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Banco Popular de Puerto Rico pays OFAC US$255,938 over Venezuela sanctions violations
Banco Popular de Puerto Rico (BPPR), which has branches inPuerto Rico and the US Virgin Islands, has agreed to pay the US Office ofForeign Assets Control (OFAC) US$255,037.86 for apparent violations of theVenezuela Sanctions Regulations (VSR).The..
Online Published Date:
10 June 2022
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295 - 10 June 2022
EU sixth sanctions package riddled with holes, Official Journal shows
By Keith Nuthall
Online Published Date:
10 June 2022
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295 - 10 June 2022
EU proposals on criminal asset confiscation extend to sanctions evasion
By Sara Lewis
Online Published Date:
10 June 2022
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295 - 10 June 2022
Ukraine-Russia conflict [17] – sanctions: yachts, jets, SOEs and senators
3/6/22: The United States continues a multi-pronged strategy against Russian interests, setting restrictive measures on the wealthy elite with connections to Putin and designating ‘military end user’ entities. Meanwhile, restaurants and luxury goods..
Online Published Date:
10 June 2022
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295 - 10 June 2022
Cryptocurrency checks – Know Your Miner (KYM)
The creation of cryptocurrency units through the arcane process of ‘crypto-mining’ presents peripheral money laundering risks, during the initial validation of a crypto coin and where it is mined. Paul Cochrane finds there could be need for a new..
Online Published Date:
13 June 2022
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295 - 10 June 2022
Holiday bookcase
Susan Grossey is an author, specialising in real-life financial crime (http://www.thinkingaboutcrime.com/publications.htm) and the fictional kind (https://susangrossey.wordpress.com/purchase/).
Online Published Date:
15 June 2022
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295 - 10 June 2022
Press gang – pursuing Putin’s oligarchs
Russia’s invasion of Ukraine sparked an unprecedented range of sanctions against Moscow’s financial, business and political elite. But, writes Keith Nuthall, there is little evidence as of June [2022 ] – with the invasion entering its fourth month –..
Online Published Date:
15 June 2022
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295 - 10 June 2022
Canada’s FIU and federal police slammed by Commission on ML in British Columbia
By Keith Nuthall, in Ottawa
Online Published Date:
16 June 2022
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295 - 10 June 2022
UK FIU staff shortfall persists beyond 15 years – FATF report
The UK financial intelligence unit (UKFIU) is significantly understaffed, the Financial Action Task Force (FATF) reports in its first follow-up to the country’s 2018 evaluation. [1]Although headcount has risen from 81 to 141, this is incommensurate,..
Online Published Date:
17 June 2022
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295 - 10 June 2022
FATF puts constraints on Russian role over Ukraine invasion
By Keith Nuthall
Online Published Date:
18 June 2022
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295 - 10 June 2022
Mind the digital gap(s) – constant change and control
Virtual assets and related services are evolving daily. The authorities, especially in developed jurisdictions, know this well and are doing their best to adapt and design new law and regulations, says Sara Lewis, but it’s impossible to cover all..
Online Published Date:
18 June 2022
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295 - 10 June 2022
Ukraine-Russia conflict [18] – sanctions: strict liability for breaches, asset recovery for evasion
15/6/22: Violation of sanctions now risks a civil penaltyon a strict liability basis in the United Kingdom while the United States andEuropean Union have both banned provision of accounting, trust and corporateand management consulting services to..
Online Published Date:
21 June 2022
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295 - 10 June 2022
Ghana International Bank fined UK£5.8m in UK for correspondent banking breaches
London-based Ghana International Bank Plc (GIB) will pay UK£5,829,900 after the UK Financial Conduct Authority found flaws in its AML controls around correspondent banking for the period 1 January 2012 to 31 December 2016. [1]The FCA discovered that..
Online Published Date:
23 June 2022
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295 - 10 June 2022
Crypto cops – on the digital money trail
A spate of recent high-profile investigations into suspected money laundering through cryptocurrency and a failure to prevent it have drawn attention to law enforcement’s capacity to tackle illicit finance in the virtual sphere. Rose Pengelly, in..
Online Published Date:
23 June 2022
Appeared in issue:
295 - 10 June 2022
UAE: beyond the mirage
The United Arab Emirates (UAE) was put on the Financial Action Task Force’s (FATF) grey list in March [2022]. Since then, the Emirates government says it has striven to build out and strengthen its AML/CFT regime, but is it window-dressing or really..
Online Published Date:
23 June 2022
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295 - 10 June 2022
Graph technology: joining the dots
Dr. Alica Frame (https://www.linkedin.com/in/alicia-frame/) is Senior Director – Graph Data Science at Neo4j (www.neo4j.com).
Online Published Date:
24 June 2022
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295 - 10 June 2022
Put off
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
29 June 2022
Appeared in issue:
295 - 10 June 2022
Credit Suisse found guilty of criminal AML breaches by Swiss court
Failure to spot suspicious dealings with Bulgarian customers led to criminal conviction of Credit Suisse for anti-money laundering contravention on 27 June [2022].The Swiss Federal Criminal Court also ordered the bank to pay a CHF2 million (US$2.1..
Online Published Date:
29 June 2022
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295 - 10 June 2022
UK Money Laundering Regulations amended – 14 key changes
Sam Robinson (+44 (0)20 7524 6836, sam.robinson@cms-cmno.com) is a partner, Yasmin Johal (+44 (0)207367 2623, yasmin.johal@cms-cmno.com),an associate, Susann Altkemper (+44 (0)20 7367 2624, susann.altkemper@cms-cmno.com)and Matthew Nyman (+44 (0)20 7367 3048, matthew.nyman@cms-cmno.com) are ofcounsel, and Daniel Lederman is a trainee solicitor at CMS.
Online Published Date:
29 June 2022
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295 - 10 June 2022
Gaps open in EU and UK AML approaches to cryptoasset transfers
EU negotiators agreed, on 29 June [2022], a provisional bill that would extend the ‘travel rule’ – originator and beneficiary information transmission alongside a transaction – to most cryptoasset transfers by businesses regulated for anti-money..
Online Published Date:
30 June 2022
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295 - 10 June 2022
FATF urges faster ‘travel rule’ take-up for crypto transfers
By Keith Nuthall
Online Published Date:
30 June 2022
Appeared in issue:
295 - 10 June 2022
EU looks to boost AML Authority powers and reach
By Sara Lewis, in Brussels
Online Published Date:
02 July 2022
Appeared in issue:
295 - 10 June 2022