a money transmitter in 42 states with plans to launch as-yet-to-be specified payments and financial services.

2. It is unclear whether there are any limitations on DOGE personnel transferring payment information to X Payments LLC in order for that company to gain proprietary information regarding federal payments in an anti-competitive manner compared to its fintech competitors currently in the marketplace.

3. Such single-sourced information not available to other market competitors would provide an anti-competitive jump for X Payments LLC on ApplePay, Google Pay, Samsung Pay (mobile wallets) and a host of other fintech companies in the marketplace backed by venture capital and private equity funding.

6. Ability to pick and choose who gets public money, regardless of congressional directives

I covered the constitutional aspects of this crisis Friday. The payment aspects I covered Monday. Without Judicial ability or willingness to sanction Trump & Musk, There is very little left of congress. The “power of the purse” is central to the rule and authority of congress. The decentralized (in relative terms) nature of administrative agencies means that there are enormous opportunities for agencies to follow the law. This is a place to skip past all those headaches.

7. Subordinate the judicial system to the Trump Administration/DOGE

This one has been hard to get across to readers. As you can imagine, the overwhelming social media response to this reporting has focused on the absurd illegality of the actions. Asking for judicial intervention. But as I covered in my piece Friday, the constitution is not self enforcing and the supreme court is unlikely to step in, or to step in a positive way. In my Friday’s piece I unfortunately presciently asked:

As a famous twentieth century statesman might have said in this situation "...and how many divisions does the Constitution have?” 

What happens if they are just embedded so deeply in the heart of government payments that there is no mechanism to dislodge them? Court Injunctions are not self enforcing either My longtime payments lawyer source agrees with this point, which I also tried to articulate Monday:

Chokehold to stop or delay any and all payments initiated by federal agencies, and potential mechanical method to thwart judicial rulings when a judge/court says “You as the Executive Branch cannot stop federal grants/payments lawfully approved and directed by Congress.”

As we’ve seen, there are no armed law enforcement figures coming in to save the day and if Musk's DOGE get deep enough into the Bureau of the Fiscal Service, the only way to enforce the law is through street actions.

8. Elon Musk can use this system against his enemies.

It almost feels quant to say because the timeline of so many of the other possibilities are so immediately and dramatically dire that this one almost feels hopeful in comparison in that it implies “competitive position” being something that is very meaningful. Nevertheless, it should be obvious that this information, which includes information on all businesses the Federal Government does business with, is ripe to be used to kneecap competitors. Specifically my longtime payments lawyer source brought up just outright putting competitors on the “do not pay” list. The “good case scenario” may just be an economy increasingly dominated in all corners by Musk and/or Trump through a sprawling network of business ventures with the greatest possible advantages.

9. The New American Payments System, X the Everything App

For this one I am just going to quote my longtime payments lawyer source at length. They’ve got it and note this is a “read only” issue. Imagine the worst case of paying your taxes on X payments, or “receiving” your social security payments there.:

Obtaining access to and potentially exfiltrating data sets from BFS that may be characterized as “anonymized” (in order to evade criticism about potential violation of privacy laws), but could give insight into payment patterns and payment system strengths, weaknesses and behaviors:

1. Such information obtained on an inside track by DOGE would be very helpful, for example, if you are an entity like X Payments LLC and are currently licensed as a money transmitter in 42 states with plans to launch as-yet-to-be specified payments and financial services.

2. It is unclear whether there are any limitations on DOGE personnel transferring payment information to X Payments LLC in order for that company to gain proprietary information regarding federal payments in an anti-competitive manner compared to its fintech competitors currently in the marketplace.

3. Such single-sourced information not available to other market competitors would provide an anti-competitive jump for X Payments LLC on ApplePay, Google Pay, Samsung Pay (mobile wallets) and a host of other fintech companies in the marketplace backed by venture capital and private equity funding.

10. Ability to pick and choose who gets public money, regardless of congressional directives

I covered the constitutional aspects of this crisis Friday. The payment aspects I covered Monday. Without Judicial ability or willingness to sanction Trump & Musk, There is very little left of congress. The “power of the purse” is central to the rule and authority of congress. The decentralized (in relative terms) nature of administrative agencies means that there are enormous opportunities for agencies to follow the law. This is a place to skip past all those headaches.

11. Catastrophic failure of the payments system.

Even a disruption for a day would be a disaster. A disruption on longer timescales would have unimaginable knock on effects. The Treasury could involuntarily default because of operational issues. The worst case scenarios, which are completely and utterly plausible at the time of writing, would be a catastrophe without precedent. No typical economic calamity like the Great Financial Crisis or even the Great Depression would be comparable.

[1americanconservative]

Peter Goodgame

ptrsoSedno9708ff6u g9a50gge la 6it2a1Mtsya312i7YfA3er:14dig0  · 

For three years, Volodymyr Zelensky has been America’s darling, a khaki clad symbol of defiance, pleading for billions in aid and NATO’s embrace amid Ukraine’s self inflicted war.

To many well-meaning Americans, he’s a hero battling overwhelming odds. But behind the curated image lies a far uglier truth, a stooge comedian turned president, propped up by a criminal oligarch, surrounded by cronies, and presiding over a regime of corruption, repression, and broken promises.

This is the real Zelensky, an actor playing a role he’s woefully unfit for, that was proven yesterday in the oval office.

As Ukraine spirals deeper into chaos and its brutally harvested conscript army collapses in retreat, it's important that decent Americans understand who and what this man really represents.

Let's start with Kvartal 95, The Oligarch’s Launchpad, Zelensky’s story starts not in politics but comedy. Born in 1978 in Kryvyi Rih, he co-founded Studio Kvartal 95 in the 1990s with a group of friends that had hit it big by the 2000s, ironically their big breaks were made in Russia, performing in Russian and focusing on Russian and Ukrainian political and cultural life. The key to all this success? Ihor Kolomoisky, a billionaire ukrainian oligarch with a laundry list of crimes, including fraud, money laundering, and brutal violence. Kolomoisky then owned 1+1, the TV network that handed Zelenskys Kvartal 95 a national platform starting in 2012. He didn’t just offer airtime. He bankrolled Zelensky with cash, security, and legal and criminal muscle. This wasn’t mentorship. It was a transaction. Kolomoisky, later sanctioned by the U.S. for “significant corruption,” saw Zelensky as a pawn in his game. By 2019, when Zelensky ran for president, Kolomoisky’s DNA was all over the campaign providing vehicles, lawyers, bodyguards, and a media blitz. Zelensky was never an outsider; he was a "made man"

This is where it gets almost unbelievably bizzare. In 2015, Zelensky starred in "Servant of the People," a hit satire aired on Kolomoisky’s 1+1 channel, where he played a teacher turned president railing against corruption.

