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Standard Chartered fined UK£20.5m by OFSI for Russian sanctions breaches
Standard Chartered Bank is to pay a UK£20.5m penalty over loans it made to a Turkish subsidiary of Sberbank of Russia in violation of EU sanctions imposed after the annexation of Crimea.The UK Office of Financial Sanctions Implementation (OFSI) says..
Online Published Date:
01 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day eight
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
01 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day nine
Martin Woods (martin@amlwoods.com)is a former Metropolitan Police Officer and latterly the Head of FinancialCrime at Thomson Reuters.
Online Published Date:
01 April 2020
Appeared in issue:
273 - 01 May 2020
Qatar fines Horizon Crescent Wealth QR30m over AML due diligence breaches
Horizon Crescent Wealth LLC must pay QR30,000,000 (US$8,239,500)after a tribunal confirmed on 19 March [2020] Qatar Financial Centre RegulatoryAuthority (QFCRA) findings that the trust administrator had committed seriousbreaches of the Gulf state’s..
Online Published Date:
02 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day ten
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
02 April 2020
Appeared in issue:
273 - 01 May 2020
Caesars Entertainment pays UK£13m for AML and social responsibility failures
Bricks and mortar casino operator Caesars Entertainment UK Ltd, which has 11 establishments across Britain, is to pay UK£13 million after the Gambling Commission found “serious, systematic failings” in its dealings with VIP customers between January..
Online Published Date:
03 April 2020
Appeared in issue:
273 - 01 May 2020
US still non-compliant with key FATF Recommendations – follow-up evaluation
By Keith Nuthall
Online Published Date:
03 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day eleven
Martin Woods (martin@amlwoods.com)is a former Metropolitan Police Officer and latterly the Head of FinancialCrime at Thomson Reuters.
Online Published Date:
03 April 2020
Appeared in issue:
273 - 01 May 2020
Less is more – towards a lower rate of false positives
AlexonBell isChief Product Officer (Anti-Money Laundering) at Quantexa (www.quantexa.com).
Online Published Date:
06 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day fourteen
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
06 April 2020
Appeared in issue:
273 - 01 May 2020
Venezuela – cocaine, oil and sanctions
Selva Ozelli, Esq., CPA is an international tax attorney and CPA who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.
Online Published Date:
07 April 2020
Appeared in issue:
273 - 01 May 2020
Corruption and sanctions: the wrong tool for the job?
John Binns(+44 (0)20 7430 2277,jbinns@bcl.com) andMichael Drury(+44 (0)20 7430 2277,mdrury@bcl.com) are partners at BCL Solicitors LLP, specialising in financial crime, money laundering and sanctions.
Online Published Date:
07 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day fifteen
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
07 April 2020
Appeared in issue:
273 - 01 May 2020
Little alternative - Lebanon
The major civil protests that erupted across Lebanon in October 2019, and continued until the government imposed a COVID-19 lockdown in mid-March, have promoted large scale money laundering through concerted and often successful attempts to avoid..
Online Published Date:
08 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day sixteen
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
08 April 2020
Appeared in issue:
273 - 01 May 2020
Unexplained wealth orders on properties of Kazakh PEPs overturned
Threeunexplained wealth orders (UWOs) on high-end London properties held by closerelatives of Nursaltan Nazarbayev, Kazakhstan’s former autocratic president,have been discharged by the High Court.The two houses, in Hampstead and Highgate, and an..
Online Published Date:
09 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day seventeen
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
09 April 2020
Appeared in issue:
271 - 02 March 2020
Westpac sets aside Au$900m to cover fine for AML breaches
Westpac Banking Corporation has provided Au$900 million [1] against the fine it expects over alleged “systemic failures” in its anti-money laundering controls, including around customer due diligence and monitoring, which may have allowed transfers..
Online Published Date:
14 April 2020
Appeared in issue:
273 - 01 May 2020
Informa is postponing the distribution of print publications
Due to the ongoing Coronavirus pandemic, thedistribution of all Informa Law hard-copy publications will be temporarilyhalted.As we’re seeing across the publishing world, andbeyond, Covid-19 is causing major logistical issues. As a result, our own..
