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London house and golf club linked to Azeri fraud forfeit after six-year investigation
After a six-year battle with the UK National Crime Agency, the wife of Jahangir Hajiyev, former chair of the International Bank of Azerbaijan, has agreed to forfeit a Knightsbridge house, worth around UK£14 million (US$18 million), and a golf club in Ascot.
Online Published Date:
06 August 2024
Appeared in issue:
316 - 02 September 2024
AIA International Hong Kong branch fined HK$23m over PEP & EDD failings
The Hong Kong branch of AIA International Ltd, Asia's largest life insurance group, is to pay a HK$23 million (US$3 million) penalty after the Insurance Authority (IA) in Hong Kong found the company's screening processes had not always identified politically exposed persons (PEPs) in the period March 2016 to October 2022.
Online Published Date:
06 August 2024
Appeared in issue:
316 - 02 September 2024
Customers Bank, Pennsylvania agrees to rework BSA/AML and OFAC controls
On 5 August, Customers Bank entered into a written undertaking with the Federal Reserve Bank of Pennsylvania to revise its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and US sanctions compliance programmes.
Online Published Date:
13 August 2024
Appeared in issue:
316 - 02 September 2024
A reckoning - reparation for Ukraine
Putin's war on Ukraine is spinning through billions of dollars, both spent directly on military materiel and the price of physically devastating an economy and society, and that before the opportunity cost of lost growth, to say nothing of lives wrecked and ended - how to value them? Keith Nuthall, Poorna Rodrigo and Dylan Carterexamine the considerations at play in making Russia pay.
Online Published Date:
13 August 2024
Appeared in issue:
316 - 02 September 2024
OTC Link pays US$1.19m to SEC for monitoring and reporting failures
OTC Link LLC, a broker-dealer registered with the US Securities and Exchange Commission (SEC), which services other broker-dealers trading in Over-the-Counter (OTC) securities, has agreed to a cease and desist order and US$1.19 million civil penalty for breaches of the Bank Secrecy Act.
Online Published Date:
14 August 2024
Appeared in issue:
316 - 02 September 2024
GD Legal Solicitors fined in UK for AML risk assessment and control failures
Manchester, UK-based law firm GD Legal Solicitors has been ordered to pay a UK£21,843 (US$28,052) penalty after the Solicitors Regulation Authority (SRA) found it had breached the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Online Published Date:
15 August 2024
Appeared in issue:
316 - 02 September 2024
New heights - Nepal charts route to FATF compliance
The government of Nepal, the Himalayan republic sited between Asian giants India and China, has passed amendments to 20 laws affecting anti-money laundering and counter financing of terrorism (AML/CFT) as the country seeks to avoid a re-grey-listing by the Financial Action Task Force (FATF). Prithvi Shrestha, in Kathmandu, and Keith Nuthall look at whether the changes will suffice.
Online Published Date:
15 August 2024
Appeared in issue:
316 - 02 September 2024
War in Gaza - another front: the financing of Hamas
The 7 October terrorist attacks on Israel put the Palestinian banking sector squarely in the crosshairs. Hamas, though, writes Paul Cochrane, continues to receive funding as the war enters its tenth month.
Online Published Date:
16 August 2024
Appeared in issue:
316 - 02 September 2024
Steep path - Bhutan
Progress on technical compliance with international standards is encouraging but the Kingdom of Bhutan remains in the foothills of effective AML/CFT, find Phuntsho Wangdi, reporting from Thimphu, and Keith Nuthall.
Online Published Date:
17 August 2024
Appeared in issue:
316 - 02 September 2024
Russian transactions: more to report
Suspicious or not, an EU regulation now requires a swathe of transactions from Russian-owned entities to be reported. Nicola Passariello of Moody's explains the new demands and points to some challenges.
Online Published Date:
20 August 2024
Appeared in issue:
317 - 01 October 2024
Inhuman trade - mapping the economy of modern slavery [Video]
The Dutch model of collaboration between its national Financial Intelligence Unit and the banking sector is yielding valuable insights into the money flows around human trafficking and modern slavery. Hennie Verbeek-Kusters, Head of FIU-the Netherlands and former Head of the Egmont Group, spoke to Paul Cochrane about overcoming obstacles and sharing gains from information exchange.
Online Published Date:
21 August 2024
Appeared in issue:
317 - 01 October 2024
Free-for-all? - Free Trade Zones
Offshore advantages ring-fenced onshore - FTZs are synonymous with low tax, less bureaucracy, their own ways of operating but does the business-friendly laissez-faire extend too far; what of financial crime control and oversight? Keith Nuthall investigates.
Online Published Date:
23 August 2024
Appeared in issue:
317 - 01 October 2024
Nordea Bank fined US$35m in New York over correspondent banking AML failings
Finland's Nordea Bank, the largest in the Nordics, and its New York branch must pay US$35m after the New York Department of Financial Services found gaps and flaws in its anti-money laundering controls stretching back to 2009.
Online Published Date:
28 August 2024
Appeared in issue:
317 - 01 October 2024
TD Bank braced for fines north of US$3 billion after AML breaches
Canada's Toronto-Dominion Bank (TD) is preparing for fines topping US$3 billion in the United States over major failings in its anti-money laundering (AML) controls at several branches.
Online Published Date:
28 August 2024
Appeared in issue:
317 - 01 October 2024
US issues final rules for investment advisers and residential real estate transfers
Certain investment advisers will be subject to USA Bank Secrecy Act anti-money laundering/counter financing of terrorism (AML/CFT) requirements, from 1 January 2026, and transfers of residential property will be reportable, from 1 December 2025, after FinCEN published final rules for the sectors on 28 August.
Online Published Date:
29 August 2024
Appeared in issue:
317 - 01 October 2024
Political reforms: AML in Hong Kong
Strengthening anti-money laundering controls in line with international standards, Hong Kong now faces criticism that it could abuse the regime to restrict freedom of speech and assembly. Keith Nuthallconsiders the new powers and how they might be deployed.
Online Published Date:
30 August 2024
Appeared in issue:
317 - 01 October 2024