i-law.com - Newsletter (Money Laundering Bulletin)

: Cum-Ex – tax redux; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England& Wales and the Chartered Institute of Securities and Investment, was amember of the British Bankers’ Association Money Laundering Committee from2003-10 and a member of the Joint Money Laundering Steering Group’s Board andEditorial Panel between 2010 and 2016. He has been a frequent speaker at industryconferences on financial crime issues, both in the UK and abroad.

: Offshore reach – beneficial ownership registers on the horizon; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; The UK’s overseas territories fought longand hard to prevent public disclosure of who owns and controls the legalentities listed in their registries but a UK legislative deadline of December2023 is finally compelling change: Gemma Handy, based in St..

: Pack your (virtual) bags; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com

: Public Data v. Private Understanding: one reason why firms are falling short in the fight against money laundering; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; Tim Parkman (tim.parkman@cddpro.com) and Stuart Hammond (stuart.hammond@cddpro.com) are independent financial crime consultants and directors of CDD Pro Ltd (www.cddpro.com).

: First in Jersey: lessons from the Abu Dhabi Commercial Bank case; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; Eleanor Davies (+44 [1534] 766254, eleanordavies@bakerandpartners.com) is an associate at Baker &Partners.

: UK lockdown - day one hundred; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.

: FATF defers countermeasures for weak AML/CFT in view of COVID-19; Online Published Date : 01 July 2020 | Appeared in issue: 275 - 01 July 2020; ByKeith Nuthall

: UK lockdown – day one hundred and one; Online Published Date : 02 July 2020 | Appeared in issue: 275 - 01 July 2020; Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.

: UK lockdown - day one hundred and two; Online Published Date : 03 July 2020 | Appeared in issue: 275 - 01 July 2020; Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.

: Pooled Client Accounts: the final answer?; Online Published Date : 06 July 2020 | Appeared in issue: 276 - 06 July 2020; John Binns(+44 (0)20 7430 2277,jbinns@bcl.com) is a partner and specialist in money laundering and financial crime at BCL Solicitors LLP in London.

: Priority focus: FATF, the next two years; Online Published Date : 07 July 2020 | Appeared in issue: 275 - 01 July 2020; Interview by Keith Nuthall.

: ‘Inexcusable’ errors by Deutsche Bank in Epstein relationship and correspondent banking AML breaches bring US$150m fine in New York; Online Published Date : 08 July 2020 | Appeared in issue: 276 - 06 July 2020; Deutsche Bank will pay US$150 million to the New York Department of Financial Services (DFS) for due diligence and monitoring failures in its relationship with convicted sex offender Jeffrey Epstein, also for not adequately addressing anti-money..

: Signet Bank fined nearly €1 million in Latvia for AML breaches; Online Published Date : 17 July 2020 | Appeared in issue: 276 - 06 July 2020; SignetBank is to pay a €906,610penalty in Latvia for customer due diligence and transaction monitoring failings.[1] An inspection by the Financial and Capital Markets Commission(FCMC) found the bank had not taken adequate steps to verify beneficial..

: Romania and Ireland fined over late Fourth EU ML Directive implementation; Online Published Date : 20 July 2020 | Appeared in issue: 276 - 06 July 2020; By Sara Lewis, in Brussels

: Magnitsky sanctions: a storm in a teacup?; Online Published Date : 20 July 2020 | Appeared in issue: 276 - 06 July 2020; John Binns (+44 (0)20 74302277, jbinns@bcl.com) is a partner andspecialist in money laundering and financial crime at BCL Solicitors LLP inLondon.

: Russian elite and criminal money fully integrated in UK, Parliament committee finds; Online Published Date : 21 July 2020 | Appeared in issue: 276 - 06 July 2020; The UK is a “top Western intelligence target” for Russia, according to the UK Parliament Intelligence and Security Committee, which has examined the threat from illicit financial flows from that country as well as its espionage and cyber..

: New Zealand High Court fines two remitters NZ$7.6m for AML breaches; Online Published Date : 23 July 2020 | Appeared in issue: 276 - 06 July 2020; OTT Trading Group and MSI Group, New Zealand-based money services businesses, have been fined NZ$3.1m and NZ$4.485m, respectively, over failure to conduct anti-money laundering risk assessment and for “inadequate or non-existent [customer] due..

: Eyes always open [2] – KYC 'now'; Online Published Date : 28 July 2020 | Appeared in issue: 276 - 06 July 2020; Dermot Corrigan (+44 7710 266333, dermot.corrigan@smartkyc.com) is CEO of smartKYC.

: Global exchange – inside the Egmont Group; Online Published Date : 28 July 2020 | Appeared in issue: 276 - 06 July 2020; Interview by Keith Nuthall.

: Sparkasse Bank fined €217,000 in Malta for AML breaches; Online Published Date : 29 July 2020 | Appeared in issue: 276 - 06 July 2020; Sparkasse Bank has been fined €217,000 for anti-money laundering failings by Malta’s Financial Intelligence Analysis Unit. The FIAU uncovered a series of breaches during an onsite inspection of the Austrian deposit-taker, including customer risk..

: Ex-Coutts AML officer convicted in Switzerland over 1MDB reporting failures; Online Published Date : 31 July 2020 | Appeared in issue: 276 - 06 July 2020; A former Coutts anti-money laundering officer was found guilty, on 31 July [2020], by a Swiss court of failing to act on red flags around transactions by Jho Low, alleged orchestrator of siphoning off up to US$4.5bn from 1MDB, the Malaysian..