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BaFin orders Deutsche Bank to go further with AML remediation, extends monitorship
TheGerman financial services regulator, on 29 April [2021], instructed [1] DeutscheBank AG to continue work on strengthening its anti-money laundering controls, highlightingdue diligence and regular customer reviews as areas of weakness.In September..
Online Published Date:
03 May 2021
Appeared in issue:
284 - 29 April 2021
Em@ney fined €359,339 in Malta for various AML infractions
Online bank Em@ney plc, based in Malta, was ordered, on 29April [2021], to pay €359,339 after the Financial Intelligence Analysis Unit(FAIU) recorded wide-ranging breaches of regulations made under the Preventionof Money Laundering Act. [1]The..
Online Published Date:
03 May 2021
Appeared in issue:
284 - 29 April 2021
DNB nets NKr400m fine in Norway over fishy CDD
DNB AS, Norway’s largest lender, reported [1], on 3 May [2021], that it will be fined NKr400 million (US$48.1 million) by Finanstilsynet, the country’s financial supervisory authority, for breaches of anti-money laundering rules.The bank was..
Online Published Date:
04 May 2021
Appeared in issue:
284 - 29 April 2021
Stablecoins – crypto risk impact
If the anon-/pseudon-ymity of cryptocurrencies appeals to criminals, are stablecoins set to prove irresistible? Nicholas Wallace engages in some valuable exchange.The growing popularity of cryptocurrencies has stoked concerns that they offer a haven..
Online Published Date:
05 May 2021
Appeared in issue:
284 - 29 April 2021
Swedbank pays SKr46.6m to Nasdaq Stockholm over AML failings
On 5 May [2021], Swedbank, the country’s oldest lender, was issued with a SKr46.6 million (US$5.5 million) penalty by the Swedish stock exchange for “shortcomings in its AML processes and routines” that extended over “a long period”. [1]The..
Online Published Date:
06 May 2021
Appeared in issue:
284 - 29 April 2021
UK FCA fines broker as investigations into cum-ex trading schemes develop
By Neasa MacErlean
Online Published Date:
07 May 2021
Appeared in issue:
284 - 29 April 2021
AML/CFT if built from scratch today…
The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed..
Online Published Date:
10 May 2021
Appeared in issue:
284 - 29 April 2021
European Banking Authority consults on plans for a central AML database
By Sara Lewis
Online Published Date:
13 May 2021
Appeared in issue:
284 - 29 April 2021
The kiwi lacks some feathers
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
15 May 2021
Appeared in issue:
284 - 29 April 2021
Cayman fines Intertrust CI$4.2m for due diligence and monitoring breaches
Intertrust Corporate Services (Cayman) Ltd is to pay a CI$4,232,607.50 (US$5,088,987) penalty after the Cayman Islands Monetary Authority found “pervasive and protracted” non-compliance with the Anti-Money Laundering Regulations. [1]Failings..
Online Published Date:
17 May 2021
Appeared in issue:
284 - 29 April 2021
A virus, and it kills
Martin Woods(martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).
Online Published Date:
17 May 2021
Appeared in issue:
284 - 29 April 2021
Taiwan fines Citibank, DBS for CDD violations
By Dinah Gardner, in Taipei
Online Published Date:
20 May 2021
Appeared in issue:
284 - 29 April 2021
Fine words
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:
22 May 2021
Appeared in issue:
284 - 29 April 2021
High costs – drug money
The number one source of criminal finance for decades, the illegal drugs trade shows no sign of yielding. As long as demand is strong and the product banned, both users and suppliers will be addicted. Paul Cochrane updates the global map of..
Online Published Date:
27 May 2021
Appeared in issue:
285 - 27 May 2021
Julius Baer pays US$80m & signs DPA for laundering FIFA bribes
Swiss bank Julius Baer (JB), on 27 May [2021], admitted in a US federal court to conspiring to launder over US$36m in bribes to officials at the Fédération Internationale de Football Association (FIFA) and other soccer federations. [1]The bank will..
Online Published Date:
28 May 2021
Appeared in issue:
285 - 27 May 2021