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Money Laundering Bulletin

: UAE fines 11 banks over AML faults; Online Published Date : 01 February 2021 | Appeared in issue: 281 - 20 January 2021; The UAE Central Bank, on 24 January [2021], fined 11 banks, not named, a total of AED45,758,333 (US$12,460,000) for breaches of its anti-money laundering and counter-terrorist financing law. [1]In the last week of January [2021], Bank of Baroda..

: Whistle in confidence – US Anti-Money Laundering Act 2020; Online Published Date : 01 February 2021 | Appeared in issue: 281 - 20 January 2021; Meredith S. Dante (+1 215 864 8132, dantem@ballardspahr.com) is a partner, Diana M. Joskowicz (+1 215 864 8311, joskowiczd@ballardspahr.com) an associate & Peter D. Hardy (+1 215 864 8838, hardyp@ballardspahr.com) a partner at Ballard Spahr LLP.

: Apple Bank pays US$12.5m to FDIC over US Bank Secrecy Act violations; Online Published Date : 02 February 2021 | Appeared in issue: 281 - 20 January 2021; Apple Bank for Savings of New York has paid US$12.5 million to settle claims by the Federal Deposit Insurance Corporation (FDIC) that it breached the Bank Secrecy Act (BSA) between April 2014 and September 2018. [1] The consent order was dated 21..

: Big ask - ex-fraudster on catching cash laundering; Online Published Date : 02 February 2021 | Appeared in issue: 281 - 20 January 2021; Much anti-money laundering expertise is built on the experience of victims and law enforcement, fed into techniques and systems fighting the crime. But ex-offenders have a different perspective and can offer fresh insight and intelligence maybe not..

: Base metal – gold & crime; Online Published Date : 02 February 2021 | Appeared in issue: 281 - 20 January 2021; Valuable, malleable, hard to trace, easy to transport and sell, gold possesses all the attributes that criminals desire so it is surprising, at the least, that controls on the trade are so lax. Paul Cochrane reports from Pietermaritzburg, South..

: Go slow over UBO – EU registers; Online Published Date : 02 February 2021 | Appeared in issue: 281 - 20 January 2021; Publicaccess to who owns companies set up in the European Union was a centrepiece ofthe Fifth Money Laundering Directive, yet Sara Lewis, in Brussels, findsthat not all member states are fully on board with the transparency agenda. Manyof the..

: FinCrime Curator – February 2021; Online Published Date : 02 February 2021 | Appeared in issue: 280 - 25 November 2020; Staying on top of all the quality AML and other financial crime content published online is a pleasurable duty and the last few months have yielded some material especially well worth a look and listen. (Note – external links may be cut or change..

: UK private schools and universities complicit in West African PEP corruption, says report; Online Published Date : 05 February 2021 | Appeared in issue: 281 - 20 January 2021; By Sara Lewis

: Learning our lessons; Online Published Date : 09 February 2021 | Appeared in issue: 281 - 20 January 2021; Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com

: Digital transformation: AML Compliance in 2020/21; Online Published Date : 11 February 2021 | Appeared in issue: 281 - 20 January 2021; Adam McLaughlin (adam.mcLaughlin@niceactimize.com) is Global Head of Financial Crime Strategy & AML SME, NICE Actimize.

: Crown Resorts AML flaws make it unfit to run new Sydney casino, says regulator; Online Published Date : 11 February 2021 | Appeared in issue: 281 - 20 January 2021; By Keith Nuthall

: UAE fines exchange house AED504,000 for weak AML/CFT compliance; Online Published Date : 12 February 2021 | Appeared in issue: 281 - 20 January 2021; The Central Bank of the UAE (CBUAE), on 28 January [2021], fined an unnamed exchange house AED504,000 (US$137,200) over its deficient anti-money laundering and combating the financing of terrorism (AML/CFT) compliance framework.The size of the..

: Luxembourg register scrape reveals criminal, dead and child owners; Online Published Date : 15 February 2021 | Appeared in issue: 281 - 20 January 2021; By Sara Lewis, in Brussels

: Jersey fines three SG Kleinwort Hambros firms over UK£700,000 for AML & Compliance breaches; Online Published Date : 17 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: Cash in; Online Published Date : 18 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: FINRA fines Actinver US$150,000 for AML program failings; Online Published Date : 19 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: BitPay reaches US$507,375 settlement over digital currency US sanctions breaches; Online Published Date : 19 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: LGL Trustees fined UK£550,000 in Jersey court for due diligence breaches; Online Published Date : 22 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: UK universities take £52m in cash payments from students; Online Published Date : 23 February 2021 | Appeared in issue: 282 - 17 February 2021; 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 –..

: Time the UK got serious about fraud and money laundering; Online Published Date : 24 February 2021 | Appeared in issue: 282 - 17 February 2021; 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.

: Cayman Islands has strategic deficiencies in AML/CFT, deems FATF; Online Published Date : 26 February 2021 | Appeared in issue: 282 - 17 February 2021; 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..

: Dutch FIU sets up bank liaison system to share anonymised AML analysis; Online Published Date : 27 February 2021 | Appeared in issue: 282 - 17 February 2021; By Sara Lewis