- Home/Publications/Money Laundering Bulletin
Genesis Global fined UK£3.8m for inadequate source of funds and social responsibility checks
Genesis Global Limited, operator of 14 websites includinggenesiscasino.com, casinoplanet.com and casinocruise.com, must pay a UK£3.8m penaltyafter the UK Gambling Commission (UKGC) found it had failed to carry out properdue diligence on customers’..
Online Published Date:
31 January 2022
Appeared in issue:
291 - 01 March 2022
Azeri MP’s family to forfeit UK£5.6m after judge accepts laundromat evidence
Thewife, son and nephew of Azeri businessman and MP Dr Javanshir Feyziyev must payUK£5.6 million to the UK National Crime Agency (NCA) after a judge waspersuaded the funds derived from criminal conduct. [1] The NCA had previously obtained six..
Online Published Date:
31 January 2022
Appeared in issue:
291 - 01 March 2022
Baltic exchange
Suspect transactions, worth billions of euros, by non-resident customers of Nordic financial institutions have forced a re-evaluation of anti-money laundering in northern Europe. Sarah Gibbons and Monika Hanley, in Riga, check for signs of..
Online Published Date:
07 February 2022
Appeared in issue:
291 - 01 March 2022
Four AML reviews and a police inquiry may have saved NatWest a UK£265m fine… but didn’t!
Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, 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:
07 February 2022
Appeared in issue:
291 - 01 March 2022
US Treasury sees art market in frame for AML
By Keith Nuthall
Online Published Date:
08 February 2022
Appeared in issue:
291 - 01 March 2022
Good from bad? – the use of financial crime penalties
John Binns (+44 (0)20 7430 2277, jbinns@bcl.com) is a partner at BCL Solicitors LLP, specialising in financial crime and money laundering, including advice to the regulated sector.
Online Published Date:
09 February 2022
Appeared in issue:
291 - 01 March 2022
Ex-Credit Suisse banker tells Swiss court compliance training was minimal
In the first criminal trial of a bank in Switzerland, for alleged laundering of the drug trafficking proceeds generated by a Bulgarian cartel, a former relationship manager (RM) at Credit Suisse, its co-defendant, said her training had all been..
Online Published Date:
10 February 2022
Appeared in issue:
291 - 01 March 2022
MetLife pays HK$7m in Hong Kong for screening, review and monitoring failings
MetLife Limited (now named FWD Life (Hong Kong) Limited) and Metropolitan Life Insurance Company of Hong Kong Limited (now FWD Life Assurance Company (Hong Kong) Limited) must pay HK$7 million (US$898,000) after Hong Kong’s Insurance Authority..
Online Published Date:
10 February 2022
Appeared in issue:
291 - 01 March 2022
BLV fined US$20,000 by FINRA for miscast AML programme and testing failure
BLVSecurities did not amend its anti-money laundering programme in line with achange in nature of its business, FINRA investigators found. Before May 2018, the firm mainly worked on privateplacements for US customers but from that date it began to..
Online Published Date:
10 February 2022
Appeared in issue:
291 - 01 March 2022
Standard deviation – an FATF reckoning
It would be surprising, writes Keith Nuthall, if a complex intergovernmental programme did not spark unintended consequences, but some experts fear that the global system designed and promoted by the Financial Action Task Force has caused unwanted..
Online Published Date:
16 February 2022
Appeared in issue:
291 - 01 March 2022
Open up: US set to pilot cross-border SAR sharing
Michael D. Mann (+1 212 839 5837, mdmann@sidley.com & Brian P. Morrissey (+1 202 736 8407, bmorriss@sidley.com) are partners at Sidley Austin LLP and members of the firm’s White Collar: Government Litigation and Investigations practice group.
Online Published Date:
16 February 2022
Appeared in issue:
291 - 01 March 2022
Setting out – FATF & Global AML/CFT in 2022
David Lewis (+33 7 84 24 14 09, dlewis@kroll.com) is managing director and global head of AML Advisory in the Forensic Investigations and Intelligence practice of Kroll. Until January 2022, he was FATF Executive Secretary and Senior Advisor to the G7 and G20.
Online Published Date:
17 February 2022
Appeared in issue:
291 - 01 March 2022
Credit Suisse data leak exposes accounts of corrupt PEPs and other criminals
More than 18,000 accounts, linked to over 30,000 Credit Suisse international clients, shared by a whistleblower with Süddeutsche Zeitung, have revealed some who should never have been taken on, according to compliance experts who looked at the data,..
Online Published Date:
21 February 2022
Appeared in issue:
291 - 01 March 2022
Western powers impose sanctions on Russia over Ukraine aggression
By Keith Nuthall
Online Published Date:
22 February 2022
Appeared in issue:
291 - 01 March 2022
Lion Brokers Ltd fined CI$261,991 in Cayman for AML faults
Securities firm Lion Brokers Limited was found, during anonsite inspection by the Cayman Islands Monetary Authority, to havenon-compliant anti-money laundering controls around enhanced due diligence,risk assessment and sanctions screening. CIMA has..
Online Published Date:
23 February 2022
Appeared in issue:
291 - 01 March 2022
Clear Junction fined UK£36,393 by OFSI for breach of Ukraine sovereignty sanctions
Paymentservices provider Clear Junction Ltd, on 2 February [2021], was ordered to paya UK£36,393.45 penalty for contravening UK sanctions relating to the illegalannexation of Crimea by Russia. [1] The enforcement notice was published on 22 February..
Online Published Date:
23 February 2022
Appeared in issue:
291 - 01 March 2022
Ukraine-Russia crisis [1] – sanctions responses
23/2/22: The situation in Ukraine is fast-moving: governments internationally are ramping up sanctions in reaction to Russia’s invasion. Herbert Smith Freehills lawyers are closely monitoring the new measures, their analysis accurate at the dates..
Online Published Date:
24 February 2022
Appeared in issue:
291 - 01 March 2022
US, EU and UK impose further sanctions on Russia as tanks roll towards Kyiv
By Keith Nuthall
Online Published Date:
25 February 2022
Appeared in issue:
291 - 01 March 2022
Ukraine-Russia crisis [5] – sanctions: ships, freezes, exceptions
2/3/22: Legislative mills are grinding out prohibitions and licences while Russia ploughs on into sovereign Ukraine. Herbert Smith Freehills lawyers keep pace with output in the United Kingdom and Japan.Last updated on 2 March 2022United..
Online Published Date:
02 March 2022
Appeared in issue:
291 - 01 March 2022