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EU agrees extension of cash controls at border
The
EU has agreed a draft regulation [1] to strengthen controls on cash entering or
leaving the bloc. The move, which aims to bring existing EU legislation into
line with Financial Action Task Force (FATF) standards, will now require..
Online Published Date:
02 July 2018
Appeared in issue:
256 - 01 September 2018
Danske Bank under renewed pressure over Estonian laundering allegations
Danske Bank may have laundered up to Danish Kroner53bn (US$8.3bn) through its Estonian branch, according to a report in Danish newspaper Berlingske on 4 July [2018]. [1]If accurate, the figure would be more than double previous estimates, based on..
Online Published Date:
05 July 2018
Appeared in issue:
256 - 01 September 2018
Member states face fines for 4th EU Directive transposition delay
Greece, Romania and Ireland have been referred to the European Court of Justice for not implementing the Fourth EU Money Laundering Directive (4MLD), which includes the requirement for a publicly available register of beneficial owners of legal..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
UBS censured for BSA/AML breaches at US branches
Three US branches of UBS AG, the Swiss banking group have been
censured, but not fined, for “critical deficiencies” in their Bank Secrecy
Act/Anti-Money Laundering program. A consent order [1] signed with the US Office of..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
Positive account – Bangladesh [Video]
Bangladesh scored well, broadly, in its 2016 mutual evaluation by the Asia/Pacific Group on Money Laundering. Abu Hena Mohammad Razee Hassan, Deputy Governor of Bangladesh Bank, the country’s central bank and head of its Financial Intelligence Unit..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
FATF targets beneficial ownership reforms in work plan
By
Keith Nuthall
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
Complex structures recur in hiding beneficial ownership typologies
By Keith Nuthall
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
Measured threat
The UK National Crime Agency holds it “realistic to say that hundreds of billions are laundered through the UK annually,” Donald Toon, Prosperity Command, NCA told the House of Commons Treasury Committee in July. [1]MPs on the Economic..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
UK regulator enforcing earlier, faster – FCA AML report
Seventy-five
firms and individuals are under investigation for potential AML breaches, the
UK Financial Conduct Authority reveals in its Anti-Money Laundering Report
2017/18. [1] Many of the cases involve use of both its civil and..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
Rothschild Bank in ‘serious breach’ of AML rules over 1MDB, says Swiss regulator
Rothschild Bank AG and its subsidiary Rothschild Trust
(Schweiz) AG were in “serious breach of Swiss anti-money laundering rules” over
their business relationships and transactions relating to the 1MDB Malaysian
sovereign wealth fund,..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
UK Law Commission consults on SARs reform
The Law Commission has published a consultation on reform of the UK SARs regime [1] with the goal of helping reporters submit information that will better assist law enforcement concentrate on the most suspicious activity.The paper highlights the..
Online Published Date:
26 July 2018
Appeared in issue:
256 - 01 September 2018
StanChart gains third extension of deadline to fix US sanctions controls
Standard Chartered Bank has secured a third extension, to 31
December 2018, of its deferred prosecution agreements (DPAs) with the US
Department of Justice and the New York County District Attorney’s Office. The DPAs were originally signed in..
Online Published Date:
31 July 2018
Appeared in issue:
256 - 01 September 2018
US snaps back sanctions on Iran
The US has reimposed tough economic sanctions on Iran, effective 7 August [2018], in line with President Donald Trump’s decision to withdraw from the Joint Comprehensive Plan of Action, signed July 2015 and designed to halt the Iranian nuclear..
Online Published Date:
07 August 2018
Appeared in issue:
256 - 01 September 2018
From convergence to divergence – US sanctions on Iran force EU to act
Zia Ullah (+44 161 831 8454, ziaullah@eversheds-sutherland.com), James Lindop (+44 207 919 4718, jameslindop@eversheds-sutherland.com) and Mark D. Herlach (+1 202 383 0172, markherlach@eversheds-sutherland.com) are partners and Victoria Turner (+44 161 831 8718, victoriaturner@eversheds-sutherland.com) a senior associate at Eversheds Sutheland.