Ukrainians, tired of the endemic corruption in the post Soviet state, lapped it up. Then, in 2018, his Kvartal 95 crew decided to turn fiction into reality, registering a political party called, you guessed it, "Servant of the People." It had absolutely no manifesto, no policies, and no plan of action, just a TV title and Zelensky’s face.

Running in 2019, Zelensky promised to end corruption and the Donbas civil war, which had erupted after the CIA backed Maidan Coup, winning in a landslide thanks to Kolomoisky’s media machine. An actor who played a president on TV was now remarkably in the real job.

Zelensky didn’t waste any time handing power to his showbiz pals. Ivan Bakanov, a Kvartal 95 co-founder, became head of the SBU security service with no experience. Serhiy Shefir, another comedy crony, took a top aide role, no experience. And then there’s Andriy Yermak, a film producer turned Zelensky’s right-hand man, now head of the Presidential Office, dubbed Ukraine’s “shadow president.” Yermak, physically and intellectualy towering over Zelensky, controls policy and access, a fixer running the show while the president flounders. These weren’t appointments based on merit. They were loyalty hires, a Kvartal 95 clique utterly unfit for a grossly dysfunctional war-torn nation.

Zelensky’s laughable anti-corruption pledge met reality in 2021 with the Pandora Papers. The leak revealed he and his inner circle,including Bakanov, were funnelling cash to Kolomoisky with Zelensky stashing millions offshore.

Zelensky swore to end corruption and the Donbas war. Instead, he’s delivered more of both, a million lie Dead, the free Media crushed, billions stolen, languages and religion banned. This criminal is no hero. No Churchill. And no friend of America. He should be treated accordingly.

Thanks for reading.

https://x.com/BowesChay/status/1895887898106323076...

[mariacallous]

French prosecutors gave preliminary information in a press release on Monday about the investigation into Telegram CEO Pavel Durov, who was arrested suddenly on Saturday at Paris’ Le Bourget airport. Durov has not yet been charged with any crime, but officials said that he is being held as part of an investigation “against person unnamed” and can be held in police custody until Wednesday.

The investigation began on July 8 and involves wide-ranging charges related to alleged money laundering, violations related to import and export of encryption tools, refusal to cooperate with law enforcement, and “complicity” in drug trafficking, possession and distribution of child pornography, and more.

The investigation was initiated by “Section J3” cybercrime prosecutors and has involved collaboration with France’s Centre for the Fight against Cybercrime (C3N) and Anti-Fraud National Office (ONAF), according to the press release. “It is within this procedural framework in which Pavel Durov was questioned by the investigators,” Paris prosecutor Laure Beccuau wrote in the statement.

Telegram did not respond to multiple requests for comment about the investigation but asserted in a statement posted to the company's news channel on Sunday that Durov has “nothing to hide.”

“Given the existence of several preliminary investigations in France concerning Telegram in relation to the protection of minors' rights and in cooperation with other French investigation units—for instance, on cyber harassment—the arrest of Durov, does not seem to me like a highly exceptional move,” says Cannelle Lavite, a French lawyer who specializes in free-speech matters.

Lavite notes that Durov is a French citizen who was arrested in French territory with an arrest warrant issued by French judges. She adds that the list of charges involved in the investigation is “extensive,” a wide net that she says is not entirely surprising in the context of “France's ambiguous legislative arsenal” meant to balance content moderation and free speech.

Durov is a controversial figure for his leadership of Telegram, in large part because he has not typically cooperated with calls to moderate the platform's content. In some ways, this has positioned him as a free-speech defender against government censorship, but it has also made Telegram a haven for hate speech, criminal activity, and abuse. Additionally, the platform is often billed as a secure communication tool, but much of it is open and accessible by default.

“Telegram is not primarily an encrypted messenger; most people use it almost as a social network, and they’re not using any of its features that have end-to-end encryption,” says John Scott-Railton, senior researcher at Citizen Lab. “The implication there is that Telegram has a wide range of abilities and access to potentially do content moderation and respond to lawful requests. This puts Pavel Durov very much in the center of all kinds of potential governmental pressure.”

On top of all of this, many researchers have questioned whether Telegram's end-to-end encryption is durable when users do elect to enable it.

French president Emmanuel Macron said in a social media post on Monday that “France is deeply committed to freedom of expression and communication … The arrest of the president of Telegram on French soil took place as part of an ongoing judicial investigation. It is in no way a political decision.”

News of Durov's arrest is fueling concerns, though, that the move could threaten Telegram's stability and undermine the platform. The case seems poised, too, to have implications in long-standing debates around the world about social media moderation, government influence, and use of privacy-preserving end-to-end encryption.

Lavite says the case certainly invokes debates about “the balance between the right to encrypted communication and free speech on the one hand, and users' protection—content moderation—on the other hand.” But she notes that there is a lot of information about the investigation that is unknown and “a lot of blurry zones still.”

On Monday afternoon, Telegram seemed to be receiving a download boost from the situation, moving from 18th to 8th place in Apple's US App Store apps ranking. Global iOS downloads were up by 4 percent, and in France the app was number one in the App Store social network category and number three overall.

[noodyl-blasstal]

Hallmark Hate Club

Hey, hey you? Every considered what might happen if you lived in one of the small towns where every Christmas comes with endless big city professionals in search of romance? Ever thought about how you might feel if your friends were picked off one by one? Wanna read a silly festive fic about just that?

Look no further! Find Hallmark Hate Club here.

Need more convincing? Read chapter one below:

At its peak, the Hallmark Hate Club had thrived. Seven years in though? Membership was thin on the ground.

