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In from the cold - Iceland
Since a frosty Financial Action Task Force assessment in 2018, Iceland has worked hard to upgrade its AML/CFT regime, albeit was subject to increased monitoring across the year to October 2020. Enhanced oversight of non-financial businesses and professions and virtual asset service providers, a publicly beneficial ownership register for companies and another, central registry of bank accounts in the works have all contributed to a thaw in the evaluators' attitude, finds Keith Nuthall.
Online Published Date:
18 May 2023
Appeared in issue:
305 - 03 July 2023
G7 pledges more sanctions on Russia, circumvention controls and direct & indirect asset seizures
The G7 group of industrialised nations has promised to ramp up sanctions against Russia over its invasion of Ukraine, including additional efforts to prevent circumvention.
Online Published Date:
19 May 2023
Appeared in issue:
305 - 03 July 2023
Skill on Net Ltd fined UK£305,150 for gambling ML risk and control failings
Cyprus-based gaming operator Skill on Net Limited, which runs 50 websites, is to pay UK£305,150, and UK£9,079 towards investigation costs, over UK Gambling Commission findings of deficiencies in its anti-money laundering framework and protections for customers at risk of harm from their betting.
Online Published Date:
27 May 2023
Appeared in issue:
305 - 03 July 2023
Incoming tide - AI for AML
The next wave of IT development, already crashing in with artificial intelligence large language models like ChatGPT, and set for further tumult when propelled by quantum computing power, will bring sea change to the work of compliance teams. Andreia Nogueirachecks the latest technology forecast.
Online Published Date:
30 May 2023
Appeared in issue:
305 - 03 July 2023
Crown casinos reach draft Au$450m settlement for AML failings with AUSTRAC
Crown Melbourne and Crown Perth, casinos in the Crown Resorts group, have agreed with AUSTRAC, Australia's financial intelligence unit, to pay a Au$450m (US$292m) penalty over wide-ranging breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Online Published Date:
31 May 2023
Appeared in issue:
305 - 03 July 2023
You have three minutes - managing financial crime risks in committee settings
As the complexity of the regulated system grows, we often feel compelled to allow more time for discussions, debate and challenge. But is this really the best approach? Leveraging insights from behavioural economics, Mario Menz challenges this notion, arguing for a 'three-minute rule' to encourage clearer, more focused presentations, and ultimately, better risk management.
Online Published Date:
31 May 2023
Appeared in issue:
305 - 03 July 2023
Transactive Systems UAB loses licence, pays €280,000 in Lithania over AML/CFT failings
Transactive Systems UAB, a subsidiary of UK-based payments firm Transactive Systems Ltd, has been fined €280,000 (US$300,133) by the Bank of Lithuania, which has also withdrawn its licence over serious anti-money laundering and counter-terrorist financing (AML/CFT) breaches.
Online Published Date:
05 June 2023
Appeared in issue:
305 - 03 July 2023
Papaya Ltd fined €279,756 in Malta over risk assessment and due diligence shortcomings
Papaya Ltd, an electronic money institution, must pay €279,756 after the Financial Intelligence Analysis Unit (FIAU) in Malta discovered failings in its anti-money laundering and counter-terrorist financing (AML/CFT) controls during a compliance review in 2020.
Online Published Date:
06 June 2023
Appeared in issue:
305 - 03 July 2023
EU ministers and MEPs agree law enforcement access to financial records from all member states bar one
Law enforcement agencies acrossthe European Union (EU) will, in future, access financial records containing anti-money laundering/counter financing of terrorism (AML/CFT) information from 26 EU member states; Denmark is opting out (using its previously negotiated right to ignore some EU justice laws).
Online Published Date:
06 June 2023
Appeared in issue:
305 - 03 July 2023
FinCrime Curator - June 2023
If the eyes and/or head are aching after too much close work on the latest policy, procedure, customer file review or SAR, it's time maybe to pause and recharge with our pick of the most instructive, insightful (and engaging) relevant content to be found online.
Online Published Date:
07 June 2023
Appeared in issue:
305 - 03 July 2023
Whack-a-mule
Cost of living pressures, an easy opportunity to make a quick buck, ignorance or wilful blindness, and the advent of cryptocurrency - the conditions are set for money mule herding at scale, internationally... to go on, and on. Keith Nuthall reports on crowd-laundering.
Online Published Date:
10 June 2023
Appeared in issue:
305 - 03 July 2023
Weaponised AML
Financial Action Task Force success in advancing standards to thwart the flow of illicit finance in a few decades is extraordinary, but consequential potent laws and controls are at risk of perversion by ruling elites to curb political opponents. Keith Nuthall, in Ottawa, Raghavendra Verma, in New Delhi& Elizia Volkmann, in Tunisexamine this worrying abuse of power.
Online Published Date:
21 June 2023
Appeared in issue:
305 - 03 July 2023
Turks & Caicos - on the right tack
On course, if far to go, the Turks & Caicos Islands remains in enhanced follow-up after its last mutual evaluation by the Caribbean Financial Action Task Force in 2019: technical compliance with the 40 Recommendations is set positive but effectiveness is still a distant prospect. Keith Nuthall and Gemma Handy, in St John's, Antigua & Barbuda, chart the route to date.
Online Published Date:
21 June 2023
Appeared in issue:
305 - 03 July 2023
Swedbank to pay OFAC SEK37m over Russia sanctions violations
Leading Swedish deposit-taker Swedbank, on 19 June [2023], announced a settlement with the US Office of Foreign Assets Control (OFAC) under which it will pay SEK37m (US$3.44m) for apparent violations of US sanctions on Russia.
Online Published Date:
21 June 2023
Appeared in issue:
305 - 03 July 2023
A people business
A global trade to rival narcotics, human trafficking and modern slavery may be rising up the risk register, but, Paul Cochrane finds, do yet not command sufficient attention, reflected in a lower than expected volume of suspicious activity reports.
Online Published Date:
21 June 2023
Appeared in issue:
305 - 03 July 2023
Singapore fines three banks, one insurer over AML breaches around Wirecard fraud
The implosion of Wirecard, in 2020, after €1.9bn (US$1.4bn) in cash was found to be missing from the German payments firm's accounts, has led to fines against four financial institutions in Singapore for anti-money laundering and terrorist financing control failings.
Online Published Date:
22 June 2023
Appeared in issue:
305 - 03 July 2023
EU member states back targeting third country circumvention of Russia sanctions
The European Union (EU), on 21 June [2023], struck political agreement on its 11th set of sanctions against Russia, that will, crucially, include new powers to block flows of goods to third countries, suspected of being rerouted to Russia.
Online Published Date:
22 June 2023
Appeared in issue:
305 - 03 July 2023