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PKN Private Bank convicted in Switzerland after "aggravated money laundering" by staff
PKB Private Bank SA must pay a CHF750,000 (US$821,376) fine after the Office of the Attorney General of Switzerland found that between 2011 and 2014 its controls had failed to prevent criminal "aggravated money laundering" by two employees in connection with the "Lava Jato" corruption case, centred on Brazil.
Online Published Date:
16 April 2024
Appeared in issue:
314 - 16 April 2024
UK parliamentarians propose economic crime policy agenda
Two UK all-party parliamentary groups (APPGs) of MPs have published an Economic Crime Manifesto, second edition, cataloguing reforms they say are needed to shift the country's status from "haven for illicit wealth" to a "global leader in the fight against corruption fraud and dirty money".
Online Published Date:
18 April 2024
Appeared in issue:
314 - 16 April 2024
First FS & LA of Lorain agrees to US OCC directive on CDD, AML staffing and training
Ohio, USA bank First FS & LA or Lorain has entered into a formal agreement with the US Office of the Comptroller of the Currency (OCC) to upgrade its anti-money laundering controls to comply with the Bank Secrecy Act (BSA) as part of a larger, strategic plan to address "unsafe or unsound practices".
Online Published Date:
18 April 2024
Appeared in issue:
314 - 16 April 2024
Is FATF on the right track?
In late 2024, the Financial Action Task Force (FATF) will celebrate 35 years as the global standard-setter for anti-money laundering (AML) and combating the financing of terrorism (CFT) - an opportunity, critics tell Paul Cochrane, to review and potentially reform its role in the fight against illicit finance.
Online Published Date:
20 April 2024
Appeared in issue:
314 - 16 April 2024
Commerzbank fined €1.45m in Germany for CDD breaches
BaFin, the German financial services regulator, has ordered Commerzbank and its comdirect Bank arm to pay a €1.45m (US$1.55m) penalty for customer due diligence failings.
Online Published Date:
22 April 2024
Appeared in issue:
314 - 16 April 2024
MEPs block removal of UAE, Gibraltar, Panama from EU AML/CFT blacklist
The European Parliament has pushed the European Commission into a politically awkward position by refusing to follow the Financial Action Task Force (FATF) lead in removing the United Arab Emirates (UAE), Gibraltar and Panama from the European Union (EU) ML blacklist.
Online Published Date:
24 April 2024
Appeared in issue:
314 - 16 April 2024
Toke stock - Canada, cannabis and criminal proceeds
Nationwide legalization of marijuana consumption by adults in Canada in 2018 was experimentation on a grand scale, so how's the trip been so far - high, mellow or gone to pot? Keith Nuthall explores the changing market and money flows.
Online Published Date:
24 April 2024
Appeared in issue:
314 - 16 April 2024
European Parliament passes AML reforms
Legislation underpinning major revision of the European Union's (EU) anti-money laundering framework was voted through by the European Parliament on 24 April.
Online Published Date:
25 April 2024
Appeared in issue:
314 - 16 April 2024
Gilt edge - Zimbabwe
A shiny new currency - Zimbabwe Gold (ZiG) - will not, of itself, cure the country's economic ills, and certainly not if the authorities fail to assert control over the trade in gold, report Ceaser Mhukahuru, in Harare, and Keith Nuthall.
Online Published Date:
26 April 2024
Appeared in issue:
314 - 16 April 2024
Two US community banks take FDIC consent orders to rectify BSA compliance
River Bank & Trust, Alabama and Exchange Bank, Oklahoma have agreed to overhaul their Bank Secrecy Act (BSA)/Anti-Money Laundering compliance frameworks after inspection by the US Federal Deposit Insurance Corporation (FDIC).
Online Published Date:
28 April 2024
Appeared in issue:
314 - 16 April 2024
Canada's FIU requests STRs via generic messaging service after hack
FINTRAC, Canada's financial intelligence unit (FIU), has asked obliged entities to file their most sensitive suspicious transaction reports (STRs) via a commercial file-sharing system after the AML agency was hacked in March.
Online Published Date:
29 April 2024
Appeared in issue:
314 - 16 April 2024
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