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Chardan, broker-dealer fined $1m, AML officer $15,000 for penny stock reporting failures
Chardan Capital Markets LLC, a broker-dealer has been fined $1m [1] by the US Securities and Exchange Commission, and Jerard Basmagy, its AML officer, $15,000 together with a three-year industry ban [2], for executing transactions in penny stocks..
Online Published Date:
22 May 2018
Appeared in issue:
255 - 01 July 2018
ICBC Financial Services pays FINRA $5.3m for penny stock monitoring flaws
Industrial and Commercial Bank of China Financial Services
LLC, a broker-dealer, has been fined $5.3m by FINRA in the US for “systematic
AML compliance failures”, after not properly detecting and investigating
potentially suspicious..
Online Published Date:
22 May 2018
Appeared in issue:
255 - 01 July 2018
Bear hug – Russian finance in the UK
“You have to understand that Russia is an absolute kleptocracy,” anti-corruption campaigner Roman Borisovich told the UK House of Commons Foreign Affairs Committee in March [2018], his quote repeated in its forthright analysis of how..
Online Published Date:
29 May 2018
Appeared in issue:
255 - 01 July 2018
MONEYVAL says “very rare” that professionals in Europe who launder are prosecuted
By Keith Nuthall
Online Published Date:
04 June 2018
Appeared in issue:
255 - 01 July 2018
Canara Bank fined UK£896,100 with new business bar for systemic AML failings
Canara Bank, the UK branch of the Indian state-owned bank, has been fined UK£896,100 by the Financial Conduct Authority for systemic anti-money laundering breaches and stopped from accepting deposits from new customers for 147 days.The bank,..
Online Published Date:
06 June 2018
Appeared in issue:
255 - 01 July 2018
Commonwealth Bank of Australia agrees A$700m AML/CFT breaches settlement with AUSTRAC
The Commonwealth Bank of Australia (CBA) is set to pay A$700 million (US$532 million) in a record corporate civil penalty for multiple breaches of Australia’s anti-money laundering and counter-terrorist financing (AML/CTF) laws after reaching..
Online Published Date:
06 June 2018
Appeared in issue:
255 - 01 July 2018
EU ministers and MEPs agree ML criminalisation directive
By Keith Nuthall
Online Published Date:
12 June 2018
Appeared in issue:
255 - 01 July 2018
EU law enforcement ramps up efforts against money mules
By Sara Lewis
Online Published Date:
12 June 2018
Appeared in issue:
255 - 01 July 2018
FATF – Q&A on CFT
With the Financial Action Task Force (FATF) about to hold a new plenary on 27-29 June, jointly with the FATF-style regional body from the Middle East and North Africa (MENAFATF), the global standard-setter is assessing its new operational plan for..
Online Published Date:
25 June 2018
Appeared in issue:
255 - 01 July 2018
Cooperation key to block criminal use of virtual currencies, MEPs told
By Liz Newmark,
in Brussels
Online Published Date:
25 June 2018
Appeared in issue:
255 - 01 July 2018
32Red hit for UK£2m over weak controls around problem gambler
32Red Limited, the online casino and sports betting firm, which trades as 32Red.com and Roxy Palace.com, will pay a total of UK£2,024,046 for responsible gambling and anti-money laundering control failings around its dealings with a customer..
Online Published Date:
26 June 2018
Appeared in issue:
255 - 01 July 2018
The Home Office Magic Money Tree
Tristram Hicks spent a decade on the UK Criminal Finance Board & in operational command of financial investigators. He now teaches and researches.
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Deferred prosecution – preferred option
Late to the party perhaps with beneficial
ownership due diligence obligations – the FinCEN final rule takes effect on 11
May – the US led the way with deferred prosecution agreements (DPAs), an
approach to resolution, beyond..
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Summer reads
Susan Grossey may be
contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,
www.thinkingaboutcrime.com
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Human rights violations & financial penalties – Magnitsky law in the UK
Diana Czugler (+44 (0)20 7822 7773, dczugler@petersandpeters.com) is an associate and David Jones a trainee at Peters &
Peters.
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Conflicting messages - Pakistan
Taliban just over the border in
Afghanistan and a history of contact, if not cooperation, between the country’s
intelligence services and militant groups makes combating terrorist financing doubly
problematic for Pakistan, even before..
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Here and now – the cryptocurrency imperative
The e-genie was out of the bottle with
the arrival of Bitcoin. Virtual currencies are proliferating but it’s not too
late to seize the initiative before the criminals take full advantage, finds Sarah Gibbons.A new set of
privacy-focused..