It was easy to set up back then, December in Rockport was characterised by the inability to move without stumbling into busy professionals from Neverwinter looking for lumberjacks and bakers to save them from burnout. It was understanding that people were peeved to find the streets littered with big city adults with big city jobs who didn’t understand small town charm. Taako, and Lup hated it. Passionately. Magnus and Sloane used to hate it too… December was already busy, what with trying to get last minute orders together; baking endless sugar cookies; brewing endless cups of cocoa for cold nosed ice skaters who were giggly and love drunk; and definitely absolutely positively not laundering any money. It sucked, it sucked hard.

Taako and Lup were the founding members, Magnus joined soon after, and Sloane was a shoo in when she explained to Taako that she’d need to set up a regular cookie order with him because of the amount of lawyers who had suddenly started hanging around her cocoa stand (which definitely wasn’t a front for anything illegal, she just didn’t want a load of lawyers in her hair all the time - that was perfectly reasonable) relentlessly ordering things.

They’d had fifteen in their heyday and it was great, they supported each other whenever someone from the business factory skidded adorkably on their floors, or when they had to refuse to take anyone from out of town anywhere near an ice rink. It worked too. They watched horror movies and ate anti-romance snacks (Taako developed a whole menu), and bitched about how gullible everyone else was. And then it happened.

Or, more specifically, Julia happened.

They didn’t notice at first, they never did. That was a pattern. He mentioned someone he’d met at work, someone who’d come to his ancestral christmas tree farm who wasn’t like the other city slickers. She was interested in wood composition because of her research, she had career aspirations and loved her job and wasn’t stressed at all. They thought he was safe. He wasn’t. Magnus mentioned that it was refreshing to have someone come through town who wasn’t aggressively looking for romance. She’d told him that she didn’t buy into all that nonsense. They’d all found it refreshing too. Until it wasn’t. Until he started missing Hate Club nights. Until he told them she was different in a new way, in a lovesick way, in exactly the way they were all used to hearing from the people who got got. And sure, Julia had moved here but kept her job, she went back on research projects but largely worked from home. And sure, Taako liked her, thought she was great in fact. But none of that changed anything. None of that altered the fact that Magnus betrayed them.

Sloane went last year.

Lup said she didn’t blame her, that it could happen to anyone, but Taako wasn’t convinced. He’d seen the beginnings of it. She could have avoided it. Sloane handed over a cocoa to one of the many interchangeable lawyers circling her stand, he turned too fast - enraptured by the sound of jingle bells on one of the sleigh rides shooting about town and making the roads dangerous (no one knew where the fuck the things came from. He’d brought it up at town meetings and there were no permits, no permissions, and no one recognised the drivers, but the ‘Garfield’s showed up every year to clog up the roads and leave horse shit everywhere.) The cocoa spilled all over Hurley. A complete stranger. Someone Sloane had absolutely no need to concern herself with. Instead, she offered her a towel. That was it.

Taako thought it was done once Hurley mentioned that she was chief of police in Goldcliff. Double done once she started talking about feeling burnt out. Taako tried valiantly to derail things while he finished delivering and racking the cookies for Sloane each day and she ignored him. Just like Magnus had ignored him. Sloane started to just be around less, and less, and less again, until they realised that she hadn’t come to a meeting in six weeks. Then they knew. They got married in Spring. Taako made the cake. It had ten layers. It was fucking delicious.

And now, so what if there were only three of them left? So what if Johnann hadn’t been to a meeting in weeks? It probably didn’t mean anything. It didn’t mean he’d been got.

Lup sighs heavily and leans against him. "It got Johann." She turns her phone to Taako.

“Wait, what? Avi’s famous? Avi’s famous famous??? Fuck. How did we not notice?”

“It says here that he specifically didn’t tell anyone because he wanted to stay “low key” while he was in town.” Lup points to the line in the article.

Taako’s wants desperately to bite something. Hard. “Uh huh.”

“But then he saw Johann playing at the coffee shop open mic.”

“Of course he did.”

“And now they’re married and living in his penthouse apartment and Johann’s got a sell out world tour booked in.”

“It’s only been two weeks!”

Lup shrugs. “You know how it goes.”

“He didn’t even invite us to the wedding!”

“It says here they kept it small.” Lup points to the caption underneath a photo of Johann and Avi on a beach looking disgustingly happy.

“Sometimes I think this place is cursed.”

“I think they enjoy it, Taako. They seem happy.”

“Well Taako certainly doesn’t, and neither do you, right?”

“Right.” Says Lup. “It’s gross.”

Taako puts his serious face on. “This year we need to be extra careful, LuLu. We’re the only ones left.”

“Of course, we’ll be on top of it. We know the signs. No one’s coming for the Tacco twins.”

“Hey now, that’s not fair, Taako’s excellent with his ha…”

“No! Gross! Bad! You will not finish that sentence.” Lup nudges Taako hard with her elbow.

Taako snorts out a laugh and shoves her sideways. “Not getting got pact?” He offers out a crooked little finger for the traditional deal.

“Not getting got.” Lup sits up and hooks her finger round his.

“One! Two! Three! No romance!"

--

Chapter 2 here.

[namescan]

Tranche 2 Reform: Key Changes & Impact You Need to Know

The Tranche 2 Reform is a significant regulatory update that brings new compliance requirements and operational shifts across various industries. Whether you're a business owner, financial professional, or investor, understanding these changes is crucial to ensure compliance and strategic planning. In this article, we will break down the key changes introduced by Tranche 2 Reform, its impact on businesses and individuals, and what steps you can take to stay ahead.

What is Tranche 2 Reform?

Tranche 2 Reform refers to the second phase of regulatory changes aimed at enhancing financial transparency, anti-money laundering (AML) measures, and counter-terrorism financing (CTF) regulations. These reforms often target sectors previously considered at lower risk but now face increasing regulatory scrutiny.

Why is Tranche 2 Reform Important?

Governments and financial watchdogs implement Tranche 2 Reform to close loopholes, strengthen risk management, and align with global regulatory standards. Failure to comply can lead to severe penalties, reputational damage, and loss of business opportunities.

Key Changes in Tranche 2 Reform

1. Expanded AML and CTF Regulations

Under Tranche 2, industries such as real estate, legal services, accounting firms, and high-value asset dealers will now be subject to strict AML/CTF compliance measures. This includes:

Mandatory customer due diligence (CDD) procedures

Suspicious transaction reporting obligations

Implementation of risk-based compliance programs

2. Increased Compliance for Real Estate and Legal Professionals

Real estate agents, lawyers, and accountants will be required to identify and verify clients as part of efforts to prevent illicit financial activities. This means businesses in these sectors must:

Conduct enhanced background checks

Maintain records of transactions for regulatory audits

Implement internal policies to detect and report suspicious activities

3. Stronger Regulatory Oversight and Enforcement

Regulatory bodies will be given enhanced authority to conduct audits, investigations, and impose sanctions for non-compliance. Companies must be proactive in ensuring they meet all legal requirements to avoid penalties.

