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Criminal: NatWest
Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
Online Published Date:
04 January 2022
Appeared in issue:
290 - 01 February 2022
Ex-CEO of Swedbank charged with fraud and market manipulation over AML claims
Birgitte Bonnesen, former chief executive of Swedbank, wasaccused on 4 January [2022] of serious fraud and market manipulation over hercommunications about the lender’s anti-money laundering controls in Estonia. [1]Whether intentionally or through..
Online Published Date:
04 January 2022
Appeared in issue:
290 - 01 February 2022
TD Bank pays US$115,005 for North Korea & narcotics kingpin US sanctions breaches
TD Bank, N.A. has agreed to pay the US Office of Foreign Assets Control (OFAC) US$115,005.04 to settle apparent violations of the North Korea Sanctions Regulations and the Foreign Narcotic Kingpin Regulations. [1]TDBNA processed 1,479 transactions,..
Online Published Date:
05 January 2022
Appeared in issue:
290 - 01 February 2022
Airbnb Payments in US$91,172 OFAC settlement over Cuba sanctions violations
Statistical sampling of ‘Stays’ and ‘Experiences’ (traveller lodging and activities provided by Airbnb hosts), and extrapolation to all transactions Airbnb Payments, Inc, a money services business, processed between 20 September 2015 and 1 March..
Online Published Date:
05 January 2022
Appeared in issue:
290 - 01 February 2022
The long view
Robert Mazur (www.robertmazur.com) was speaking to Keith Nuthall.
Online Published Date:
05 January 2022
Appeared in issue:
290 - 01 February 2022
Mishcon de Reya pays UK£232,500 for poor CDD, client account use for banking, missing risk assessment
British law firm Mishcon de Reya has agreed to pay a record UK£232,500 penalty, and investigation costs of UK£50,000, after the Solicitors Regulation Authority (SRA) found flaws in its customer due diligence (CDD) for two individual clients and..
Online Published Date:
06 January 2022
Appeared in issue:
290 - 01 February 2022
University challenge – a special report on laundering in higher education
Common crooks and kleptocrats want the best tertiary education money can buy for their children, whether to launder the stain of their own criminality and allow the next generation a fresh start or to ensure the same are academically..
Online Published Date:
13 January 2022
Appeared in issue:
290 - 01 February 2022
Law, but action? EU AML reform
Re-engineering Europe’s anti-money laundering regime presents legislative challenges, on scope and form – directive v. regulation, and sovereignty through the plan for a supranational supervisor, while in the background there is the ever-present..
Online Published Date:
13 January 2022
Appeared in issue:
290 - 01 February 2022
Law and consequence in Hong Kong
China is exerting steady pressure on Hong Kong to ensure a consistent line with Beijing, notably through the recent National Security Law, which impacts anti-money laundering, as Mark Godfrey discovers.The National Security Law imposed by Beijing on..
Online Published Date:
13 January 2022
Appeared in issue:
290 - 01 February 2022
Canada in catch-up
Canadian lawyers may yet be outside the anti-money laundering regime but the country is closing other long-standing sectoral gaps – progress acknowledged by the Financial Action Task Force and reported on by Keith Nuthall, in Ottawa.June..
Online Published Date:
13 January 2022
Appeared in issue:
290 - 01 February 2022
Is it all worth it? – AML effectiveness
The Financial Action Task Force (FATF)mutual evaluation reports may show growing technical compliance with its Recommendations yet the return on investment in the global anti-money laundering/counter financing of terrorism (AML/CFT) system,..
Online Published Date:
13 January 2022
Appeared in issue:
290 - 01 February 2022
Grand International Futures censured & fined HK$8m over due diligence, AML officer suspended
The Hong Kong Securities & Futures Commission (SFC) closedout 2021 with a fine of HK$8m (US$1.025m) against securities brokerage GrandInternational Futures Co. Ltd (GIFCL) for inadequate checks on clients’ tradingapplications and irregular..
Online Published Date:
17 January 2022
Appeared in issue:
290 - 01 February 2022
RGN fined €60,000 in Malta over non-reporting after tax evasion flags
A corporate services provider that failed to file suspiciousactivity reports on signs of tax evasion and money laundering has been orderedto pay a €60,000penalty by the Maltese Financial Intelligence Analysis Unit (FIAU). [1]RGN Malta Ltd was the..
