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

: Crown Global Life Insurance firms fined BD$400,000 in Bermuda for wide-ranging AML failings; Online Published Date : 04 January 2021 | Appeared in issue: 280 - 25 November 2020; Two business under the Crown Global brand were penalised BD$400,000 for a host of anti-money laundering breaches, according to a notice of 31 December 2020 from the Bermuda Monetary Authority (BMA). [1]Crown Global Life Insurance Ltd and Crown..

: BitGo pays US$98,830 to settle multiple US sanctions program infractions; Online Published Date : 04 January 2021 | Appeared in issue: 280 - 25 November 2020; BitGo, Inc, the California-based digital currency services provider, entered into a US$98,830 settlement with the US Office of Foreign Assets Control (OFAC) on 30 December 2020 over “apparent violations” of various US sanctions programs. [1]The..

: National Commercial Bank settles US sanctions violations action for US$653,347; Online Published Date : 04 January 2021 | Appeared in issue: 280 - 25 November 2020; Saudi-basedNational Commercial Bank (NCB) has agreed to pay US$653,347 to settle potentialcivil liability for apparent violations of US sanctions programs targetingSudan and Syria. NCB processed 13 US$ transactions, summing to US$5,918,560, inthe..

: Satabank penalty for broad AML failings reduced to €851,793 in Malta; Online Published Date : 05 January 2021 | Appeared in issue: 280 - 25 November 2020; Satabank plc, which faced a €3,711,300 fine by the Maltese Financial Intelligence Analysis Unit (FIAU) in March 2019 for major failings in its anti-money laundering controls, has secured a reduction in the penalty, to €851,793, in the Court of..

: Union de Banques Arabes et Françaises pays US$8.6m to settle US Syria sanctions violations case; Online Published Date : 05 January 2021 | Appeared in issue: 280 - 25 November 2020; A French bank specialising in trade finance between Europe,the Middle East, Africa and Asia has agreed to pay US$8,572,500 to settle its potentialcivil liability for breaching US sanctions on Syria on 127 occasions betweenAugust 2011 and April 2013...

: U.S. pulls crypto transactions into AML reporting regime; Online Published Date : 06 January 2021 | Appeared in issue: 280 - 25 November 2020; Selva Ozelli, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.

: Matching‽; Online Published Date : 06 January 2021 | Appeared in issue: 280 - 25 November 2020; Eric A. Sohn, CAMS, CGSS, global market strategist and product director, Dow Jones Risk & Compliance, New York, NY, USA, eric.sohn@dowjones.com

: US Congress legislates to end secrecy around arts and antiquity sales; Online Published Date : 07 January 2021 | Appeared in issue: 280 - 25 November 2020; BySara Lewis

: EU/UK Brexit deal includes beneficial ownership and ML confiscation promises; Online Published Date : 07 January 2021 | Appeared in issue: 280 - 25 November 2020; By Keith Nuthall

: UK MSB fined record £23.8 million by HMRC for breaching ML Regulations; Online Published Date : 08 January 2021 | Appeared in issue: 280 - 25 November 2020; MT Global, a Luton, UK-based money service business has been fined a record UK£23.8 million by HM Revenue & Customs for “significant breaches of money laundering regulations” between July 2017 and December 2019. [1]The penalty is more than three..

: A new ERA beckons; Online Published Date : 12 January 2021 | Appeared in issue: 280 - 25 November 2020; Martin Woods (martin@amlwoods.com) is Managing Director of AMLWoods (www.amlwoods.com).

: New year, new UK sanctions regime; Online Published Date : 12 January 2021 | Appeared in issue: 280 - 25 November 2020; Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner, Elizabeth Head (+44 (0)20 7466 6443, elizabeth.head@hsf.com) a senior associate, and Will Merry (+44 (0)20 7466 2266, will.merry@hsf.com) an associate at Herbert Smith Freehills.

: US Congress makes sweeping changes to AML enforcement; Online Published Date : 13 January 2021 | Appeared in issue: 280 - 25 November 2020; Joshua M. Robbins (+1 (949) 224-6284, jrobbins@buchalter.com) and Cheryl M. Lott (+1 (213) 891-5259, clott@buchalter.com) are attorneys with Buchalter.

: Covid-19 - viral opportunities for criminals; Online Published Date : 14 January 2021 | Appeared in issue: 280 - 25 November 2020; Covid-19 has shifted both consumer behaviour and the revenue streams for criminals, encouraging abandonment of some laundering techniques in favour of others, writes Paul Cochrane. Malefactors have intensified their cyber focus, attacking unwary..

: One EU rulebook – an opinion; Online Published Date : 14 January 2021 | Appeared in issue: 280 - 25 November 2020; Andrea Moundi Savvides (+357 2582 0020, andrea.moundi@harneys.com) is Head of Compliance, MLRO (Cyprus) and Andreas Stavrou (+357 2582 0020, andreas.stavrou@harneys.com) a Consultant and member of the Compliance team (Cyprus) at Harneys.

: Physician, heal thyself; Online Published Date : 15 January 2021 | Appeared in issue: 280 - 25 November 2020; Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com

: Capital One fined U$390m over AML program & SAR, CTR failures; Online Published Date : 18 January 2021 | Appeared in issue: 280 - 25 November 2020; Capital One, National Association, the US bank, will pay a US$290 million civil penalty to FinCEN for “egregious failures” to comply with the Bank Secrecy Act. [1] Another US$100 million due is to be offset against the fine previously levied, in..

: The next four years: US sanctions policy; Online Published Date : 19 January 2021 | Appeared in issue: 280 - 25 November 2020; Zia Ullah (+44 (0)161 831 8454, ziaullah@eversheds-sutherland.com) is a Partner, Kimberly Jones (+44 (0)20 7919 0953, kimberlyjones@eversheds-sutherland.com) and Omar Alami (omaralami@eversheds-sutherland.com) are Associates of Eversheds Sutherland (International) LLP. With special thanks to Sarah Paul (Partner) and Ginger Faulk (Partner) of Eversheds Sutherland (US) for their insights.

: Looking abroad - NCA use of asset freezing and forfeiture orders; Online Published Date : 19 January 2021 | Appeared in issue: 280 - 25 November 2020; Maria Cronin (+44 (0)20 7822 7737, mcronin@petersandpeters.com) is a partner and Karl Masi (+44 (0)20 7822 7740, kmasi@petersandpeters.com) an associate at Peters & Peters Solicitors LLP. They represented the executive in the AFFO proceedings referred to in this article.

: Cryptoassets, suspicion and failure to disclose - sections 329 and 330 of the UK Proceeds of Crime Act; Online Published Date : 20 January 2021 | Appeared in issue: 281 - 20 January 2021; Ariana Caines (+44 (0)20 3709 8711, aec@brightlinelaw.co.uk) is a barrister with Bright Line Law.