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Sector-wide: EU & US sanctions on Russia move to next level
On 31 July 2014 the EU announced ‘tier 3’ sanctions on Russia in the wake of escalating tension in eastern Ukraine and the downing of flight MH17. Susannah Cogman of Herbert Smith Freehills in London provides a guide to the corresponding..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Bank fines, Compliance dividends
Financial institutions may be paying the price of past neglect, if not, on occasion, downright disregard of AML and sanctions obligations, but it’s a good time to be in Compliance as they are having to pay more, much more for talent as well...
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Singapore slingshot
Acutely conscious of accusations that hitherto the AML regime has served as little more than window-dressing, Singapore, by its own calculation, the world’s fourth largest offshore financial centre, is tightening up its controls – and..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
No let-up: UK regulator’s annual AML report
The Financial Conduct Authority’s second AML annual report arrives as the regulator meditates how it will oversee the financial crime controls of an additional 50,000 firms, which provide consumer credit. Charlotte Hill of Covington &..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
US takes a measured stride on beneficial ownership
The Financial Crimes Enforcement Network first proposed extension of existing customer due diligence obligations to identification of beneficial owners of accounts in covered US financial institutions in February 2012. After protracted consultations..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Russia – on the offensive
Rosfinmonitoring, Russia’s financial intelligence unit, charged with development and direction of the country’s anti-money laundering and counter terrorist financing regime - and reporting straight to President Putin - is working on a..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Trouble-shooting
Firms, and so their AML compliance teams, are under intense scrutiny by competent authorities as they seek to rebuild business and balance sheet after the financial crisis. Practitioners, a UK regulator and law enforcement candidly discussed areas..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Bank of America pays $16.6m for narcotics trafficking sanctions failings
Bank of America is to pay $16,562,700 to settle 213 apparent violations of US sanctions programmes against narcotics traffickers. In a notice released on 24 July 2014 [1] the Office of Foreign Assets Control says that between September 2005 and..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Fraud funds through foreign bank account caught by UK law
A person may be tried for money laundering under the Proceeds of Crime Act 2002 (POCA) for permitting fraudulently obtained funds to enter their foreign bank account and then allowing them to be withdrawn, the Court of Appeal has ruled.
In June..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
PwC pays $25m for changing report on wire stripping at Bank of Tokyo Mitsubishi
PricewaterhouseCoopers Regulatory Advisory Services will pay a $25m penalty to the State of New York and not undertake consulting assignments for financial institutions supervised by the New York Department of Financial Services (NYDFS) for 24..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Four more months – measured sanctions relief for Iran
On 19 July 2014, the United States, the United Kingdom, Germany, France, Russia, and China (the “P5+1”) and Iran mutually consented to extend the Joint Plan of Action (JPOA), reached by the parties on 24 November 2013, for an additional..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
Standard Chartered transaction monitoring gaps cost $300m penalty & US dollar clearing suspensions
Standard Chartered Bank [SCB] will pay a $300m penalty to the New York Department of Financial Services after it failed to remediate transaction monitoring deficiencies in line with a consent order agreed with the regulator in September 2012. [1] A..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
BNP Paribas pays $8.9bn, senior staff exit over US sanctions breaches
BNP Paribas (BNPP) has pleaded guilty to criminal conspiracy to violate US sanctions [1]; the French bank will pay $8.9 billion to US authorities for systematically disguising more than $190 billion of transactions with clients from Iran, Sudan and..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014
The next act in the AML cycle
Germany was judged to have fallen sufficiently far short of Financial Action Task Force expectations in 2010 to merit regular inspection visits to check on remediation efforts to its AML/CFT regime. Sue Grossey looks at the steps it took to earn..
Online Published Date:
26 August 2014
Appeared in issue:
216 - 26 August 2014