Online Published Date:
08 August 2018
Appeared in issue:
256 - 01 September 2018
EU Commission fosters collective AML effort, no new agency proposals
By Liz Newmark, in Brussels
Online Published Date:
08 August 2018
Appeared in issue:
256 - 01 September 2018
Could cashless casinos solve China’s money laundering problems?
Richard Malish is General Counsel at NICE Actimize where he counsels on global anti-money laundering, fraud, trading compliance and banking regulatory matters.
Online Published Date:
13 August 2018
Appeared in issue:
256 - 01 September 2018
Canada's great experiment - the Cannabis Act [Video]
Canada is the first major jurisdiction to legalise recreational use of cannabis nationwide – from 17 October 2018. Keith Nuthall spoke to Jordan Sinclair of Canopy Growth Corporation, a leading local producer, at their headquarters and factory..
Online Published Date:
13 August 2018
Appeared in issue:
256 - 01 September 2018
HKMA fines Shanghai Commercial Bank HK$5m for business customer monitoring failures
Hong Kong’s AML regulator has fined Shanghai Commercial Bank Ltd (SCOM) HK$5m (approximately US$670,000) for not adequately monitoring business relationships. [1]Between July 2014 and June 2016, SCOM’s compliance department identified..
Online Published Date:
20 August 2018
Appeared in issue:
256 - 01 September 2018
Making good decisions in complex environments
Peter Wilson (+44 (0) 20 3439 1139, pwilson@herminius.com) is Managing Partner at Herminius (www.herminius.com), a strategic advisory firm offering enhanced due diligence, market entry and anti-money laundering services to banks, investors and multinational companies.
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Rot at the top: FinCEN lights on corrupt foreign PEPs
Denis O’Connor is a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Far away but marked – Vanuatu, Fiji and the Solomon Islands
Physically remote they may be but three small South Pacific nations are clearly visible on the anti-money laundering assessors’ radar, finds Jens Kastner.VanguardAs in the Caribbean, small island jurisdictions in the South Pacific vary in..
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
New Zeal(and)
Lawyers and accountants joined the ranks of business and professions covered by anti-money laundering and counter-terrorist financing obligations in New Zealand from 1 July. Barbara Barkhausen looks at the local threat and defence landscape.New..
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Money-go-round – the Indian experiment
India may have opted for extreme demonetisation of higher value banknotes and closed more than 200,000 shell companies, but its fight against money laundering and terrorist financing continues to face major obstacles, writes Raghavendra Verma from..
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
GDPR and AML – a perfect pair?
Louise Delahunty (+44 (0) 20 7556 4341, ldelahunty@cooley.com) and Ann Bevitt (+44 (0) 20 7556 4264, abevitt@cooley.com) are partners and Joanne Elieli (+44 (0) 20 7556 4481, jelieli@cooley.com) an associate at Cooley.
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Where next for SARs? The UK Law Commission consults
Emma Radmore (+44 (0)207 788 2372, emma.radmore@wbd-uk.com) is legal director and a member of Womble Bond Dickinson (UK) LLP's financial services team.
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Steering clear – Papua New Guinea
Papua New Guinea (PNG) came off the Financial Action Task Force’s (FATF) grey list in 2016 and is taking steps to stay that way, writes Barbara Barkhausen.The Pacific island state has established new anti-money laundering/combating the..
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
Added value – pay and prospects in AML Compliance
The increasing demands of regulation make this a good time to be in anti-money laundering/counter terrorist financing (AML/CTF) compliance - financially, at least - with salaries on the rise. Poorna Rodrigo reports on improving pay and..
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018
An embarrassment of report riches
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
04 September 2018
Appeared in issue:
256 - 01 September 2018