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Credence fined in Malta for risk assessment, due diligence & monitoring flaws
Two firms operating under the same lead name – Credence Corporate and Advisory Services Ltd (CCAS) and Credence Fiduciary Ltd (CF) – which breached Malta’s Prevention of Money Laundering and Funding of Terrorism Regulations must pay €143,119 [1] and..
Online Published Date:
25 November 2020
Appeared in issue:
280 - 25 November 2020
Defence retort
John Binns (+44 (0)20 7430 2277, jbinns@bcl.com) is a partner at BCL Solicitors LLP, specialising in financial crime and money laundering.
Online Published Date:
30 November 2020
Appeared in issue:
280 - 25 November 2020
US Congress on brink of beneficial ownership law
The US Congress is set to legislate for US companies andlimited liability partnerships (LLPs) to disclose their beneficial owners at a25% threshold, or those who exercise substantial control over the entity, to anon-public register. The long-awaited..
Online Published Date:
07 December 2020
Appeared in issue:
280 - 25 November 2020
Insignia Cards fined €373,670 in Malta for AML risk and control failings
InsigniaCards Ltd, an e-money institution offering payment cards to the very wealthy,has been fined €373,670 by the Malta Financial Intelligence Analysis Unit(FIAU). [1]An onsite visit in 2019 found lack of detail to underpin thebusiness risk..
Online Published Date:
07 December 2020
Appeared in issue:
280 - 25 November 2020
Human rights abusers face faster sanctions after EU Council decision
By Keith Nuthall
Online Published Date:
08 December 2020
Appeared in issue:
280 - 25 November 2020
US Congress passes beneficial ownership law
The US Senate, on 11 December [2020], voted through law compelling US companies and limited liability partnerships (LLPs) to disclose their natural person beneficial owners at a 25% threshold, or those who exercise substantial control over the..
Online Published Date:
13 December 2020
Appeared in issue:
280 - 25 November 2020
Clear vision - interview with Dr Marcus Pleyer, FATF President [Video]
Covid-19 has changed working practices across almost every organisation: the Financial Action Task Force is no exception. Dr Marcus Pleyer, who became FATF President on 1 July 2020, talks to Keith Nuthall about how the world's anti-money laundering..
Online Published Date:
15 December 2020
Appeared in issue:
280 - 25 November 2020
Art, crypto and Post Office cash deposits flagged in UK NRA 2020
ByKeith Nuthall
Online Published Date:
17 December 2020
Appeared in issue:
280 - 25 November 2020
Egmont Group looks for new EU AML coordination & support system to deliver practical help to FIUs
By Keith Nuthall
Online Published Date:
19 December 2020
Appeared in issue:
280 - 25 November 2020
First Unexplained Wealth Order upheld by UK Supreme Court
ZamiraHajiyeva, wife of jailed Azerbaijani banker Jahangir Hajiyev, has lost herfinal appeal against an Unexplained Wealth Order (UWO) made against her by theUK National Crime Agency (NCA). [1] The Supreme Court upheld the earlier decisions of the..
Online Published Date:
21 December 2020
Appeared in issue:
280 - 25 November 2020
Western International Trust Co fined CI$482,718 in Cayman for due diligence, monitoring, risk assessment failings
TheCayman Islands Monetary Authority (CIMA) on 22 December [2020] announced a fineof CI$482,717.50 (US$580,258) against Western International Trust Company Ltdfor a range of anti-money laundering compliance breaches.The public notice [1] itemises..
Online Published Date:
24 December 2020
Appeared in issue:
280 - 25 November 2020