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BDO Consult Ltd fined €61,763 in Malta for due diligence and reporting failures
Malta’s Financial Intelligence Analysis Unit (FIAU) has levied a €61,763 penalty on corporate services provider BDO Consult Limited for weaknesses in anti-money laundering practice uncovered during a 2019 regulatory review.In one file, although the..
Online Published Date:
02 April 2022
Appeared in issue:
293 - 25 March 2022
N Trust Ltd fined €94,868 in Malta over fourth beneficial owner mystery
Malta-based company service provider N Trust Limited must pay a €94,868 fine after the Financial Intelligence Analysis Unit (FIAU) found suspiciously complex activity by a group of customers.Seven corporate customers, reviewed by the FIAU in 2021,..
Online Published Date:
02 April 2022
Appeared in issue:
293 - 25 March 2022
Forest Hill Real Estate fined Can$22,770 for lack of AML risk assessment, other failings
Toronto-based Forest Hill Real Estate was ordered, on 28October 2021 [1], to pay Can$22,770 for anti-money laundering control breaches discoveredduring a compliance inspection in 2019. [2] FINTRAC, Canada’s financial intelligence unit, found thatthe..
Online Published Date:
04 April 2022
Appeared in issue:
293 - 25 March 2022
Outlier - Afghanistan
The Taliban takeover of Afghanistan in August 2021 put the country’s anti-money laundering and counter terrorist financing regime on indefinite pause: meanwhile exclusion from the international finance system and political moves to unlock the..
Online Published Date:
10 April 2022
Appeared in issue:
293 - 25 March 2022
US, EU, UK ramp up sanctions and trade controls on Russia as Ukraine civilian death toll grows
By Keith Nuthall
Online Published Date:
10 April 2022
Appeared in issue:
293 - 25 March 2022
Use your intelligence
Martin Woods (martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).
Online Published Date:
11 April 2022
Appeared in issue:
293 - 25 March 2022
Ukraine-Russia crisis [12] – sanctions: the Magnitsky case, investment & services, aerospace, electronics, marine, and Putin’s family
7/4/22: The withdrawal of Russian military from positionsaround Kyiv merely switches the focus east to the Donbas region. As both sides regroup,Herbert Smith Freehills lawyers report on Australia’s sanctions againstindividuals implicated in the..
Online Published Date:
11 April 2022
Appeared in issue:
293 - 25 March 2022
Ensure you receive the latest updates from Money Laundering Bulletin
Did you know you can receive our email alerts to keep you fully informed of the latest developments brought to you by Money Laundering Bulletin? Make sure you are signed up and be the first to know about our new content.If you use..
Online Published Date:
15 April 2022
Appeared in issue:
292 - 01 April 2022
FATF finds high technical compliance with standards but low effectiveness
Just over three quarters (76%) of countries assessed by the Financial Action Task Force (FATF) have “satisfactorily implemented” its 40 Recommendations on anti-money laundering and counter terrorist financing but only a shade over a fifth (21%) are..
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022
FCA finds weak financial crime controls at UK ‘challenger’ banks
By Keith Nuthall
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022
Ukraine-Russia conflict [14] – sanctions: food, aid, crypto mining, oil refining, iron, steel, luxury goods
21/4/22: In a strike against any Russian attempts to capitalise on abundant energy resources and a helpfully cold climate to mine cryptocurrency at scale and circumvent sanctions, the USA has augmented its Special Designated Nationals (SDN) list...
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022
An eye on AI
The ability to crunch more data than ever before and find hitherto unknown patterns is appealing but how useful is it in practice for anti-money laundering currently? Rose Pengelly looks for evidence.Anti-money laundering/counter financing of..
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022
Mule accounts – a stubborn global challenge
Colin Holder (+44 (0)797 093 8163, colin.holder@iongroup.com) is CEO of Identity Intelligence Ltd (www.acurisriskintelligence.com).
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022
Material difference – accountants & EU AML reform
Legislative overhaul of the European Union’s anti-money laundering and counter terrorist financing regime underway in Brussels will impose more obligations on the accountancy profession but there will be benefits as well, finds Keith..
Online Published Date:
29 April 2022
Appeared in issue:
293 - 25 March 2022