i-law

Money Laundering Bulletin

Up & down: FCA AML supervision 2019/20

Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.
Online Published Date:  01 December 2021
Appeared in issue:  290 - 01 February 2022

AML has no intelligence and no strategy

Martin Woods(martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).
Online Published Date:  01 December 2021
Appeared in issue:  290 - 01 February 2022

Greentube Alderney fined UK£685,000 for AML and social harm failings in online gambling business

Greentube Alderney Ltd, which operates admiralcasino.co.uk and bellfruitcasino.com, must pay UK£685,000 after the UK Gambling Commission (UKGC) found it had breached licence conditions covering anti-money laundering and social responsibility between..
Online Published Date:  06 December 2021
Appeared in issue:  290 - 01 February 2022

Inner demons

UK democracy is under threat from within, according to Chatham House. The policy institute opens fire in the first line of its December 2021 paper, ‘The UK’s kleptocracy problem’ [1], with “Financial and professional services firms have long made..
Online Published Date:  12 December 2021
Appeared in issue:  290 - 01 February 2022

Bank of Cyprus fined €790,000 for AML failings

Bankof Cyprus, the leading lender on the island, has been fined €790,000 by theCentral Bank of Cyprus for breaches of anti-money laundering law and regulation.The CBC notice did not set out the faults but said they wereidentified during an..
Online Published Date:  13 December 2021
Appeared in issue:  290 - 01 February 2022

Mirabaud fined CHF50,000 for reporting failure in ML case linked to Spanish royal

Geneva bank Mirabaud & Cie SA has been ordered to pay CHF50,000 (US$54,100) for not reporting suspicious activity on an account held by the Lucum foundation, registered in Panama, whose beneficial owner was the former king of Spain, Juan..
Online Published Date:  15 December 2021
Appeared in issue:  290 - 01 February 2022

Swiss court fines Falcon Bank CHF3.5 million for AML breaches

AbuDhabi-owned Falcon Bank has been ordered to pay CHF3.5 million (US$3.8 million)by Switzerland’s Federal Criminal Court for anti-money laundering controlfailings.The case concerned the movement of €133 million (US$150 million), between2012 and..
Online Published Date:  16 December 2021
Appeared in issue:  290 - 01 February 2022

Community Bank of Texas fined US$8m for US Bank Secrecy Act violations

Wilful failure to implement and operate an effective anti-money laundering programme, and not reporting “hundreds of suspicious transactions”, even once on notice that customers were subjects of criminal investigations, have earned the Community..
Online Published Date:  17 December 2021
Appeared in issue:  290 - 01 February 2022

HSBC fined UK£63.9m for catastrophic transaction monitoring failings

By Timon Molloy and Keith Nuthall
Online Published Date:  19 December 2021
Appeared in issue:  290 - 01 February 2022

Bank of Valletta gaps in beneficial ownership data collection bring €2.6m fine in Malta

An offsite review of Malta’s Central Bank Account Register by the Financial Intelligence Analysis Unit (FIAU), indicating that Bank of Valletta was missing beneficial ownership details for some corporate customers, has resulted in a €2,636,400..
Online Published Date:  20 December 2021
Appeared in issue:  290 - 01 February 2022

Nine seasonal lessons from the NatWest case

John Binns (+44 (0)20 74302277, jbinns@bcl.com) is a partnerat BCL Solicitors LLP, specialising in financial crime and money laundering,including advice to the regulated sector.
Online Published Date:  21 December 2021
Appeared in issue:  290 - 01 February 2022

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