- Home/Publications/Money Laundering Bulletin
UAE fines 11 banks over AML faults
The UAE Central Bank, on 24 January [2021], fined 11 banks, not named, a total of AED45,758,333 (US$12,460,000) for breaches of its anti-money laundering and counter-terrorist financing law. [1]In the last week of January [2021], Bank of Baroda..
Online Published Date:
01 February 2021
Appeared in issue:
281 - 20 January 2021
Whistle in confidence – US Anti-Money Laundering Act 2020
Meredith S. Dante (+1 215 864 8132, dantem@ballardspahr.com) is a partner, Diana M. Joskowicz (+1 215 864 8311, joskowiczd@ballardspahr.com) an associate & Peter D. Hardy (+1 215 864 8838, hardyp@ballardspahr.com) a partner at Ballard Spahr LLP.
Online Published Date:
01 February 2021
Appeared in issue:
281 - 20 January 2021
Apple Bank pays US$12.5m to FDIC over US Bank Secrecy Act violations
Apple Bank for Savings of New York has paid US$12.5 million to settle claims by the Federal Deposit Insurance Corporation (FDIC) that it breached the Bank Secrecy Act (BSA) between April 2014 and September 2018. [1] The consent order was dated 21..
Online Published Date:
02 February 2021
Appeared in issue:
281 - 20 January 2021
Big ask - ex-fraudster on catching cash laundering
Much anti-money laundering expertise is built on the experience of victims and law enforcement, fed into techniques and systems fighting the crime. But ex-offenders have a different perspective and can offer fresh insight and intelligence maybe not..
Online Published Date:
02 February 2021
Appeared in issue:
281 - 20 January 2021
Base metal – gold & crime
Valuable, malleable, hard to trace, easy to transport and sell, gold possesses all the attributes that criminals desire so it is surprising, at the least, that controls on the trade are so lax. Paul Cochrane reports from Pietermaritzburg, South..
Online Published Date:
02 February 2021
Appeared in issue:
281 - 20 January 2021
Go slow over UBO – EU registers
Publicaccess to who owns companies set up in the European Union was a centrepiece ofthe Fifth Money Laundering Directive, yet Sara Lewis, in Brussels, findsthat not all member states are fully on board with the transparency agenda. Manyof the..
Online Published Date:
02 February 2021
Appeared in issue:
281 - 20 January 2021
FinCrime Curator – February 2021
Staying on top of all the quality AML and other financial crime content published online is a pleasurable duty and the last few months have yielded some material especially well worth a look and listen. (Note – external links may be cut or change..
Online Published Date:
02 February 2021
Appeared in issue:
280 - 25 November 2020
UK private schools and universities complicit in West African PEP corruption, says report
By Sara Lewis
Online Published Date:
05 February 2021
Appeared in issue:
281 - 20 January 2021
Learning our lessons
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
09 February 2021
Appeared in issue:
281 - 20 January 2021
Digital transformation: AML Compliance in 2020/21
Adam McLaughlin (adam.mcLaughlin@niceactimize.com) is Global Head of Financial Crime Strategy & AML SME, NICE Actimize.
Online Published Date:
11 February 2021
Appeared in issue:
281 - 20 January 2021
Crown Resorts AML flaws make it unfit to run new Sydney casino, says regulator
By Keith Nuthall
Online Published Date:
11 February 2021
Appeared in issue:
281 - 20 January 2021
UAE fines exchange house AED504,000 for weak AML/CFT compliance
The Central Bank of the UAE (CBUAE), on 28 January [2021], fined an unnamed exchange house AED504,000 (US$137,200) over its deficient anti-money laundering and combating the financing of terrorism (AML/CFT) compliance framework.The size of the..
Online Published Date:
12 February 2021
Appeared in issue:
281 - 20 January 2021
Luxembourg register scrape reveals criminal, dead and child owners
By Sara Lewis, in Brussels
Online Published Date:
15 February 2021
Appeared in issue:
281 - 20 January 2021
Jersey fines three SG Kleinwort Hambros firms over UK£700,000 for AML & Compliance breaches
Three Société Générale Group firms, registered with the Jersey Financial Services Commission (JFSC), have been fined a total of UK£719,451.21 for “significant and material” failures, including in relation to anti-money laundering and counter..
Online Published Date:
17 February 2021
Appeared in issue:
282 - 17 February 2021
Cash in
Cryptocurrencies and online transactions may pose increasing money laundering and terrorist financing (ML/TF) risks, especially with Covid-19 encouraging e-commerce, but the reality, find Paul Cochrane, Mauricio Savarese, Mark Rowe and Keith..
Online Published Date:
18 February 2021
Appeared in issue:
282 - 17 February 2021
FINRA fines Actinver US$150,000 for AML program failings
Actinver,a full-service retail brokerage firm based in Houston, Texas has accepted a US$150,000FINRA penalty after its anti-money laundering program was found to be defectivebetween 26 August 2015 and 11 March 2017. [1] The AML surveillance system..
Online Published Date:
19 February 2021
Appeared in issue:
282 - 17 February 2021
BitPay reaches US$507,375 settlement over digital currency US sanctions breaches
BitPay, Inc. of Atlanta, Georgia, which processes digital currency payments received by its merchant customers, has agreed to pay US$507,375 to the US Office of Foreign Assets Control (OFAC) to settle potential civil liability for 2,102 apparent..
Online Published Date:
19 February 2021
Appeared in issue:
282 - 17 February 2021
LGL Trustees fined UK£550,000 in Jersey court for due diligence breaches
Non-recognitionof the risk that a structure set up for the National Bank of Angola could beused to embezzle public money and a failure to properly identify and verify thecontrollers – the bank’s board members – for six years has cost LGL TrusteesLtd..
Online Published Date:
22 February 2021
Appeared in issue:
282 - 17 February 2021
UK universities take £52m in cash payments from students
A Freedomof Information request by The Times newspaper has revealed that at least49 UK universities have allowed students to pay UK£52 million in cash to cover feesacross the last five years. [1] Chinese nationals accounted for the biggest share –..
Online Published Date:
23 February 2021
Appeared in issue:
282 - 17 February 2021
Time the UK got serious about fraud and money laundering
Peter Binning (+44 (0)20 7353 6000, pb@corkerbinning.com) is a partner and Peter Bowles (+44 (0)20 7353 6000, PTB@corkerbinning.com) a trainee solicitor at Corker Binning.
Online Published Date:
24 February 2021
Appeared in issue:
282 - 17 February 2021
Cayman Islands has strategic deficiencies in AML/CFT, deems FATF
A British Overseas Territory faces ongoing monitoring by the Financial Action Task Force for failing to meet international anti-money laundering and counter-terrorist financing standards.The February 2021 FATF plenary heard that despite progress..
Online Published Date:
26 February 2021
Appeared in issue:
282 - 17 February 2021
Dutch FIU sets up bank liaison system to share anonymised AML analysis
By Sara Lewis
Online Published Date:
27 February 2021
Appeared in issue:
282 - 17 February 2021