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First Bank & JC Flowers & Co enter US$862,318 OFAC settlement over Iran, Syria sanctions violations
First Bank SA, based in Romania, and its parent, US private equity firm JC Flowers & Co, will pay US$862,318 to the US Office of Foreign Assets Control (OFAC) for handling transactions with links to Iran and Syria.In March 2019, First Bank..
Online Published Date:
01 September 2021
Appeared in issue:
287 - 25 August 2021
Malta fines shuttered Pilatus Bank €4.98m for “total disregard” of AML/CFT
Three years after an “extensive compliance review”, Malta’s Financial Intelligence Analysis Unit (FIAU), on 31 August [2021], issued Pilatus Bank [licence revoked by the European Central Bank in 2018] with a €4,975,500 penalty for comprehensive..
Online Published Date:
01 September 2021
Appeared in issue:
287 - 25 August 2021
Abnormal pricing in US 2020 trade data might reflect audacious TBML – US academic
By Keith Nuthall
Online Published Date:
02 September 2021
Appeared in issue:
287 - 25 August 2021
Near but far: EU-Swiss AML/CFT
The Swiss Federal Council’s unilateral decision on 26 May [2021] to end seven years of negotiations on a new agreement to govern future relations between Switzerland and the European Union (EU), citing sovereignty concerns [1], closes the door on..
Online Published Date:
04 September 2021
Appeared in issue:
287 - 25 August 2021
Daub Alderney fined UK£5.85m over source of funds checks
Gambling operator Daub Alderney will pay UK£5.85m after customers were able to deposit tens of thousands of UK pounds, between January 2019 and March 2020, without providing adequate source of funds evidence. [1]The UK Gambling Commission cites one..
Online Published Date:
06 September 2021
Appeared in issue:
287 - 25 August 2021
Complex webs – sanctions [Video]
The Trump administration averaged three new sanctions announcements daily, according to Bloomberg. President Biden may have eased off but there’s no shortage of challenges in complying with sectoral programmes, the EU blocking statute, Covid-19..
Online Published Date:
07 September 2021
Appeared in issue:
287 - 25 August 2021
FinCrime Curator – September 2021
Our latest web monitoring for expert insight and comment on financial crime issues – from frontline AML/CFT and other FC professionals and researchers – has yielded another rich crop of broadcasts, ranging from inquiry into the potentially..
Online Published Date:
08 September 2021
Appeared in issue:
287 - 25 August 2021
NFTs – avant-garde for launderers?
Everything has the potential for digital certification and sale – perhaps. If even partially correct, the sudden entry of non-fungible tokens has certainly caused a buzz in the art world and their value is already doubtless appreciated/ing in the..
Online Published Date:
11 September 2021
Appeared in issue:
287 - 25 August 2021
CLSAP to pay NZ$770,000 for CDD, SARs, records breaches
Derivatives issuer CLSA Premium New Zealand Ltd, formerlyKVB Kunlun, will pay NZ$770,000 (US$548,000) for failings under the Anti-MoneyLaundering and Countering Financing of Terrorism Act after the FinancialMarkets Authority filed proceedings in the..
Online Published Date:
13 September 2021
Appeared in issue:
287 - 25 August 2021
Raids on German government ministries raise prospect of criminal charges at FIU
The prosecutors’ office behind last Thursday’s [9 September2021] raids on Germany’s finance and justice ministries has underlined itsreadiness to file criminal charges against senior officials in thesedepartments as well as in the country’s..
Online Published Date:
14 September 2021
Appeared in issue:
287 - 25 August 2021
Maltese notary pays €61,573 for CDD and risk assessment failures
By Keith Nuthall
Online Published Date:
16 September 2021
Appeared in issue:
287 - 25 August 2021
EBA Guidelines – a start
GeluMaravela is apartner at MPR Partners. He may be contacted at office@mprpartners.co.uk
Online Published Date:
16 September 2021
Appeared in issue:
287 - 25 August 2021
In touch – AML lessons in remote-working
The pandemic has tested both practical and people management skills of AML compliance teams everywhere. Keith Nuthall, Raghavendra Verma, Paul Cochrane and Poorna Rodrigo report on reactions in different jurisdictions.Covid-19 has provided firsthand..
Online Published Date:
16 September 2021
Appeared in issue:
287 - 25 August 2021
More than you can chew
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
20 September 2021
Appeared in issue:
287 - 25 August 2021
Facts as well as figures
Crunching accurate data on illicit financial flows may assist resource allocation but it can only be part of a risk-based approach, finds Keith Nuthall.Big dataWhile estimates of the sums laundered are necessarily imprecise, the United Nations..
Online Published Date:
20 September 2021
Appeared in issue:
287 - 25 August 2021
The EU Anti-Money Laundering Authority – in-depth
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner and Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com) is of counsel at Herbert Smith Freehills.
Online Published Date:
22 September 2021
Appeared in issue:
287 - 25 August 2021
UK economic crime levy payable from 2023/24 tax year
All AML-regulated entities in the UK are set to pay directlytowards the cost of initiatives like reforming the suspicious activityreporting framework and additional financial investigators through a levy that willfirst fall due in the year 1 April..
Online Published Date:
22 September 2021
Appeared in issue:
287 - 25 August 2021
Who guards the guards?
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
23 September 2021
Appeared in issue:
287 - 25 August 2021
EU Lotto fined UK£760,000 for AML and social responsibility faults
Operator of the lottoland.co.uk website, EU Lotto must pay UK£760,000 for anti-money laundering and social harm failings between October 2019 and November 2020.Not only was the firm unable to evidence financial and affordability checks on customers,..
Online Published Date:
27 September 2021
Appeared in issue:
288 - 27 September 2021
N26 fined €4.25m in Germany for late SARs
N26, the mobile-phone oriented bank, announced on 28 September [2021] that it had paid a €4.25m civil penalty to German regulator BaFin over delayed filing of suspicious activity reports – under 50 in number – in 2019 and 2020.The bank says the debt..
Online Published Date:
29 September 2021
Appeared in issue:
288 - 27 September 2021