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EU guidance on PPP aims at more effective AML
Public-private partnerships (PPP) in the anti-money laundering domain are "flourishing" across the European Union (EU) but "there is no commonly agreed definition" of how these should operate, notes new European Commission guidance.
Online Published Date:
02 November 2022
Appeared in issue:
299 - 01 December 2022
Cleaning tips
How to launder a stack of ill-gotten banknotes is a question that doesn't just stretch the imaginations of law enforcers and AML officers, it can and does prompt useful assessments by professionals in other fields, finds Keith Nuthall.
Online Published Date:
03 November 2022
Appeared in issue:
299 - 01 December 2022
Deutsche Bank fined $630m over Russian mirror trades and comprehensive AML failings
Deutsche Bank AG has been fined nearly $630 million by regulators in the UK and US over suspicious ‘mirror’ trades that enabled an estimated $10 billion to flow out of Russia through London and New York, and for “significant deficiencies” throughout..
Online Published Date:
07 November 2022
Appeared in issue:
241 - 01 March 2017
BaFin orders Deutsche Bank to fix AML compliance or face fine
Germany's biggest lender appears to have tried the patience of its regulator to the limit.
Online Published Date:
07 November 2022
Appeared in issue:
299 - 01 December 2022
UK law firms fined for AML risk assessment and control breaches
Three law firms that failed to operate compliant policies, controls and procedures (PCPs) against money laundering and terrorist financing have been penalised by the Solicitors Regulation Authority (SRA) of England & Wales.
Online Published Date:
07 November 2022
Appeared in issue:
299 - 01 December 2022
Outlaws - AML oversight of the UK legal profession
UK law firms face an almost zero risk of criminal enforcement if they breach anti-money laundering laws and very little prospect of meaningful fines according to a recently published report by Spotlight on Corruption and Global Integrity. The report suggests that self-policing by the legal profession of its compliance with AML laws, through nine different professional bodies, is providing uneven and inadequate enforcement. Denis O'Connor reviews the findings, which confirm that a government target of Spring 2021 to improve the consistency of supervision of lawyers has been substantially missed.
Online Published Date:
08 November 2022
Appeared in issue:
299 - 01 December 2022
Bank of Singapore fined US$1.12m in Dubai for AML failings
A wholly-owned branch of the Singapore-based Oversea-China Banking Corporation (OCBC) has been ordered to pay US$1.12m by the Dubai Financial Services Authority (DFSA) for a series of anti-money laundering breaches between November 2017 and June 2022.
Online Published Date:
12 November 2022
Appeared in issue:
299 - 01 December 2022
Ukraine-Russia conflict [23] - sanctions: UK further limits loans to Russia and trade
1/11/22: At the end of October the United Kingdom tightened restrictions on lending to Russia and banned imports of liquefied natural gas from the country, effective 1 January 2023. Additional proscriptions now apply to imports of gold, including jewellery (other than personal effects in luggage en route from Russia) and to the export and sale of 'vulnerable goods', as well to associated services. Susannah Cogman and Elizabeth Head of Herbert Smith Freehills read into the amended regulations. Also included: an update, to 3/11/22, on Australian measures against Russia.
Online Published Date:
15 November 2022
Appeared in issue:
299 - 01 December 2022
Big money - criminals stick with cash
Cryptocurrency is unstable, online payments mean an audit trail, even if convoluted, but hard cash, especially as higher denomination banknotes, facilitates anonymous transfer of value at scale: what's not to like? Keith Nuthall looks at different jurisdictions' attitudes to the physical flow of illicit funds, the academic research and canvases practitioners' views.
Online Published Date:
17 November 2022
Appeared in issue:
299 - 01 December 2022
The bigger picture - information-sharing advances
The balance between personal privacy and the wider security agenda appears to be tipping, in the financial crime space, in favour of more pooling of intelligence, both within and between organisations. If the trend is perceptible, internationally, the pace, inevitably, is uneven. Keith Nuthall reports from Ottawa; Sara Lewis is in Brussels; Barbara Barkhausen, in Sydney; and Julian Ryall, in Tokyo.
Online Published Date:
17 November 2022
Appeared in issue:
299 - 01 December 2022
Ex-CEO of Sonali Bank (UK) censured over AML failings
Former chief executive of Sonali Bank (UK) Ltd Mohammed Prodhan would have been fined UK£76,400 for anti-money laundering management failures, in line with a UK Financial Conduct Authority Decision Notice of 16 May 2018, but "exceptional circumstances" mean, instead, that he was publicly censured through publication of his misconduct in a Final Notice on 16 November [2022], after he withdrew a referral of the matter to the Upper Tribunal.
Online Published Date:
19 November 2022
Appeared in issue:
300 - 01 February 2023
EU court rules against full public access to beneficial ownership registers
The European Court of Justice (ECJ) has invalidated a European Union (EU) requirement that information on the beneficial ownership (BO) of companies "is accessible in all cases to any member of the general public".
Online Published Date:
24 November 2022
Appeared in issue:
300 - 01 February 2023
NCA civil recovery action secures over UK?50m of suspect funds in Barclays accounts
In a legal first, the UK National Crime Agency has obtained a civil recovery order against funds held by a bank without naming the account-holders.
Online Published Date:
28 November 2022
Appeared in issue:
300 - 01 February 2023
Kraken crypto exchange pays OFAC US$362,159 over Iran sanctions violations
Payward, Inc, the US cryptocurrency exchange that trades as 'Kraken', has agreed to pay the US Office of Foreign Assets Control (OFAC) US$362,158.70 over apparent violations of sanctions on Iran.
Online Published Date:
29 November 2022
Appeared in issue:
300 - 01 February 2023