i-law

Money Laundering Bulletin

UK fines TransferGo for Ukraine sanctions violations

Fintech company TransferGo Limited must pay UK£50,000 after the Economic Secretary to HM Treasury upheld a decision by the UK Office of Financial Sanctions Implementation (OFSI) that it had breached Ukraine sanctions regulations.Between 20 March..
Online Published Date:  06 August 2021
Appeared in issue:  286 - 24 June 2021

Covid-19, year two - AML/CFT reverberations

Compliance teams are now well used to working remotely but how has financial crime risk changed under the pandemic and are they equipped to meet it? Keith Nuthall investigates.As Covid-19 batters the world into its second year of the most..
Online Published Date:  09 August 2021
Appeared in issue:  286 - 24 June 2021

BitMEX faces US$100m penalty for non-registration, CDD and reporting breaches

Leading cryptocurrency exchange and derivatives trading platform BitMEX must pay a civil penalty of up to US$100 million for not registering as a futures commission merchant with the US Commodity Futures Trading Commission (CFTC) as well as for..
Online Published Date:  11 August 2021
Appeared in issue:  286 - 24 June 2021

AWS Malta, money remitter, fined €502,000 for CDD & monitoring breaches

Money services business AWS Malta Ltd (AWSM) was, on 6August [2021], ordered to pay €502,046 by the Financial IntelligenceAnalysis Unit (FIAU) for a spread of anti-money laundering control failings.[1]The Maltese agency, during a 2020 off-site..
Online Published Date:  16 August 2021
Appeared in issue:  286 - 24 June 2021

AI ‘is’ up to the task of AML Compliance

For further information, contact Michael Doron (+1 (914) 954-4891, michael.doron@hawk.ai)
Online Published Date:  16 August 2021
Appeared in issue:  286 - 24 June 2021

Tanzambique: there goes the neighbourhood

Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:  16 August 2021
Appeared in issue:  286 - 24 June 2021

Five-fold rise in value of AML fines – Kroll study

By Sarah Gibbons
Online Published Date:  25 August 2021
Appeared in issue:  287 - 25 August 2021

Bank of China (UK) pays US$2.3m over Sudan sanctions breaches

The US Office of Foreign Assets Control (OFAC) Sudansanctions program may no longer operate but Bank of China (UK) Limited must payUS$2,329,991 to settle charges for past apparent failures to comply with it. [1]Between 4 September 2014 and 24..
Online Published Date:  27 August 2021
Appeared in issue:  287 - 25 August 2021

TSB Bank fined NZ$3.5m after ‘escalated’ action by central bank

The High Court in Wellington, on 31 August [2021], levied a NZ$3.5m (US$2.47m) civil penalty on TSB Bank for failings under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. [1]The decision follows a claim filed by the..
Online Published Date:  31 August 2021
Appeared in issue:  287 - 25 August 2021

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