4. Greater Transparency in Financial Transactions

New reporting standards will demand better disclosure of beneficial ownership and financial transactions to reduce risks of fraud and tax evasion.

5. Technology and Cybersecurity Compliance

Financial institutions and other regulated sectors will need to adopt advanced cybersecurity measures to protect sensitive data and prevent financial crimes. This may involve:

Implementing secure digital identification systems

Enhancing data encryption and security protocols

Conducting regular compliance audits

Impact of Tranche 2 Reform on Businesses and Individuals

For Businesses

Increased Compliance Costs: Implementing new AML and CTF measures may require additional resources, training, and technology investments.

Operational Adjustments: Businesses must update internal policies and systems to align with the new regulations.

Stronger Risk Management: Companies will need to take a proactive approach to identifying risks and mitigating them effectively.

For Individuals

Stricter Verification Processes: Customers engaging with regulated industries may face longer verification processes when purchasing assets or legal services.

Greater Transparency: Personal financial transactions may be subject to closer scrutiny and reporting requirements.

Legal and Financial Implications: Non-compliance with regulations can lead to legal consequences and financial penalties.

Steps to Ensure Compliance with Tranche 2 Reform

1. Conduct a Compliance Audit

Assess your current compliance framework and identify gaps that need to be addressed. Work with legal and compliance experts to ensure alignment with the new regulations.

2. Train Your Team

Invest in compliance training programs for employees to familiarize them with AML/CTF requirements and reporting obligations.

3. Implement a Risk-Based Approach

Develop a risk assessment strategy to identify high-risk transactions and customers, ensuring enhanced due diligence is applied where necessary.

4. Utilize Technology for Compliance

Adopt digital solutions like AI-driven AML monitoring systems, e-KYC (electronic Know Your Customer) tools, and secure transaction tracking.

5. Stay Updated on Regulatory Changes

Regulations evolve, so it's important to monitor updates from regulatory authorities and industry associations to ensure ongoing compliance.

Frequently Asked Questions (FAQs)

1. Who is affected by Tranche 2 Reform?

Tranche 2 Reform primarily affects real estate agents, lawyers, accountants, high-value asset dealers, and financial service providers. However, individuals involved in financial transactions may also experience stricter verification processes.

2. What are the penalties for non-compliance?

Penalties can range from hefty fines and business restrictions to legal actions against companies and individuals failing to meet AML/CTF obligations.

3. How can small businesses comply with Tranche 2 regulations?

Small businesses can implement basic AML measures, such as customer verification, transaction monitoring, and compliance training, to ensure they meet regulatory standards.

4. Will Tranche 2 Reform impact international businesses?

Yes, international businesses dealing with regulated sectors in affected regions must comply with the new requirements to continue operations smoothly.

5. Where can I find more information on Tranche 2 Reform?

You can stay updated by following official government regulatory bodies, industry news, and professional compliance advisors.

Final Thoughts

The NameScan’s Tranche 2 Reform represents a significant shift in regulatory requirements, impacting businesses and individuals alike. Staying informed and prepared is the key to ensuring compliance and minimizing risks. If your business falls under the affected sectors, it's time to take proactive steps toward implementing the necessary changes.

Looking for expert guidance on how to comply with Tranche 2 Reform? Contact us today for a compliance consultation and safeguard your business against regulatory risks!

[legalconsultingblog]

Do Dubai lawyers handle anti-money laundering cases?

Dubai lawyers play a crucial role in handling anti-money laundering (AML) cases, a critical area of law given the city’s growing reputation as a global financial hub. The United Arab Emirates (UAE), including Dubai, has implemented stringent regulations and policies to combat money laundering, and legal professionals in the region are well-equipped to handle such cases. Dubai’s legal framework…

[wenjiecolawfirm]

When Do You Need a Lawyer for AMLA Malaysia Compliance Issues?

The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA Malaysia) imposes strict obligations on individuals and businesses to prevent illicit financial activities. Failing to comply with AMLA can result in severe penalties, including heavy fines and imprisonment. But how do you know when it’s time to call in a lawyer? Let’s explore the key situations where legal assistance becomes essential.

1. Setting Up AML Compliance Programs If you run a business in Malaysia, especially in sectors like finance, real estate, or legal services, you’re required to establish proper AML compliance measures. A lawyer can help you draft policies, conduct risk assessments, and ensure your business meets all regulatory requirements. With legal guidance, you can avoid unintentional breaches that could trigger investigations.

2. Facing an Investigation or Legal Action Receiving a notice from Bank Negara Malaysia or another regulatory body can be daunting. If your business is under investigation for potential AMLA violations, hiring a lawyer immediately is crucial. An experienced lawyer will guide you through the investigation process, represent you in legal proceedings, and help build a defense if needed.

3. Handling Suspicious Transaction Reports (STRs) Businesses are required to file Suspicious Transaction Reports (STRs) if they detect unusual financial activity. However, deciding what qualifies as a suspicious transaction can be complex. A lawyer can advise you on your reporting obligations, reducing the risk of either over-reporting and damaging client relationships or under-reporting and facing penalties.

Navigating AMLA Malaysia's complex legal landscape without expert advice can put your business at serious risk. Whether you’re setting up compliance measures, facing an investigation, or handling suspicious transactions, a lawyer’s support can make all the difference. Don’t wait until it's too late — consult with a lawyer to protect your business and stay compliant with AMLA regulations.

[stupendouscollectorstudent]

Navigating Regulatory Modifications in Financing with Insight from Marc Lasry

Introduction

In the ever-evolving landscape of financing, regulatory modifications are a consistent that specialists need to navigate with precision and insight. One prominent figure in this domain is Marc Lasry, co-founder of Avenue Capital Group. His comprehensive experience in investment and property management uses invaluable perspectives on how to strategically steer through financial regulations. This short article intends to explore the nuances of regulatory changes in finance, drawing insights from Marc Lasry's expertise.