Online Published Date:
14 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-two
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
14 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-three
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
15 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-four
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
16 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-five
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
17 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-eight
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
20 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day twenty-nine
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
21 April 2020
Appeared in issue:
273 - 01 May 2020
Industrial Bank of Korea pays US$86m, signs DPA for inadequate AML program
Wilful failure to establish and operate an effective anti-money laundering programme between 2011 and 2014 has cost the Industrial Bank of Korea (IBK) and its New York branch (IBKNY) penalties totalling US$86m from US prosecutors and regulators...
Online Published Date:
21 April 2020
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273 - 01 May 2020
A plague on all their houses?
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
22 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day thirty
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
22 April 2020
Appeared in issue:
273 - 01 May 2020
EY must pay Dubai ML whistleblower US$11 million damages
By Sara Lewis
Online Published Date:
23 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day thirty-one
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
23 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day thirty-two
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
24 April 2020
Appeared in issue:
273 - 01 May 2020
Triplebet double hit by UK£740,000 fine & suspension for AML, social responsibility failings
Online betting exchange and casino operator Triplebet, which traded as ‘Matchbook’, faces a UK£740,000 fine in addition to licence suspension, effective 17 February [2020], after the UK Gambling Commission found “serious failings” in its anti-money..
Online Published Date:
27 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day thirty-five
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
27 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown – day thirty-six
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
28 April 2020
Appeared in issue:
273 - 01 May 2020
Fast forward - Uganda [Video]
Creation of the Financial Intelligence Authority, Uganda’s financial intelligence unit, was a major factor in the East African country’s removal from the Financial Action Task Force blacklist in 2017. Established in 2014, the FIU achieved membership..
Online Published Date:
28 April 2020
Appeared in issue:
273 - 01 May 2020
UK lockdown - day thirty-seven
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
29 April 2020
Appeared in issue:
273 - 01 May 2020
Going pro
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Comply and explain – time to open the black box
Rocket science maths and algorithms near impossible todisentangle, let alone translate into terms the layman or, at least, aregulator can understand, will no longer cut it, says Sarah Gibbons. AMLprofessionals, both in industry and supervision, are..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Render unto Caesar – the Vatican, money and control
Management of church finances by Rome,already obscure, was further clouded last October [2019] when the probity ofits own financial intelligence unit came under attack. Brenda Dionisi,in Milan, seeks to throw some light on the proceedings. The..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Raise the bar [2]: EBA revised Guidelines on ML/TF risk factors – Customer Due Diligence
Denis O’Connor, aFellow of both the Institute of Chartered Accountants in England & Walesand the Chartered Institute of Securities and Investment, was a member of theBritish Bankers’ Association Money Laundering Committee from 2003-10 and amember of the Joint Money Laundering Steering Group’s Board and Editorial Panelbetween 2010 and 2016. He has been a frequent speaker at industry conferenceson financial crime issues, both in the UK and abroad.
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Downside – correspondent account derisking
Access to the international financialsystem continues to narrow with major institutions still closing correspondentaccounts. Paul Cochrane examines the patterns and consequences of apersistent trend.Derisking through the dismantling ofcorrespondent..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Base 10 – major case files
Moneylaundering investigations reaching the public domain are gaining in scale andfrequency; they are also increasingly international in scope as this selectionby MLB correspondents attests. The reporters are Keith Nuthall, JensKastner, Julian..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Drag factors - Bulgaria
Bulgariahas been building capacity to combat corruption since it joined the EuropeanUnion in 2007. Sara Lewis, Diana Yordanova and Keith Nuthallexplore whether the Balkan state’s anti-money laundering efforts, bothtechnical, legal and practical,..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Behind the curve - Hungary
The third anniversary of the Fourth EU Money Laundering Directive implementation deadline is not far off, on 26 June 2020, but it may well be that Hungary is still non-compliant, nor yet with the Fifth ML Directive. Sara Lewis, Zlatko Čonkaš and..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
Stop-start – Romania
Romania wins no prizes for punctual implementation of European Union Law. Sara Lewis, Andrew MacDowall and Keith Nuthall track the fitful course of the Fourth and Fifth Money Laundering Directives into domestic legislation.First Four, now..
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020
UAE technically sound, but too few money laundering prosecutions, says FATF
By Keith Nuthall
Online Published Date:
30 April 2020
Appeared in issue:
274 - 01 June 2020
UK lockdown - day thirty-eight
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
30 April 2020
Appeared in issue:
273 - 01 May 2020