Money Laundering Bulletin

Binance founder sentenced to 4 months in US prison for flawed AML programme

Changpeng Zhao, founder and ex-CEO of leading cryptocurrency exchange Binance, was given a four-month jail term, on 30 April, after pleading guilty to one charge of failing to maintain an effective anti-money laundering programme; he was also fined US$50 million.
Online Published Date:  01 May 2024
Appeared in issue:  314 - 16 April 2024

Up and down - UK AML/CFT supervision findings

In the introduction to its AML/CFT Supervision Report 2022-23, HM Treasury asserts that the UK government approach to economic crime is "robust and holistic", with "sustained action to improve the response" and regulatory oversight a "critical component". Does the evidence match the rhetoric? Partly.
Online Published Date:  02 May 2024
Appeared in issue:  314 - 16 April 2024

Spending patterns - the rise and risks of CBDCs

If wild swings in price and criminal use have tarnished the image of digital currencies, the blockchain technology on which they rest offers scope for state-backed variants, which could just make life harder for the money launderer. Keith Nuthalllooks at developments in central bank digital currencies (CBDCs).
Online Published Date:  02 May 2024
Appeared in issue:  314 - 16 April 2024

Toronto-Dominion Bank pays Can$9.2m for reporting, risk rating, record keeping breaches

Five violations of Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) mean that Toronto-Dominion Bank (TD), headquartered in Toronto, paid a Can$9,185,000 (US$6,712,350) penalty, levied on 9 April, according to a FINTRAC notice.
Online Published Date:  05 May 2024
Appeared in issue:  314 - 16 April 2024

First Citizens Bank of Butte reaches agreement with US Fed on BSA/AML remediation

Montana, USA-based First Citizens Bank of Butte undertakes to rework its Bank Secrecy Act/anti-money laundering (BSA/AML) model in a written commitment made to the US Federal Reserve Bank of Minneapolis and the Montana Division of Financial Institutions, signed on 2 May.
Online Published Date:  08 May 2024
Appeared in issue:  314 - 16 April 2024

FinCEN shows how Iran funds militant allies

USA financial intelligence unit the Financial Crimes Enforcement Network (FinCEN) has released detailed guidance on how Iran funds Middle East allies labelled as terrorist groups by Washington, such as Hamas, Hezbollah, Palestinian Islamic Jihad, Yemen's Houthis and militias in Iraq and Syria.
Online Published Date:  09 May 2024
Appeared in issue:  314 - 16 April 2024

Binance fined Can$6m for registration and reporting breaches

Cryptocurrency exchange Binance was issued with a Can$6,002,000 (US$4,386,350) financial penalty by FINTRAC, the Canadian financial intelligence unit, on 9 May, for anti-money laundering breaches before it ceased operations in the country on 25 September 2023.
Online Published Date:  10 May 2024
Appeared in issue:  314 - 16 April 2024

Suspicion - it's a skill

At the core of anti-money laundering is what might be termed 'confident doubt', a 'more than merely fanciful' sense that something's not quite right and warrants investigation, but can such discernment be learned? Keith Nuthallfinds out.
Online Published Date:  13 May 2024
Appeared in issue:  314 - 16 April 2024

Dubai property register leaks expose scores of alleged criminal owners - OCCRP

'Dubai Unlocked', an investigation of leaked Dubai property records by 75 international media outlets, coordinated by the Organised Crime and Corruption Reporting Project (OCCRP), has identified among foreign owners multiple criminal suspects, sanctioned individuals and politically exposed persons (PEPs) accused of corruption.
Online Published Date:  15 May 2024
Appeared in issue:  315 - 15 May 2024

Write right - impactful SARs

The suspicious activity report is AML's end product so content, structure and clarity are critical if it is to deliver in combating crime. Paul Cochraneseeks advice on how to compose reports that will be closely read and used.
Online Published Date:  16 May 2024
Appeared in issue:  315 - 15 May 2024

Great expectations - EU AML

Cross-border supervision of the banks highest rated for ML riskoperating in the European Union, closer coordination of national financial intelligence units and tightened rules through a regulation, alongside a new AML directive - the major overhaul of EU machinery to combat illicit finance is set to become law: so, will it make a substantive difference, reduce money laundering? Sara Lewis, in Brussels, tests opinion.
Online Published Date:  17 May 2024
Appeared in issue:  315 - 15 May 2024

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