Navigating Regulatory Modifications in Financing with Insight from Marc Lasry Understanding the Financial Regulatory Landscape

Regulatory structures govern how financial entities operate, making sure stability and securing financiers. Marc Lasry Avenue Capital Comprehending these regulations can be complicated, but it's vital for anyone associated with financing.

The Function of Regulatory Bodies

Regulatory bodies such as the Securities and Exchange Commission (SEC) and the Federal Reserve play essential roles in forming monetary practices. They develop guidelines that should be followed, guaranteeing transparency and fairness in the markets.

Types of Financial Regulations Securities Regulation: Governs transactions including stocks and bonds. Banking Regulation: Makes sure stability within banking institutions. Consumer Security Laws: Safeguard customers against unjust loaning practices. Anti-Money Laundering (AML): Requires organizations to report suspicious activity. The Significance of Compliance

Compliance isn't merely a checkbox workout; it's an essential aspect of keeping trust and credibility in finance.

Consequences of Non-Compliance

Failure to abide by guidelines can lead to extreme charges, consisting of fines and reputational damage.

Best Practices for Compliance Conduct regular audits. Train employees on regulative requirements. Implement robust reporting mechanisms. Marc Lasry: A Leader in Browsing Challenges Background on Marc Lasry

Marc Lasry, known for his strategic acumen, co-founded Avenue Capital Group in 1995. Under his leadership, Opportunity has actually become synonymous with distressed debt investing.

Educational Background

Lasry made his degree from Clark University and later on obtained his J.D. from New York Marc Lasry speaking engagements City Law School. His educational structure laid the groundwork for his effective career in finance.

Career Milestones

Lasry's journey started as an insolvency lawyer before transitioning into investment management-- an experience that equipped him with unique insights into navigating intricate financial landscapes.

Key Insights from Marc Lasry on Regulatory Changes Strategic Adaptation

In an environment marked by continuous regulatory shifts, versatility is key-- a principle championed by Lasry throughout his career.

Case Research studies: Effective Adaptations Market Volatility Response: During economic downturns, Avenue Capital

[springegg]

DHS employees took $15 million in bribes over 10 years to sell green cards and tip off drug dealers

About 200 employees of the US Department of Homeland Security have been found to have taken bribes totaling about $15 million over the past decade, US media reported Thursday. A report by the Department of Homeland Security says corruption among border and Customs officers and agents is a threat to U.S. national security.

Over the past decade, about 200 employees of the Department of Homeland Security accepted bribes totaling about $15 million by illegally selling green cards and other immigration materials, providing sensitive law enforcement information to drug cartels, and not pursuing related crimes, The New York Times has found through a review of U.S. court records. It is highly likely that the total amounts involved are understated because many court records do not provide specific figures for the bribes. In addition to money, other forms of bribery by DHS employees included gifts of fancy cars and free trips abroad.

Border Patrol and Customs officers and agents were among the top recipients of bribes at the Department of Homeland Security, collecting about $11 million. The bribery problem is not surprising, as the border is installed with more physical barriers, more sensors and patrol drones, human and drug traffickers increasingly difficult to operate, the need to "pay" Homeland Security employees. In 2016, 15 DHS employees were arrested, convicted or sentenced for bribery, including an employee of the department's Transportation Security Administration who was arrested for accepting $215,000 in bribes to help smuggle drugs; An official with the department's Citizenship and Immigration Services has pleaded guilty to taking $53,000 in bribes from immigration lawyers to help immigrants who did not meet the criteria for naturalization complete the process.

Us President-elect Donald Trump has made securing the border a priority of his presidency and has repeatedly said he wants to stop illegal immigration. A Department of Homeland Security official, speaking on condition of anonymity, said that without ensuring the integrity of the immigration system and addressing corruption and fraud among DHS employees, there would be no question of "building walls" or other tougher enforcement actions.

According to a report released by the Department of Homeland Security in May, Customs and Border Protection, which is part of the department, lacks effective mechanisms to clean up corruption within its ranks, and investigations of corruption rely heavily on tips from other employees, other government agencies or the public, some of which go back decades before they are discovered. In addition, the Department of Homeland Security also has a serious shortage of anti-corruption staff.

In recent years, a number of corruption cases across the United States have received national attention. Chaka Fatah, a former U.S. representative from Philadelphia, Pennsylvania, was sentenced this month to 10 years in prison, the harshest judicial punishment for corruption handed down to a member of Congress in recent years. The jury found Fata guilty of embezzlement, bribery, money laundering, falsification of records, fraud and other charges for misappropriating government grants and charitable funds for personal election campaigns and expenses.

Prominent Senator Menendez, a New Jersey Democrat, was indicted by the Justice Department last year on charges of taking bribes, fraud, false statements and other charges for which a verdict has yet to be handed down.

[newsclickofficial]

Mauritius' former Prime Minister Pravind Jugnauth has been released on bail following his dramatic arrest on Saturday on money laundering charges. He had been detained along with three others after the anti-corruption agency said it had seized suitcases of cash and luxury watches in raids on 10 locations, including Jugnauth's home.The former prime minister's lawyer said he denied the charges against him. Jugnauth's arrest came 100 days after his landslide defeat in elections, with his successor Navin Ramgoolam vowing to root out corruption. But few Mauritians expected the Financial Crimes Commission (FCC) to move so quickly, or to arrest the former prime minister on such serious charges. Some people took to the streets of the capital, Port Louis, to celebrate by lighting firecrackers, while a handful of his supporters turned up outside court on Monday to show their solidarity with him, chanting: "Pravin! Pravin!"His wife Kobita - who is not facing the charges - was released after being questioned for hours by investigators on Saturday. Her 63-year-old husband spent the night in a detention centre, before a magistrate granted him bail late on Sunday, setting it at $32,000 (£26,000).Jugnauth's co-accused - two prominent businesspeople and a deputy mayor - are still in detention, pending the outcome of their bail applications. Their lawyers have not yet commented on the charges against them. About $2.4m in local and foreign currencies - including US dollars, euros and UAE dirhams - were seized during the raids, FCC spokesperson Ibrahim Rossaye said. Seven luxury watches, including five high-end Cartier timepieces, were also confiscated, he added. As part of his bail conditions, Jugnauth has been ordered not to contact witnesses or to interfere with them. He must also stay at a fixed address and must inform the police if he decides to relocate.Jugnauth was the prime minister from 2017 to 2024 and is a member of one of the dynasties that has dominated politics in Mauritius.Jugnauth oversaw a historic deal with UK Prime Minister Keir Starmer regarding the future of the Chagos Islands.The agreement aims to settle the long-standing sovereignty dispute over the islands, but his successor has accused him of negotiating a bad deal and has reopened talks.

