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Crown Global Life Insurance firms fined BD$400,000 in Bermuda for wide-ranging AML failings
Two business under the Crown Global brand were penalised BD$400,000 for a host of anti-money laundering breaches, according to a notice of 31 December 2020 from the Bermuda Monetary Authority (BMA). [1]Crown Global Life Insurance Ltd and Crown..
Online Published Date:
04 January 2021
Appeared in issue:
280 - 25 November 2020
BitGo pays US$98,830 to settle multiple US sanctions program infractions
BitGo, Inc, the California-based digital currency services provider, entered into a US$98,830 settlement with the US Office of Foreign Assets Control (OFAC) on 30 December 2020 over “apparent violations” of various US sanctions programs. [1]The..
Online Published Date:
04 January 2021
Appeared in issue:
280 - 25 November 2020
National Commercial Bank settles US sanctions violations action for US$653,347
Saudi-basedNational Commercial Bank (NCB) has agreed to pay US$653,347 to settle potentialcivil liability for apparent violations of US sanctions programs targetingSudan and Syria. NCB processed 13 US$ transactions, summing to US$5,918,560, inthe..
Online Published Date:
04 January 2021
Appeared in issue:
280 - 25 November 2020
Satabank penalty for broad AML failings reduced to €851,793 in Malta
Satabank plc, which faced a €3,711,300 fine by the Maltese Financial Intelligence Analysis Unit (FIAU) in March 2019 for major failings in its anti-money laundering controls, has secured a reduction in the penalty, to €851,793, in the Court of..
Online Published Date:
05 January 2021
Appeared in issue:
280 - 25 November 2020
Union de Banques Arabes et Françaises pays US$8.6m to settle US Syria sanctions violations case
A French bank specialising in trade finance between Europe,the Middle East, Africa and Asia has agreed to pay US$8,572,500 to settle its potentialcivil liability for breaching US sanctions on Syria on 127 occasions betweenAugust 2011 and April 2013...
Online Published Date:
05 January 2021
Appeared in issue:
280 - 25 November 2020
U.S. pulls crypto transactions into AML reporting regime
Selva Ozelli, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.
Online Published Date:
06 January 2021
Appeared in issue:
280 - 25 November 2020
Matching‽
Eric A. Sohn, CAMS, CGSS, global market strategist and product director, Dow Jones Risk & Compliance, New York, NY, USA, eric.sohn@dowjones.com
Online Published Date:
06 January 2021
Appeared in issue:
280 - 25 November 2020
US Congress legislates to end secrecy around arts and antiquity sales
BySara Lewis
Online Published Date:
07 January 2021
Appeared in issue:
280 - 25 November 2020
EU/UK Brexit deal includes beneficial ownership and ML confiscation promises
By Keith Nuthall
Online Published Date:
07 January 2021
Appeared in issue:
280 - 25 November 2020
UK MSB fined record £23.8 million by HMRC for breaching ML Regulations
MT Global, a Luton, UK-based money service business has been fined a record UK£23.8 million by HM Revenue & Customs for “significant breaches of money laundering regulations” between July 2017 and December 2019. [1]The penalty is more than three..
Online Published Date:
08 January 2021
Appeared in issue:
280 - 25 November 2020
A new ERA beckons
Martin Woods (martin@amlwoods.com) is Managing Director of AMLWoods (www.amlwoods.com).
Online Published Date:
12 January 2021
Appeared in issue:
280 - 25 November 2020
New year, new UK sanctions regime
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner, Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com) a senior associate, and Will Merry (+44 (0)20 7466 2266, will.merry@hsf.com) an associate at Herbert Smith Freehills.
Online Published Date:
12 January 2021
Appeared in issue:
280 - 25 November 2020
US Congress makes sweeping changes to AML enforcement
Joshua M. Robbins (+1 (949) 224-6284, jrobbins@buchalter.com) and Cheryl M. Lott (+1 (213) 891-5259, clott@buchalter.com) are attorneys with Buchalter.
Online Published Date:
13 January 2021
Appeared in issue:
280 - 25 November 2020
Covid-19 - viral opportunities for criminals
Covid-19 has shifted both consumer behaviour and the revenue streams for criminals, encouraging abandonment of some laundering techniques in favour of others, writes Paul Cochrane. Malefactors have intensified their cyber focus, attacking unwary..
Online Published Date:
14 January 2021
Appeared in issue:
280 - 25 November 2020
One EU rulebook – an opinion
Andrea Moundi Savvides (+357 2582 0020, andrea.moundi@harneys.com) is Head of Compliance, MLRO (Cyprus) and Andreas Stavrou (+357 2582 0020, andreas.stavrou@harneys.com) a Consultant and member of the Compliance team (Cyprus) at Harneys.
Online Published Date:
14 January 2021
Appeared in issue:
280 - 25 November 2020
Physician, heal thyself
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
15 January 2021
Appeared in issue:
280 - 25 November 2020
Capital One fined U$390m over AML program & SAR, CTR failures
Capital One, National Association, the US bank, will pay a US$290 million civil penalty to FinCEN for “egregious failures” to comply with the Bank Secrecy Act. [1] Another US$100 million due is to be offset against the fine previously levied, in..
Online Published Date:
18 January 2021
Appeared in issue:
280 - 25 November 2020
The next four years: US sanctions policy
Zia Ullah (+44 (0)161 831 8454, ziaullah@eversheds-sutherland.com) is a Partner, Kimberly Jones (+44 (0)20 7919 0953, kimberlyjones@eversheds-sutherland.com) and Omar Alami (omaralami@eversheds-sutherland.com) are Associates of Eversheds Sutherland (International) LLP. With special thanks to Sarah Paul (Partner) and Ginger Faulk (Partner) of Eversheds Sutherland (US) for their insights.
Online Published Date:
19 January 2021
Appeared in issue:
280 - 25 November 2020
Looking abroad - NCA use of asset freezing and forfeiture orders
Maria Cronin (+44 (0)20 7822 7737, mcronin@petersandpeters.com) is a partner and Karl Masi (+44 (0)20 7822 7740, kmasi@petersandpeters.com) an associate at Peters & Peters Solicitors LLP. They represented the executive in the AFFO proceedings referred to in this article.
Online Published Date:
19 January 2021
Appeared in issue:
280 - 25 November 2020
Cryptoassets, suspicion and failure to disclose - sections 329 and 330 of the UK Proceeds of Crime Act
Ariana Caines (+44 (0)20 3709 8711, aec@brightlinelaw.co.uk) is a barrister with Bright Line Law.
Online Published Date:
20 January 2021
Appeared in issue:
281 - 20 January 2021
Take it from the top
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
29 January 2021
Appeared in issue:
281 - 20 January 2021