Online Published Date:
17 January 2022
Appeared in issue:
290 - 01 February 2022
Binance is first crypto exchange to pay AML fine, of 8m lira, in Turkey
BNTeknoloji, the Turkish arm of Binance, the world’s leading cryptocurrencyexchange [1], has been fined 8 million lira (approximately US$702,000) afterthe Financial Crime Investigation Board (MASAK), Turkey’s financialintelligence unit, found..
Online Published Date:
17 January 2022
Appeared in issue:
290 - 01 February 2022
GBM fined US$250,000 for failing to follow up red flags
Texas-based broker-dealer GBM International, Inc has agreed to pay a US$250,000 fine and accept a censure from FINRA for not reasonably investigating signs of suspicious activity on four customer accounts opened between September 2013 and December..
Online Published Date:
17 January 2022
Appeared in issue:
290 - 01 February 2022
FinCrime Curator – January 2022
If the bad actors never stop then at least the financial crime white hats are increasingly busy broadcasting on the risk, sharing their insight and expertise. Our new year virtual tour brings out the best in combating the worst, from lessons in TV’s..
Online Published Date:
17 January 2022
Appeared in issue:
290 - 01 February 2022
Online Amusement Solution pays €386,567: Maltese agency stony-faced over multiple AML/CFT breaches
An onsite inspection of remote gambling firm Online Amusement Solutions Ltd (OAS) in 2019 was the genesis of a fine, on 14 January [2022], of €386,567, by Malta’s Financial Intelligence Analysis Unit (FIAU). The enforcement notice [1] is a catalogue..
Online Published Date:
18 January 2022
Appeared in issue:
290 - 01 February 2022
AML pinch points – what would make life easier?
The challenge of outsmarting criminals, already hard enough, is magnified for anti-money laundering teams by obstacles on their own side, some more, some less reasonable and tractable. Paul Cochrane hears both frustrations and answers from..
Online Published Date:
21 January 2022
Appeared in issue:
290 - 01 February 2022
Vistra Trust pays S$1.1m in Singapore over EDD failings
The Monetary Authority of Singapore (MAS), on 20 January[2022], ordered Vistra Trust (Singapore) Pte. Limited (VTSPL) to pay a S$1.1million (US$818,000) penalty for “serious breaches” of the jurisdiction’santi-money laundering/counter financing of..
Online Published Date:
21 January 2022
Appeared in issue:
290 - 01 February 2022
ICBC (Canada) fined C$701,250 for due diligence and reporting violations
Aninspection of the Industrial and Commercial Bank of China (Canada) by FINTRAC,the Canadian financial intelligence unit, in 2019, uncovered anti-money launderingcontrol flaws, leading to a fine, on 4 October [2021] (published 23 December2021), of..
Online Published Date:
24 January 2022
Appeared in issue:
290 - 01 February 2022
Standard Bank Isle of Man Ltd fined UK£274,324 over restrained account transfers
InApril 2021, Standard Bank Isle of Man Ltd found that in September 2020 it hadbreached a restraint order made by the Isle of Man Courts. Funds were transferred between restrained accounts withinthe bank and, on instruction from the client, money..
Online Published Date:
24 January 2022
Appeared in issue:
290 - 01 February 2022
Genesis Global fined UK£3.8m for inadequate source of funds and social responsibility checks
Genesis Global Limited, operator of 14 websites includinggenesiscasino.com, casinoplanet.com and casinocruise.com, must pay a UK£3.8m penaltyafter the UK Gambling Commission (UKGC) found it had failed to carry out properdue diligence on customers’..
Online Published Date:
31 January 2022
Appeared in issue:
291 - 01 March 2022
Azeri MP’s family to forfeit UK£5.6m after judge accepts laundromat evidence
Thewife, son and nephew of Azeri businessman and MP Dr Javanshir Feyziyev must payUK£5.6 million to the UK National Crime Agency (NCA) after a judge waspersuaded the funds derived from criminal conduct. [1] The NCA had previously obtained six..
Online Published Date:
31 January 2022
Appeared in issue:
291 - 01 March 2022