[qubixo1]

Mauritius EX-PM on the guarantee after accusing him of money laundering

The former Prime Minister of Mauritius Bravend Jojnouth was released on bail after his dramatic arrest on Saturday for money laundering. He was detained with three others after the Anti -Corruption Agency said it had seized money and luxury watches in raids in 10 locations, including the Jugnaut House. The former Prime Minister’s lawyer said he denied the charges against him. The arrest of…

[thecryptonewshub]

Trump Closing In on Crypto Regulation Team with Gould Pick

Trump’s strategic crypto regulation team takes shape with Jonathan Gould’s nomination as the OCC head, signaling future crypto banking integration. President Donald Trump's push to establish a strong crypto regulation team has gained momentum with his latest nomination of Jonathan Gould. This key move is expected to bring significant shifts to the U.S. government's approach to cryptocurrency regulation and its relationship with traditional banking. Gould’s extensive experience, from his time as a top lawyer at the Office of the Comptroller of the Currency (OCC) to his role as Bitfury’s chief legal officer, positions him as a formidable figure in shaping the future of crypto regulations in the U.S.

The appointment of Gould to run the OCC is consistent with Trump's larger efforts to place pro-crypto regulators in key positions. The focus is on promoting more integration between the Bitcoin industry and traditional banking systems. This shift could have far-reaching consequences for both industries, particularly as legislation promoting banking-crypto convergence moves through Congress. Also Read:  gmci-meme-index-still-outpaces-btc-and-eth-despite-fading-memecoin-rally Gould's past positions included establishing banking standards and providing legal insights into cryptocurrency policies. If confirmed by the Senate, Gould's leadership at the OCC might lead to more efficient regulatory frameworks for cryptocurrency businesses, potentially encouraging more banks to engage with the industry. Trump's broader crypto regulation team now includes powerful players such as Jonathan McKernan, who hold similar pro-crypto views. These data are likely to pave the way for a more favourable regulatory climate for cryptocurrency enterprises, which has been a hot topic for years. Trump is likely looking for a dramatic revamp of how the United States government deals with blockchain and digital currency by ensuring that important posts within financial regulatory agencies are filled by crypto experts. The overarching goal is to ensure that the United States is well-positioned in the global cryptocurrency race by enacting clearer laws that encourage innovation while safeguarding consumers. However, issues remain in balancing creativity with security and anti-money laundering procedures, which may continue to be a source of contention as the team progresses. Regardless, the nominations indicate a definite shift towards a more crypto-friendly regulatory climate in the United States. Read the full article

[mariacallous]

European liberals erupted into cheers in 2019 when the 45-year-old environmentalist and civil rights lawyer Zuzana Caputova was sworn in as Slovakia’s president. Even though she has fallen short of her ambitious goal of rooting out the persistent corruption and cronyism that course through Slovak society, she has chalked up many successes. These have earned her widespread popularity among Slovaks, who seemed to understand her project would always require more than one five-year term.

There’s just one problem: Caputova, facing new headwinds from the election of a new populist prime minister, has announced she’s not prepared to fight on.

Not only was Caputova the first-ever woman to hold the office, but her progressive, pro-European outlook and squeaky-clean biography stood out in a regional landscape stocked with ethnic nationalists, authoritarians, and other questionable operators. Caputova’s tough anticorruption platform was welcome relief to a country that had been rocked by graft, money laundering, and abuse of power scandals, as well as the contracted murder of a young journalist investigating organized crime.

In the course of her five-year term, the newcomer to elected office acquitted herself remarkably well, navigating Slovakia through the pandemic and then the war in Ukraine, a country with which it shares 60 miles of border to the east. Even as Slovakia’s southern neighbor, Hungary, prevaricated and obstructed transatlantic solidarity with Ukraine—a course many Slovak nationalists applauded—Caputova, suddenly head of a front-line state, stood fast. She has remained unflinchingly pro-Western even in the face of an acute energy crisis and hundreds of thousands of refugees.

Her mission to clean up the Slovakian state also notched impressive wins. Dozens of investigations were launched and cases opened up against figures linked to former governments—many of which led to convictions. In August 2023, Caputova—sometimes referred to as the Erin Brockovich of Slovakia—fired the country’s counterintelligence service chief for interfering in corruption investigations. But her anticorruption drive grew larger in scope when parliamentary elections in September 2023 reinstated Robert Fico, the former prime minister and pro-Russian, anti-American populist with the interests of himself and his associates always foremost in mind.

Many supporters expected that Caputova, as the principled, popular face of a new Slovakia, would soldier on for at least another term come elections in March 2024: to finish the job she had started. But Caputova’s tenure, she announced in June 2023, will come abruptly to an end. Her family’s well-being, she said, was behind her choice not to run again. “My decision is a personal one,” she said. “I am sorry if I disappoint those who expected my candidacy again.” In office, she had received multiple death threats, she said. A year earlier, she had already complained about “people who are threatening to kill me are using the vocabulary of some politicians. It does not only concern me, but also my loved ones.”

At the time of her announcement, Caputova polled as Slovakia’s most trusted politician. “I was surprised and disappointed when I heard the news,” said Pavol Demes of a German Marshall Fund fellow in Bratislava, who served as Slovakia’s foreign minister from 1991 to 1992. “Her track record proves that it was not coincidence that people elected her,” Demes said, adding that he believes Caputova would have prevailed again at the ballot box.

Others admit they’re more than just disappointed with Caputova’s “premature departure,” as the Slovak daily Dennik N put it. “Having an opportunity and not using it is literally a sin,” opined the Slovak newspaper Pravda, “especially if it is one that will never come again. … President Zuzana Caputova’s decision not to run can be considered a mistake. At a time when the chaos in Slovak politics has reached unprecedented proportions and the disillusionment among the population is great, the president bears even more responsibility for the fate of the country.”

