Right, I did download it couple of months ago...
Strange thing is that it appears to be transparent in some planes and have grey background others. Anyway...sometimes i see my squad mates logo transparent, sometimes not.
About the downloading...i mean the logo download is automatic and if you already have that particular logo...is it updated to everyone IF THAT SOMEONE ALREADY HAVE THE SAME NAMED LOGO in squads folder.
I think it happens so that it is checked if you have the logo and if not it is downloaded from server. If someone update their logo...it won't be updated to everyones FE.