Series 12, Episode 5: Luxury Sector Scrutinized for Financial Crime and Sanctions Risk

In this episode, Helen Chan, regulatory intelligence expert and Rachel Wolcott, senior editor discuss financial crime compliance risks in luxury hospitality and the luxury goodssectors. They run through recent developments and sanctions compliance in high-risk geographies and what that means for multinational luxury groups.Rachel shares an overview of regulatory requirements implemented in the U.S. and anticipated reforms applicable to businesses in the luxury sector in Europe and the United Kingdom. Rachel and Helen highlight compliance takeaways for financial institutions, luxury groups and dealers of high value assets such as art and real estate.Links:Displays of wealth on social media draw scrutiny:https://regintel-content.thomsonreuters.com/document/ICBBF93E0701C11EFB351F8E4C03DB09C/COMMENTARY:-Displays-of-wealth-on-social-media-draw-regulatory-scrutiny--11-09-2024Kim Jong Un drives Putin during state visit to North Korea (Korea Central Television)https://www.youtube.com/watch?v=DNHHtFVibK8Factsheet: FinCEN issues final rule to increase transparency in residential real estatetransfers: https://www.fincen.gov/sites/default/files/shared/RREFactSheet.pdfLafarge pleads guilty to conspiring to provide material support for terrorist organizations: https://www.justice.gov/opa/pr/lafarge-pleads-guilty-conspiring-provide-material-support-foreign-terrorist-organizationsContact us:[email protected]@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.