- Home/Publications/Money Laundering Bulletin
Norway’s DNB bank property unit fined for AML control failings
The commercial property broking arm of Norwegian bank DNB willpay 30,000 Norwegian crowns (US$3,532) for breaching anti-money laundering rules,
Finanstilsynet, the financial services regulator said on 25 June [2019].DNB Naeringsmegling failed to put..
Online Published Date:
26 June 2019
Appeared in issue:
266 - 26 June 2019
AI in AML – the road to implementation
Brandon Daniels (+1 212 382 8017, bdaniels@exiger.com) is President, Global Technology Markets and Jason Holt (+44 (0) 207 516 5900, jholt@exiger.com) is Managing Director and EMEA Regional Leader at Exiger.
Online Published Date:
27 June 2019
Appeared in issue:
266 - 26 June 2019
Norway regulator fines Santander NKr 9 million for transaction monitoring breaches
Santander Consumer Bank will pay a fine of NKr9 million (US$1 million) to Finanstilsynet, Norway’s Financial Supervisory Authority, for transaction monitoring breaches.The bank’s automated system failed to review around 1.6 million transactions for..
Online Published Date:
03 July 2019
Appeared in issue:
266 - 26 June 2019
UK charities investigated over counterfeit medication sales laundering
EightUK charities with common trustees are the subject of a class statutory inquiry
following alleged money laundering, it was revealed on 9 July [2019]. [1] The Charity Commission has been examining mismanagement and
possible fraud at the Chabad UK..
Online Published Date:
10 July 2019
Appeared in issue:
266 - 26 June 2019
As it was – UK AML supervision review 2017/18
A lag factor of around 15 months raises questions about the currency of HM Treasury’s latest annual review of the performance of UK AML supervisors. [1]Based on returns for the period 6 April 2017 to 5 April 2018, the document acknowledges the..
Online Published Date:
11 July 2019
Appeared in issue:
266 - 26 June 2019
UK Economic Crime Plan – long on commitment, short on cash
The UK Government’s Economic Crime Plan 2019 (ECP) [1], an ambitious set of 52 actions, calls on public and private sectors to pull together but whether an extra UK£48 million for policing in 2019/20 is likely to put much of a dent in the UK£37..
Online Published Date:
13 July 2019
Appeared in issue:
266 - 26 June 2019
UK NCA uses Unexplained Wealth Order to lock suspected organised crime assets
The UK National Crime Agency has secured its first UnexplainedWealth Order (UWO) against an individual believed to have connections with
serious organised crime. The order, obtained in the High Court on 12 July [2019],
requires the unnamed..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
ING Belgium branch fined €350,000 over protracted reporting failure
The Belgian branch of Dutch bank ING has paid a €350,000 penalty for failing properly to monitor transactions and report suspicious activity by an unnamed Russian customer between 2000 and 2013.The National Bank of Belgium, which levied the fine,..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
Latvia fines Rigensis Bank €1 million for AML breaches, censures executive
Rigensis Bank AS, Latvia’s eleventh largest lender by assets, is to pay a €1,028,850 fine after the Financial and Capital Markets Commission (FCMC) discovered multiple due diligence and monitoring failings. [1]The regulator found that the bank had..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
Brazil supreme court puts brake on money laundering investigations
Report by Lucas Zanoni, Timon Molloy
Online Published Date:
24 July 2019
Appeared in issue:
266 - 26 June 2019
Tighter EU AML/CFT on Commission agenda; football and free ports join risk list
By Keith Nuthall
Online Published Date:
25 July 2019
Appeared in issue:
266 - 26 June 2019
UK NCA secures Unexplained Wealth Order against properties in Northern Ireland & London
A Northern Irish woman must account for how she was able tobuy six properties, with a total value around UK£3.2 million, after the UK
National Crime Agency obtained its fourth Unexplained Wealth Order on 24 July
[2019]. The unnamed woman, resident..
