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Money Laundering Bulletin

: Egmont Group collates digital device keywords for online child sex abuse payments; Online Published Date : 02 September 2020 | Appeared in issue: 277 - 28 August 2020; By Keith Nuthall

: US makes largest ever terrorist finance cryptocurrency seizure; Online Published Date : 03 September 2020 | Appeared in issue: 277 - 28 August 2020; Selva Ozelli, Esq., CPA is an international tax attorney and CPA who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.

: FinCEN acknowledges unlawful SARs disclosure; Online Published Date : 05 September 2020 | Appeared in issue: 277 - 28 August 2020; The Financial Crimes Enforcement Network (FinCEN), the US financial intelligence unit(FIU), which also provides the IT for secure exchange of data between international FIUs via the Egmont Group, issued a short statement [1] on 1 September [2020]..

: Deutsche Bank US arm pays US$583,600 over Crimea-related sanctions violations; Online Published Date : 11 September 2020 | Appeared in issue: 277 - 28 August 2020; By Keith Nuthall

: UK financial regulator curtails half criminal AML breach probes started this year; Online Published Date : 14 September 2020 | Appeared in issue: 277 - 28 August 2020; The UK Financial Conduct Authority has discontinued seven out of 14 investigations launched so far this year [2020] into potential offences under the Money Laundering Regulations, according to a freedom of information request filed by law firm..

: UK regulator consults on financial crime reporting by smaller firms; Online Published Date : 15 September 2020 | Appeared in issue: 277 - 28 August 2020; Peter Binning (+44 (0)20 7353 6000, pb@corkerbinning.com) is a partner at Corker Binning.

: FATF issues virtual asset ML/TF red flags; Online Published Date : 15 September 2020 | Appeared in issue: 277 - 28 August 2020; TheFinancial Action Task Force (FATF) published on 15 September [2020] a conciseset of red flags for money laundering and terrorist financing involving virtualassets [VAs]. [1] The indicators, based on over 100 case studies since 2017,are organised..

: State Street in Australia fined Au$1.24m for funds transfer reporting breaches; Online Published Date : 16 September 2020 | Appeared in issue: 277 - 28 August 2020; State Street Bank and Trust Company has been ordered to pay Au$1,247,400 by AUSTRAC, the Australian financial intelligence unit, for failing to report international funds transfers.Under the country’s Anti-Money Laundering and Counter-Terrorism..

: Directive to Regulation – a map for EU AML convergence; Online Published Date : 17 September 2020 | Appeared in issue: 277 - 28 August 2020; Back in March [2020], the European Commissiontasked the European Banking Authority (EBA) with looking at how the EU’santi-money laundering and counter terrorist financing regime should betightened up to become more ‘as one’ – ‘harmonised’ across the..

: US consults on AML programme reform; Online Published Date : 18 September 2020 | Appeared in issue: 277 - 28 August 2020; FinCEN,the US financial intelligence unit, is seeking comment on plans to revise the anti-moneylaundering programme requirement under the Bank Secrecy Act.Currently, AML regulations for covered businesses – all termed“financial institutions” under..

: UK company register to require beneficial owner and director identities are verified; Online Published Date : 19 September 2020 | Appeared in issue: 277 - 28 August 2020; The UK Government is to bring in compulsory verification of identity for people who exercise significant control over UK-registered companies: this includes beneficial owners who own 25% or more of the shares, individuals who hold more than 25% of..

: At it again, and again and… - the FinCEN Files; Online Published Date : 21 September 2020 | Appeared in issue: 277 - 28 August 2020; Writing about banks’ approach to money laundering is all too often like living Bill Murray’s character in Groundhog Day [1]: you wake up, think, okay, that’s all in the past, an unhappy memory, price paid and it’s different today; but then no, wait..

: Distance learning; Online Published Date : 22 September 2020 | Appeared in issue: 277 - 28 August 2020; Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com

: Price signals – zeroing in on trade-based money laundering; Online Published Date : 22 September 2020 | Appeared in issue: 277 - 28 August 2020; The pointers are there if one knows how to look: Professor JohnZdanowicz does, crunching US customs data to mark curious features ofcross-border pricing that deserve, if not demand, investigation. KeithNuthall and Diana Yordanova study his method..

: Playing games; Online Published Date : 22 September 2020 | Appeared in issue: 277 - 28 August 2020; Online games have taken on a ‘secondlife’ of their own, expanding role play into trading and markets where pricesare made in bespoke local currencies, which nevertheless have value in the realworld, a feature, Keith Nuthall finds, that has not..

: To train, and to train well – that is the question; Online Published Date : 22 September 2020 | Appeared in issue: 277 - 28 August 2020; Jonathan Fisher QC(jf@brightlinelaw.co.uk) isLead Counsel at Bright Line Law (https://brightlinelaw.co.uk/)

: Sound and light - India; Online Published Date : 22 September 2020 | Appeared in issue: 277 - 28 August 2020; New Delhi is confident of a positiveevaluation by the Financial Action Task Force (FATF) after its visit, scheduledfor next year [2021], but Raghavendra Verma wants to know if theoptimism is justified.Pawan Singh Tomar, former PrincipalCommissioner..

: Westpac agrees to Au$1.3bn fine by AUSTRAC for due diligence, reporting, monitoring failures; Online Published Date : 24 September 2020 | Appeared in issue: 277 - 28 August 2020; Westpac Banking Corporation, Australia’s second largest bankby assets, has agreed to pay a Au$1.3 billion fine to AUSTRAC [1] afteradmitting to over 23 million breaches of the Anti-Money Laundering andCounter-Terrorism Financing Act 2006. [2] If the..