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Jersey fines three SG Kleinwort Hambros firms over UK£700,000 for AML & Compliance breaches
Three Société Générale Group firms, registered with the Jersey Financial Services Commission (JFSC), have been fined a total of UK£719,451.21 for “significant and material” failures, including in relation to anti-money laundering and counter..
Online Published Date:
17 February 2021
Appeared in issue:
282 - 17 February 2021
Cash in
Cryptocurrencies and online transactions may pose increasing money laundering and terrorist financing (ML/TF) risks, especially with Covid-19 encouraging e-commerce, but the reality, find Paul Cochrane, Mauricio Savarese, Mark Rowe and Keith..
Online Published Date:
18 February 2021
Appeared in issue:
282 - 17 February 2021
FINRA fines Actinver US$150,000 for AML program failings
Actinver,a full-service retail brokerage firm based in Houston, Texas has accepted a US$150,000FINRA penalty after its anti-money laundering program was found to be defectivebetween 26 August 2015 and 11 March 2017. [1] The AML surveillance system..
Online Published Date:
19 February 2021
Appeared in issue:
282 - 17 February 2021
BitPay reaches US$507,375 settlement over digital currency US sanctions breaches
BitPay, Inc. of Atlanta, Georgia, which processes digital currency payments received by its merchant customers, has agreed to pay US$507,375 to the US Office of Foreign Assets Control (OFAC) to settle potential civil liability for 2,102 apparent..
Online Published Date:
19 February 2021
Appeared in issue:
282 - 17 February 2021
LGL Trustees fined UK£550,000 in Jersey court for due diligence breaches
Non-recognitionof the risk that a structure set up for the National Bank of Angola could beused to embezzle public money and a failure to properly identify and verify thecontrollers – the bank’s board members – for six years has cost LGL TrusteesLtd..
Online Published Date:
22 February 2021
Appeared in issue:
282 - 17 February 2021
UK universities take £52m in cash payments from students
A Freedomof Information request by The Times newspaper has revealed that at least49 UK universities have allowed students to pay UK£52 million in cash to cover feesacross the last five years. [1] Chinese nationals accounted for the biggest share –..
Online Published Date:
23 February 2021
Appeared in issue:
282 - 17 February 2021
Time the UK got serious about fraud and money laundering
Peter Binning (+44 (0)20 7353 6000, pb@corkerbinning.com) is a partner and Peter Bowles (+44 (0)20 7353 6000, PTB@corkerbinning.com) a trainee solicitor at Corker Binning.
Online Published Date:
24 February 2021
Appeared in issue:
282 - 17 February 2021
Cayman Islands has strategic deficiencies in AML/CFT, deems FATF
A British Overseas Territory faces ongoing monitoring by the Financial Action Task Force for failing to meet international anti-money laundering and counter-terrorist financing standards.The February 2021 FATF plenary heard that despite progress..
Online Published Date:
26 February 2021
Appeared in issue:
282 - 17 February 2021
Dutch FIU sets up bank liaison system to share anonymised AML analysis
By Sara Lewis
Online Published Date:
27 February 2021
Appeared in issue:
282 - 17 February 2021
ING fined €3m in France for CDD failings
ING, the Dutch banking major, disclosedon 2 March [2021] that its French branch will pay €3 million to the financialregulator for “shortcomings in its anti-money laundering and anti-terrorist financingframework”. [1] [2]The fine follows a 2018..
Online Published Date:
04 March 2021
Appeared in issue:
282 - 17 February 2021
EBA warns authorities to keep close watch on AML/CFT controls through Covid-19
By Keith Nuthall
Online Published Date:
05 March 2021
Appeared in issue:
282 - 17 February 2021
Money mule recruiters target 21-30 year olds in UK
Criminals are using fake online job adverts promising easy income to push illicit funds through respondents’ bank accounts. In 2020, there were 17,157 cases of suspected money muling activity involving 21-30 year olds, according to Cifas, the UK..
Online Published Date:
10 March 2021
Appeared in issue:
282 - 17 February 2021
Swiss lawyers still not subject to AML after law reform
The Swiss parliament has opted not to extend anti-money laundering obligations to lawyers and notaries in new legal revisions.On 10 March [2021], lawmakers agreed changes to the Anti-Money Laundering Act under which financial intermediaries will..
Online Published Date:
12 March 2021
Appeared in issue:
282 - 17 February 2021
Rahn+Bodmer accepts deferred prosecution, pays US$22m for aiding US tax evasion
Zurich’s old private bank will pay US$22 million as part of a deferred prosecution agreement with the US Department of Justice (DoJ) for its role in helping US taxpayers defraud the Internal Revenue Service (IRS) between 2004 and 2012...
Online Published Date:
15 March 2021
Appeared in issue:
282 - 17 February 2021
NatWest faces criminal charges in UK over cash deposits
National Westminster Bank Plc will appear before Westminster Magistrates’ Court on 14 April [2021] to answer charges that its failed to adequately monitor and investigate “increasingly large cash deposits” by a UK incorporated customer between 11..
Online Published Date:
16 March 2021
Appeared in issue:
282 - 17 February 2021
All in the mind
Susan Grossey may becontacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,www.thinkingaboutcrime.com
Online Published Date:
17 March 2021
Appeared in issue:
282 - 17 February 2021
South Korea warns VASPs to file SARs
By Sara Lewis
Online Published Date:
18 March 2021
Appeared in issue:
282 - 17 February 2021
Yardley Securities fined HK$5m over third party transfers & wider AML breaches
The Hong Kong Securities and Futures Commission (SFC) has levied a HK$5 million (US$ 644,000) fine on Yardley Securities Ltd (YSL) and reprimanded it for lack of due diligence and inadequate interrogation of unusual/suspicious third party transfers..
Online Published Date:
18 March 2021
Appeared in issue:
282 - 17 February 2021
Latvia fines ABLV Asset Management €57,217 for AML/CFT control flaws
Deficient internal controls to prevent money laundering, terrorist and proliferation financing have cost ABLV Asset Management, IPAS a €57,217 fine by the Latvian Financial and Capital Market Commission (FCMC). [1]ABLV has also agreed to ensure that..
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
In Touch Games fined UK£3.4m for risk, EDD, source of funds shortcomings
InTouch Games Limited, an online gambling operator, is to pay a UK£3.4m penaltyafter the UK regulator found anti-money laundering and social responsibility failingsin its business. [1] The firm runs bonusboss.co.uk,..
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
NatWest in the dock
ThomasCattee is awhite-collar crime lawyer at Gherson Solicitors (+44 (0)20 7724 4488, www.gherson.com)
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
Turn of phrase: OFSI revises guidance on monetary penalties
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner, Elizabeth Head (+44 (0)207 7466 6443, elizabeth.head@hsf.com) a senior associate, and Sara Lee a trainee solicitor at Herbert Smith Freehills.
Online Published Date:
23 March 2021
Appeared in issue:
282 - 17 February 2021