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Top three cryptocurrency mixer taken down over laundering risk
By Sara Lewis
Online Published Date:
30 May 2019
Appeared in issue:
265 - 30 May 2019
Travelex fined UK£10,000 for Egypt sanctions breach
Travelex (UK) Ltd is to pay a UK£10,000 fine for processing a UK£204 payment for an unnamed person designated under the Egypt sanctions regime, which relates to the misappropriation of Egyptian state funds. [1]The UK Office of Financial Sanctions..
Online Published Date:
03 June 2019
Appeared in issue:
265 - 30 May 2019
Western Union pays $401,697 over delayed break with sanctioned sub-agent in The Gambia
Western Union Financial Services, Inc., the US money services business, will pay US$401,607 for 4,977 apparent violations of the US Global Terrorist Sanctions Regulations, a discounted penalty due to self-disclosure. [1]Some time around 2006, a bank..
Online Published Date:
10 June 2019
Appeared in issue:
265 - 30 May 2019
State Street censured over pensions payments breach of US Iran sanctions
State Street Bank and Trust Co., the US custodian bank, has received a “finding of violation” of the US Iran Transactions and Sanctions Regulations, but no financial penalty, after it processed upwards of 45 pension payments, totalling US$11,365,44,..
Online Published Date:
10 June 2019
Appeared in issue:
265 - 30 May 2019
Deutsche Bank working to fix cheque and payments controls
Six months after discovering that cheques written by corporate clients to foreign payees were the subject of a “filtering gap” in the AML and sanctions controls in its London office, Deutsche Bank is still trying to rectify the issue, according to a..
Online Published Date:
11 June 2019
Appeared in issue:
265 - 30 May 2019
Capital inadequacy
No fanfare and no wonder – the UK Financial Conduct Authority thematic review of ‘Understanding of Money Laundering Risks in the Capital Markets’ [1], quietly released on 10 June 2019, while careful to say it was not a systems and controls..
Online Published Date:
11 June 2019
Appeared in issue:
265 - 30 May 2019
‘Fragmented and incoherent’ – MPs’ view of UK sanctions policy
No clear strategy with little thought to howBrexit will impact is elected members’ assessment of the UK Government’s
approach to sanctions. In a roundly critical report [1], the House of Commons
Foreign Affairs Committee identifies incoherence borne..
Online Published Date:
13 June 2019
Appeared in issue:
265 - 30 May 2019
Platinum Gaming pays UK£1.6m and Gamesys UK£1.2m for AML and social responsibility failures
Two online gaming operators have reached financial settlements with the UK Gambling Commission after customers were able to place large bets, suggestive of harmful behaviour, using stolen funds.Platinum Gaming Ltd [1] opened an account for a..
Online Published Date:
17 June 2019
Appeared in issue:
265 - 30 May 2019
Law Commission eschews fundamental revision of UK SARs regime
In 224 pages [1], published 18 June [2019], the Law Commission recommends no radical changes to the current UK suspicious activity reporting regime.The final report, after a two-and-a-half-year review, advises retention of the consent regime..
Online Published Date:
18 June 2019
Appeared in issue:
265 - 30 May 2019
Workaround – UN report on North Korea sanctions evasion
Togzhan Kassenova, PhD, CAMS (tkassenova@albany.edu) is a senior fellow with the Project on International Security, Commerce, and Economic Statecraft (PISCES), Center for Policy Research at University at Albany-SUNY, a senior visiting fellow at the Elliot School of International Affairs, George Washington University and a non-resident fellow with the Carnegie Endowment for International Peace, Washington, D.C., USA. This article is republished with kind permission from ACAMS Today (www.acamstoday.org).
Online Published Date:
19 June 2019
Appeared in issue:
265 - 30 May 2019
The next wave – US sanctions on Russia
John E. Smith ((202) 887-1514, johnsmith@mofo.com), Partner; John P. Carlin ((202) 463-1000, jcarlin@mofo.com), Partner; David A. Newman ((202) 887-1577, dnewman@mofo.com), Partner; Michael V. Dobson ((202) 887-1512, mdobson@mofo.com), Of Counsel; Panagiotis C. Bayz ((202) 887-8796, akibayz@mofo.com), Of Counsel; Saqib Alam (44 (20) 79204177, saqibalam@mofo.com), Of Counsel; Felix Helmstädter (49 30 72622-1322, fhelmstaedter@mofo.com), Counsel; Jennifer S. Talbert ((202) 887-1563, jtalbert@mofo.com), Associate; and Kristofer G. Readling ((202) 778-1643, kreadling@mofo.com), Associate.
Online Published Date:
19 June 2019
Appeared in issue:
265 - 30 May 2019
FATF adds detail to AML/CFT regulation of virtual asset service providers
The virtual assets (VAs) sector should be subject to the full range of anti-money laundering and counter-terrorist financing controls, the Financial Action Task Force (FATF) made clear at its June [2019] plenary.The standards-setter, which, in..
Online Published Date:
24 June 2019
Appeared in issue:
265 - 30 May 2019
Long short – UK thematic review of AML in the capital markets
Denis
O’Connor is a Fellow of both the Institute of
Chartered Accountants in England & Wales and the Chartered Institute of
Securities and Investment. He 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:
24 June 2019
Appeared in issue:
265 - 30 May 2019
Lazy-hazy-crazy days of summer reading
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
24 June 2019
Appeared in issue:
265 - 30 May 2019
Around the block – KYC technology
Roger
Carson (+44 (0) 333 772 0002, info@encompasscorporation.com)
is Co-Founder and Global Financial Sales Director at encompass.
Online Published Date:
24 June 2019
Appeared in issue:
265 - 30 May 2019
Look back – a global AML/CTF appraisal
Billions spent on compliance (and fines),has the anti-money laundering and counter-terrorist financing project been
worth it? Paul Cochrane asks
industry insiders. July 2019 marks the 30th anniversary of the
Financial Action Task Force (FATF), with..
Online Published Date:
24 June 2019
Appeared in issue:
265 - 30 May 2019
Inside the Black Box: Artificial Intelligence applied
James Siswick (+44 (0) 20 7661 0570, james.siswick@navigant.com) is Managing Director, Dave Bradshaw (+44 (0) 20 7661 0624, dave.bradshaw@navigant.com) Director and James Robertson (+44(0)20 7661 0635, james.robertson@navigant.com) Senior Consultant in Global Investigations & Compliance, Navigant, in London. Johnny Zhang (+1.646.227.4345, johnny.zhang@navigant.com) is an Associate Director with the same team, based in New York.
Online Published Date:
26 June 2019
Appeared in issue:
265 - 30 May 2019
Rocky territory – Canada [Video]
Five percent of the rise in residential property prices in Vancouver in 2018 was attributable to money laundering, according to a panel headed by a past deputy attorney general for British Columbia. Peter German, a former Royal Canadian Mounted..
Online Published Date:
19 November 2019
Appeared in issue:
265 - 30 May 2019