Online Published Date:
28 June 2018
Appeared in issue:
255 - 01 July 2018
Cooperation key to block criminal use of virtual currencies, MEPs told
Joining expertise from the public and private sector to combat money laundering or terrorist financing (TF) aided by virtual currencies (VCs) is the way forward, financial crime experts told MEPs at the 18 June [2018] meeting of the European..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Chardan, broker-dealer fined $1m, AML officer $15,000 for penny stock reporting failures
Chardan Capital Markets LLC, a broker-dealer has been fined $1m [1] by the US Securities and Exchange Commission, and Jerard Basmagy, its AML officer, $15,000, together with a three-year industry ban [2], for executing transactions in penny stocks..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Canara Bank fined UK£896,100 with new business bar for systemic AML failings
Canara Bank, the UK branch of the Indian state-owned bank, has been fined UK£896,100 by the Financial Conduct Authority for systemic anti-money laundering breaches and stopped from accepting deposits from new customers for 147 days.
The..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
MONEYVAL says “very rare” that professionals in Europe who launder are prosecuted
The chairman of Europe’s regional Financial Action Task Force (FATF)-style body MONEYVAL has raised concerns about a lack of free-standing money laundering convictions on the continent, noting that professionals who service criminal groups are..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
EU ministers and MEPs agree ML criminalisation directive
The European Parliament and the European Union (EU) Council of Ministers have struck a deal on criminalising money laundering across the EU through a new directive. Ministers and MEPs will now hold formal votes and debates on a common legal text..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Deferred prosecution – preferred option
Late to the party perhaps with beneficial ownership due diligence obligations – the FinCEN final rule takes effect on 11 May – the US led the way with deferred prosecution agreements (DPAs), an approach to resolution, beyond regulatory..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
EU law enforcement ramps up efforts against money mules
Police forces European Union (EU)-wide are running targeted campaigns against ‘money mules’ until December, according to EU police agency Europol, which says that the number of cross-border investigations into such third-party..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
32Red hit for UK£2m over weak controls around problem gambler
32Red Limited, the online casino and sports betting firm, which trades as 32Red.com and Roxy Palace.com, will pay a total of UK£2,024,046 for responsible gambling and anti-money laundering control failings around its dealings with a customer..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
ICBC Financial Services pays FINRA $5.3m for penny stock monitoring flaws
Industrial and Commercial Bank of China Financial Services LLC, a broker-dealer, has been fined $5.3m by FINRA in the US for “systematic AML compliance failures”, after not properly detecting and investigating potentially suspicious..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Air cargo – screening for take-off
News that a Maersk company carried arms components from North Korea to Egypt, in violation of international sanctions [1], acts as a fresh warning for those facilitating global trade to be vigilant and report suspicious activity, says Byron McKinney..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
FATF – Q&A on CFT
With the Financial Action Task Force (FATF) about to hold a new plenary on 27-29 June, jointly with the FATF-style regional body from the Middle East and North Africa (MENAFATF), the global standard-setter is assessing its new operational plan for..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Here and now – the cryptocurrency imperative
The e-genie was out of the bottle with the arrival of Bitcoin. Virtual currencies are proliferating but it’s not too late to seize the initiative before the criminals take full advantage, finds Sarah Gibbons.
A new set of..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Conflicting messages - Pakistan
Taliban just over the border in Afghanistan and a history of contact, if not cooperation, between the country’s intelligence services and militant groups makes combating terrorist financing doubly problematic for Pakistan, even before..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
The Home Office Magic Money Tree
If criminal justice policy brings tangible success it is common practice to broadcast this loud and clear. So, why hasn’t the UK government trumpeted the growing gains from asset recovery since the Proceeds of Crime Act 2002, and before, asks..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Bear hug – Russian finance in the UK
“You have to understand that Russia is an absolute kleptocracy,” anti-corruption campaigner Roman Borisovich told the UK House of Commons Foreign Affairs Committee in March [2018], his quote repeated in its recently published forthright..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Human rights violations & financial penalties – Magnitsky law in the UK
The wealth and property of individuals deemed responsible for human right violations outside the UK are now at risk of civil recovery and financial sanctions from within the jurisdiction. Diana Czugler and David Jones of Peters & Peters consider..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Commonwealth Bank of Australia agrees A$700m AML/CFT breaches settlement with AUSTRAC
The Commonwealth Bank of Australia (CBA) will pay A$700 million (US$532 million) in a record corporate civil penalty for multiple breaches of Australia’s anti-money laundering and counter-terrorist financing (AML/CTF) laws after reaching..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018
Summer reads
Last summer, writes Sue Grossey, MLB published a selection of reviews I had written of the money laundering-related tomes I had read over the year. Some readers said that they welcomed the recommendations, while others said that it saved them having..
Online Published Date:
04 July 2018
Appeared in issue:
255 - 01 July 2018