Money Laundering Bulletin

A UK-registered trust and company service provider that instructed payment, in 2018, to a designated person under The Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014, has been fined UK£300,000 (US$394,985) by the UK Office of Financial Sanctions Implementation (OFSI).

The Banque et Caisse d'Épargne de l'État, or Spuerkeess, was fined €4,968,780 (US$5,746,780) on 2 May [1] in Luxembourg for compliance failings in transaction monitoring and customer due diligence.