In office, Caputova often punched back as hard as she was punched by her less principled opponents. She refused to let Fico, in the opposition since 2020, hound and bully her with impunity. In May 2023, she sued Fico for calling her an “American agent” and of “appointing Soros’ government,” referring to U.S. billionaire-philanthropist George Soros and the technocratic caretaker government she appointed in May 2023. Slovak authorities are still pursuing criminal cases involving dangerous threats made against the president.

Caputova’s aversion to the nastier aspects of Central European politics—in 1995 the son of the then-Slovak president was literally kidnapped—is understandable. But Caputova’s presence is all the more necessary today as Fico and his Smer-SD party are back in power and bent on returning Slovakia to its former incarnation. In just four months, Caputova has checked Fico several times. In October, for example, Caputova quashed the nomination of Rudolf Huliak as environment minister by the Slovak National Party, a Fico ally. Huliak, a nationalist, is known as a climate skeptic and opponent of LGBTQ+ rights.

She is currently weighing a veto of the Fico government’s move to dismantle the special prosecutor’s office—the body that handled the most serious corruption cases—and modify the criminal code, which triggered weeks of protests across Slovakia and rule-of-law concern from the EU. By weakening criminal sanctions for financial crimes, Fico could rescue the likes of Smer-allied oligarchs who would otherwise face prison sentences. One opposition politico charged that the law looks as if the mafia itself had written it. If her veto is overridden, which is likely, Caputova could take the issue to the Constitutional Court.

Caputova’s decision not to run thus opens the way for a multi-candidate race, the first round of which will be held on March 23 with, if necessary, a second in April. The vote is likely to come down to two candidates: National Council Speaker Peter Pellegrini, an on-again, off-again Fico ally; and Ivan Korcok, a liberal-minded former Slovak foreign minister and career diplomat. If Pellegrini triumphs, his victory will open the way for Fico to set in motion a pro-Russia political course that will greatly complicate the West’s defense of Ukraine, among other concerns.

Certainly, there would be no presidential corrective to hinder Fico in emulating his strongman counterpart next door in Hungary, Viktor Orban. Poland’s throwing off of its authoritarian leadership last year could have left Orban completely isolated in Central Europe. But Fico, though unlikely to amass the power of Orban’s Fidesz party or act so defiantly as Law and Justice Poland, sees Orban as a blood brother.

“Fico and his followers are fascinated by Orban’s method of governance since 2018,” Juraj Marusiak of the Slovak Academy of Sciences’ Institute of Political Science told Foreign Policy. “They see this authoritarianism as efficient and Orban as someone who takes care of his country’s national interests. This has made Orban creditable in Central Europe beyond Hungary alone.”

And Caputova’s bright light will be missed beyond diminutive Slovakia. Upon her election in 2019, a Hungarian acquaintance said to me that the only reason someone like Caputova could win in Central Europe is because she seemed to have no drawbacks at all: She was politically clean, charismatic, down to earth, and smart. And in office, she learned the ropes quickly. But she wasn’t perfect, apparently—no one could foresee that there would eventually be limits to her will to lock horns with Slovakia’s ruthless profiteers.

Sadly, there’s only one of her in the region. And soon, by her own choice, there will be none.

[noodyl-blasstal]

Hallmark Hate Club Part 1/2- Chapters 1-6

Hey - hey you! Wanna read the first 6 chapters of Hallmark Hate Club? Well great news, you can! The rest will be up tomorrow and boxing day.

Find them on A03, read Chapter 1 below:

At its peak, the Hallmark Hate Club had thrived. Seven years in though? Membership was thin on the ground.

It was easy to set up back then, December in Rockport was characterised by the inability to move without stumbling into busy professionals from Neverwinter looking for lumberjacks and bakers to save them from burnout. It was understanding that people were peeved to find the streets littered with big city adults with big city jobs who didn’t understand small town charm. Taako, and Lup hated it. Passionately. Magnus and Sloane used to hate it too… December was already busy, what with trying to get last minute orders together; baking endless sugar cookies; brewing endless cups of cocoa for cold nosed ice skaters who were giggly and love drunk; and definitely absolutely positively not laundering any money. It sucked, it sucked hard.

Taako and Lup were the founding members, Magnus joined soon after, and Sloane was a shoo in when she explained to Taako that she’d need to set up a regular cookie order with him because of the amount of lawyers who had suddenly started hanging around her cocoa stand (which definitely wasn’t a front for anything illegal, she just didn’t want a load of lawyers in her hair all the time - that was perfectly reasonable) relentlessly ordering things.

They’d had fifteen in their heyday and it was great, they supported each other whenever someone from the business factory skidded adorkably on their floors, or when they had to refuse to take anyone from out of town anywhere near an ice rink. It worked too. They watched horror movies and ate anti-romance snacks (Taako developed a whole menu), and bitched about how gullible everyone else was. And then it happened.

Or, more specifically, Julia happened.

They didn’t notice at first, they never did. That was a pattern. He mentioned someone he’d met at work, someone who’d come to his ancestral christmas tree farm who wasn’t like the other city slickers. She was interested in wood composition because of her research, she had career aspirations and loved her job and wasn’t stressed at all. They thought he was safe. He wasn’t. Magnus mentioned that it was refreshing to have someone come through town who wasn’t aggressively looking for romance. She’d told him that she didn’t buy into all that nonsense. They’d all found it refreshing too. Until it wasn’t. Until he started missing Hate Club nights. Until he told them she was different in a new way, in a lovesick way, in exactly the way they were all used to hearing from the people who got got. And sure, Julia had moved here but kept her job, she went back on research projects but largely worked from home. And sure, Taako liked her, thought she was great in fact. But none of that changed anything. None of that altered the fact that Magnus betrayed them.

Sloane went last year.

Lup said she didn’t blame her, that it could happen to anyone, but Taako wasn’t convinced. He’d seen the beginnings of it. She could have avoided it. Sloane handed over a cocoa to one of the many interchangeable lawyers circling her stand, he turned too fast - enraptured by the sound of jingle bells on one of the sleigh rides shooting about town and making the roads dangerous (no one knew where the fuck the things came from. He’d brought it up at town meetings and there were no permits, no permissions, and no one recognised the drivers, but the ‘Garfield’s showed up every year to clog up the roads and leave horse shit everywhere.) The cocoa spilled all over Hurley. A complete stranger. Someone Sloane had absolutely no need to concern herself with. Instead, she offered her a towel. That was it.

