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Shared endeavour - AML utilities
Duplication of effort is inefficient but persists in compliance, most notably in customer due diligence, where utilities were hailed as the answer: Keith Nuthalllooks at whether they still are.
Online Published Date:
19 March 2024
Appeared in issue:
313 - 19 March 2024
Hard ascent - Swiss law reform
The Swiss national government, its Federal Council, is making another attempt to bring Switzerland's anti-money laundering law into line with international standards - but once again it faces stiff opposition from the legal profession, finds Sara Lewis.
Online Published Date:
25 March 2024
Appeared in issue:
313 - 19 March 2024
Ex-president of Sterling Bank & Trust pays US$150,000 for 'unsound' practices, including BSA faults
Thomas Lopp, who served in various executive positions - president, chief operating officer, chief financial officer, and others - at Sterling Bank & Trust, FSB in Michigan, USA, has submitted to a consent order from the Office of the Comptroller of the Currency (OCC) under which he is barred from acting in any such capacity without written regulator permission and will pay a US$150,000 penalty after he "demonstrated continuing disregard for the safety and soundness of the bank".
Online Published Date:
25 March 2024
Appeared in issue:
313 - 19 March 2024
Banque Audi (Suisse) SA fined CHF3.9m plus CHF19m capital surcharge for PEP control breaches
FINMA, the Swiss Financial Market Supervisory Authority, has ordered Banque Audi (Suisse) SA, the private banking arm of a Lebanese group, to disgorge CHF3.9m (US$4.3m) in "illegally generated profits" and imposed an additional capital charge of CHF19m (US$21.1m) after an onsite inspection, in 2021, revealed "serious shortcomings" in anti-money laundering compliance around politically exposed person (PEP) accounts.
Online Published Date:
25 March 2024
Appeared in issue:
313 - 19 March 2024
USA scores technical compliance upgrade on beneficial ownership in latest FATF report
The Corporate Transparency Act (CTA), effective 1 January 2024, is enough to have earned the United States of America a 'largely compliant' rating on technical compliance with Recommendation 24 - 'Transparency and beneficial ownership of legal persons' - by the Financial Action Task Force (FATF).
Online Published Date:
27 March 2024
Appeared in issue:
313 - 19 March 2024
Australia still non-compliant on DNFBP regulation and supervision - FATF report
In a fourth follow-up to mutual evaluation findings on Australia in 2015, looking at technical conformance to its 40 Recommendations, the Financial Action Task Force (FATF) has maintained the country's non-compliant (NC) rating for Rec 28 - regulation and supervision of designated non-financial businesses and professions (DNFBPs): "Only casinos, gaming outlets and bullion dealers are supervised for AML/CFT compliance."
Online Published Date:
28 March 2024
Appeared in issue:
313 - 19 March 2024
Two US banks ordered to overhaul AML/CFT by FDIC
Sutton Bank, Ohio and Piermont Bank, New York have agreed to consent orders by the US Federal Deposit Insurance Corporation (FDIC) detailing unsafe or unsound banking practices, including in management of money laundering and terrorist financing risks.
Online Published Date:
01 April 2024
Appeared in issue:
313 - 19 March 2024
VASP AML rules widely introduced, with notable exceptions, finds FATF
A Financial Action Task Force (FATF) survey points to significant advances in imposing AML/CFT on the use of virtual assets (VA) and on virtual asset service providers (VASPs), with 49 out of 58 countries reviewed establishing controls.
Online Published Date:
03 April 2024
Appeared in issue:
313 - 19 March 2024
Start at the top - German reconstruction
Structural reform of AML at federal level and a fillip with Frankfurt's selection as base for the EU Anti-Money Laundering Authority should prove positive for Germany's efforts against illicit finance but much will depend on how the Länder respond, finds Jens Kastner.
Online Published Date:
05 April 2024
Appeared in issue:
313 - 19 March 2024
Highest risk EU crime groups focus on real estate for laundering, says Europol
In a report drawn from intelligence on 821 criminal networks with 25,000 members active in the European Union (EU), Europol finds that "almost all" use "at least basic money laundering techniques".
Online Published Date:
08 April 2024
Appeared in issue:
313 - 19 March 2024
What's the difference between a front company and a shell company?
Let's look, in turn, at the headline features of each, says Tim Parkman of Marker, and drill down into the more practical implications.
Online Published Date:
10 April 2024
Appeared in issue:
313 - 19 March 2024
Adverse Screening v. Positive Screening
On leaving his position as Europol's Director in 2018, Rob Wainwright said: "We have identified 400 top money launderers who are running billions through the European banking system with a 99% success rate." It's unlikely this has changed in the last six years, writes Tim Parkman of Marker. The statement, almost comedic in its frankness given the international effort lavished on AML regulation over the last 35 years, begs a big question: Why is it apparently so easy for them?
Online Published Date:
10 April 2024
Appeared in issue:
313 - 19 March 2024
No EUphemisms - Fourth Directive findings
Pushing seven years since the European Union's fourth anti-money laundering directive (2015/849) took effect - on 26 June 2017 - it is reasonable to ask how the legislation is working. The Council of Europe (CoE) did so; its 'Assessment of the Concrete Implementation and Effective Application' of 4AMLD, published on 22 March [2024], summarises 37 months of study. Although the CoE recognises that "significant" work has been undertaken, whether, as it claims, "effectively addressing ML and TF has become one of [member states'] key priorities" is open to massive doubt after reading the report.
Online Published Date:
11 April 2024
Appeared in issue:
313 - 19 March 2024
Core findings: UK SARs review
Is suspicious activity reporting up, down, how much, by whom, and why? Tom Vidovic looks for answers in the latest annual report from the UK financial intelligence unit.
Online Published Date:
12 April 2024
Appeared in issue:
313 - 19 March 2024
Shared pain, compliance gain
Teamwork makes the dream work is a common rallying call when a business is successful. Recruiting people with the right skills and competence contributes to positive outcomes. So far, so good, writes Martin Woods, until less competent people at other firms undermine this success. Behold the new UK Payment Systems Regulator (PSR) 50/50 reimbursement regime.
Online Published Date:
15 April 2024
Appeared in issue:
313 - 19 March 2024
EU ministers formally approve law criminalising sanctions evasion
The European Union (EU) Council of Ministers has given its final approval to a directive requiring EU member states to criminalise and impose dissuasive penalties for deliberate evasion of sanctions.
Online Published Date:
15 April 2024
Appeared in issue:
313 - 19 March 2024