Online Published Date:
31 July 2019
Appeared in issue:
266 - 26 June 2019
Ladbrokes Coral Group to pay UK£5.9m for AML and social responsibility breaches
Bookmakers Ladbrokes Coral Group (LCG), now part of GVC, will pay UK£5.9 million after the UK Gambling Commission discovered “systemic failings” in its controls against money laundering and to prevent harm to customers through excessive betting...
Online Published Date:
31 July 2019
Appeared in issue:
266 - 26 June 2019
Graph technology: seeing more in the data
The author is CEO and Co-Founder of Neo4j (www.neo4j.com), the graph database company.
Online Published Date:
02 August 2019
Appeared in issue:
266 - 26 June 2019
Crime pays in 77% of the world, it’s shocking. We need a Task Force.
Tristram Hicks spent a decade on the UK Criminal Finance Board and in operational command of financial investigators. He now teaches and researches.
Online Published Date:
02 August 2019
Appeared in issue:
266 - 26 June 2019
Challenges with implementing proliferation financing controls: how export controls can help
Togzhan Kassenova, PhD, CAMS is a Washington, DC-based senior fellow with the Project on International Security, Commerce, and Economic Statecraft (PISCES), Center for Policy Research, University at Albany – State University of New York. This article is republished with kind permission from WorldECR (www.worldecr.com).
Online Published Date:
05 August 2019
Appeared in issue:
266 - 26 June 2019
Chinese bank records of transactions outside correspondent account accessible by prosecutors, US court rules
A US appeals court has ruled [1] that the Patriot Act permits prosecutors to access the records of transactions by a foreign bank which do not pass through its US correspondent account if they form part of a larger plan to use it to acquire US..
Online Published Date:
07 August 2019
Appeared in issue:
266 - 26 June 2019
Over UK£100m frozen as new orders bite in overseas corruption case
Suspected proceeds of foreign bribery and corruption totalling more than UK£100 million are locked in eight bank accounts after the UK National Crime Agency (NCA) was granted account freezing orders on 12 August [2019].If subsequent investigation..
Online Published Date:
14 August 2019
Appeared in issue:
266 - 26 June 2019
EU prepares for reissue of third country ML/TF blacklist
The EU Commission is set by October [2019] to publish a revised methodology for identifying third countries that are failing to adequately combat money laundering and terrorist financing, according to a Financial Times report.Vera Jourova, the EU’s..
Online Published Date:
19 August 2019
Appeared in issue:
266 - 26 June 2019
Approach with caution – an FATF guidance quartet
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
22 August 2019
Appeared in issue:
266 - 26 June 2019
Trade flows
Trade-based money laundering is acomplex, fluid typology, as hard for regulated businesses to recognise and
control as it is for law enforcement to track and investigate. Subject to
tightening US sanctions, Iran, with already unrivalled expertise..
Online Published Date:
22 August 2019
Appeared in issue:
266 - 26 June 2019
Correspondents course – MSBs & derisking
Money service businesses are cash-intensiveso heavily red-flagged, yet vital to migrant workers sending home small sums
and sometimes the only conduit for financial aid in conflict zones. MLB
correspondents, Paul Cochrane, Ramadhan Rajab, Jens..
Online Published Date:
22 August 2019
Appeared in issue:
266 - 26 June 2019
Not so small – Bermuda & Liechtenstein
Hard to locate, perhaps, on a map of the world, Bermuda and Liechtenstein cannot be overlooked in any survey of global financial centres. Jens Kastner compares how the jurisdictions are working to secure their futures as wealth havens in the era of..
Online Published Date:
22 August 2019
Appeared in issue:
266 - 26 June 2019
In the pits – F1 sponsorship and Italian tax evasion
Four months before the Formula One carsscream off the start-line in the Italian Grand Prix at Monza on 6-8 September
[2019], a major arrest linked to money laundering was made in Dubai. Brenda
Dionisi reports from Milan.On 29 May 2019 Luigi Provini..
Online Published Date:
22 August 2019
Appeared in issue:
266 - 26 June 2019