Taako thought it was done once Hurley mentioned that she was chief of police in Goldcliff. Double done once she started talking about feeling burnt out. Taako tried valiantly to derail things while he finished delivering and racking the cookies for Sloane each day and she ignored him. Just like Magnus had ignored him. Sloane started to just be around less, and less, and less again, until they realised that she hadn’t come to a meeting in six weeks. Then they knew. They got married in Spring. Taako made the cake. It had ten layers. It was fucking delicious.

And now, so what if there were only three of them left? So what if Johnann hadn’t been to a meeting in weeks? It probably didn’t mean anything. It didn’t mean he’d been got.

Lup sighs heavily and leans against him. "It got Johann." She turns her phone to Taako.

“Wait, what? Avi’s famous? Avi’s famous famous??? Fuck. How did we not notice?”

“It says here that he specifically didn’t tell anyone because he wanted to stay “low key” while he was in town.” Lup points to the line in the article.

Taako’s wants desperately to bite something. Hard. “Uh huh.”

“But then he saw Johann playing at the coffee shop open mic.”

“Of course he did.”

“And now they’re married and living in his penthouse apartment and Johann’s got a sell out world tour booked in.”

“It’s only been two weeks!”

Lup shrugs. “You know how it goes.”

“He didn’t even invite us to the wedding!”

“It says here they kept it small.” Lup points to the caption underneath a photo of Johann and Avi on a beach looking disgustingly happy.

“Sometimes I think this place is cursed.”

“I think they enjoy it, Taako. They seem happy.”

“Well Taako certainly doesn’t, and neither do you, right?”

“Right.” Says Lup. “It’s gross.”

Taako puts his serious face on. “This year we need to be extra careful, LuLu. We’re the only ones left.”

“Of course, we’ll be on top of it. We know the signs. No one’s coming for the Tacco twins.”

“Hey now, that’s not fair, Taako’s excellent with his ha…”

“No! Gross! Bad! You will not finish that sentence.” Lup nudges Taako hard with her elbow.

Taako snorts out a laugh and shoves her sideways. “Not getting got pact?” He offers out a crooked little finger for the traditional deal.

“Not getting got.” Lup sits up and hooks her finger round his.

“One! Two! Three! No romance!"

Chapter 2 here.

[influencermagazineuk]

In a surprising move, the chief executive of Entain, the company behind major bookmakers Ladbrokes and Coral, has stepped down after just five months in charge. The sudden departure of Gavin Isaacs was announced as a mutual decision, taking effect immediately, leading to an almost 11% drop in Entain's share price. Isaacs, a 60-year-old Australian lawyer with a quarter-century of experience in the global betting, gaming, and lottery industries, had emerged from semi-retirement to take on the role. Relocating from Las Vegas, he took the reins of the FTSE 100-listed company in September. However, his unexpected exit has left many wondering about his next steps, though sources suggest his departure was unrelated to the company's strategy or performance. Entain plc, Public domain, via Wikimedia Commons In the interim, the company will once again be led by Stella David, the current chair, until a permanent CEO is appointed. David previously served as interim chief executive for nine months during the last leadership transition. Meanwhile, Pierre Bouchut, a senior independent director, will take over as interim chair. Entain, valued at over £4 billion, now faces another leadership transition at a critical time. David expressed appreciation for Isaacs' contributions, stating, "Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution." With her interim role, she joins a small group of female chief executives in the FTSE 100, where only 10 companies are currently led by women. Despite the leadership shake-up, Entain remains optimistic about its financial outlook. The company expects its underlying profits for 2024 to reach the upper end of the £1.04 billion to £1.09 billion forecast range, aligning with market expectations of around £1.1 billion in profits for the coming year. Isaacs' appointment was initially seen as a strategic move due to his extensive experience in the US gambling sector. His previous roles included positions at Scientific Games Corporation, DraftKings, Bally Technologies, and Aristocrat Technologies. In 2022, he was inducted into the American Gaming Association's Hall of Fame. However, running a UK-listed company presented different challenges compared to his previous experience in the US gambling industry. Analysts at Goodbody described his departure as "disappointing" and a source of "uncertainty around management." They noted that the search for Isaacs took nine months, and he was widely regarded as a strong choice. However, they also pointed out that David, having previously served as interim CEO, is seen as a "safe pair of hands." Entain is also facing scrutiny from regulators. The Financial Reporting Council is currently investigating its 2022 financial results, focusing on the audit conducted by KPMG. Additionally, the company has been dealing with financial setbacks. In 2023, it reported an after-tax loss of £879 million, largely due to a £585 million settlement related to an investigation into alleged bribery involving a former Turkish business. An additional impairment charge of £190 million was also recorded for its Australian operations. The UK authorities had been investigating potential bribery offences linked to a Turkish subsidiary that Entain sold in 2017. The regulatory pressure intensified two months ago when Australian regulator Austrac announced civil penalty proceedings against Entain. The company was accused of "serious and systemic" non-compliance with Australia’s anti-money-laundering and counter-terrorism financing laws. Austrac claimed that Entain lacked the necessary procedures to detect and prevent criminal activities on its platforms. While the potential fines remain uncertain, the company acknowledged that the costs could be "material," adding to investor concerns. In response to the regulatory challenges, Entain stated in December that it had fully cooperated with Austrac's investigation and had initiated an overhaul of its Australian operations. The company aims to complete this reform process by June. As Entain navigates this period of transition and regulatory scrutiny, the focus now shifts to stabilizing its leadership and reassuring investors about its long-term strategy. With strong financial projections and a commitment to compliance reforms, the company remains a significant player in the global sports betting and gaming industry despite its current challenges. Read the full article

[lawfirm-elixir]

Here are five key points on how strict SRA ethical standards are:

Strict Compliance – Lawyers must follow the SRA Code of Conduct, ensuring honesty, integrity, and professionalism.

Severe Penalties – Breaches can lead to fines, suspension, or being struck off from practice.

Client Protection – Strict rules ensure fair treatment, confidentiality, and no conflicts of interest.

Financial Transparency – Lawyers must handle client money carefully and follow strict anti-money laundering regulations.

Ongoing Monitoring – The SRA regularly audits and investigates law firms to maintain ethical standards.