- Home/Publications/Money Laundering Bulletin
Online casino firms pay out to UK regulator for wrong call on AML
Threeonline casino operators based offshore will pay penalties totalling nearly UK£14m
to the UK Gambling Commission for anti-money laundering breaches. [1] Daub Alderney [2] was fined UK£7.1m, Casumo, in Malta,
UK£5.85m and Videoslots, also..
Online Published Date:
05 December 2018
Appeared in issue:
260 - 01 February 2019
Giving the lead in West Africa [Video]
West Africa faces deep-rooted financial crime issues, from corruption through to funding of terrorist groups like Boko Haram. Timothy Melaye, Information Manager, ECOWAS, Intergovernmental Action Group Against Money Laundering in West Africa (GIABA)..
Online Published Date:
05 December 2018
Appeared in issue:
260 - 01 February 2019
UK halts ‘golden visa’ scheme over ML risk
The UK suspends its ‘tier 1’ investor visa programme from 7 December 2018 while it develops new more rigorous checks on applicant funds.The scheme, launched in 2008, has enabled individuals with UK£2m to invest in gilts, government bonds or UK..
Online Published Date:
06 December 2018
Appeared in issue:
260 - 01 February 2019
Bank CEO refers UK£76,000 fine for AML failings to Upper Tribunal
By Neasa MacErlean
Online Published Date:
06 December 2018
Appeared in issue:
260 - 01 February 2019
Bank CEO refers UK£76,000 fine for AML failings to Upper Tribunal
By Neasa MacErlean
Online Published Date:
06 December 2018
Appeared in issue:
261 - 01 March 2019
Cracking it – UK by FATF
The United Kingdom sets the bar high with its latest largely positive mutual evaluation by the Financial Action Task Force (published 7 December) [1], the best achieved so far by a country in the fourth round.Whitehall will be gratified, not least,..
Online Published Date:
09 December 2018
Appeared in issue:
260 - 01 February 2019
UK government tightens limited partnership rules
Anyone forming a limited partnership in the UK, including a Scottish limited partnership (SLP), will have to register it with an agent supervised for anti-money laundering under UK government proposals, published on 10 December. [1]The limited..
Online Published Date:
11 December 2018
Appeared in issue:
260 - 01 February 2019
Israel needs to expand regulated sector for AML, says FATF
By Keith Nuthall
Online Published Date:
11 December 2018
Appeared in issue:
260 - 01 February 2019
UK u-turns on ‘golden visa’ scheme suspension
The UK has not suspended its ‘tier 1’ investor visa programme, countermanding a previous Home Office announcement on 7 December that it would halt the scheme while developing new more rigorous checks on applicant funds.The reversal came after the..
Online Published Date:
11 December 2018
Appeared in issue:
260 - 01 February 2019
UK u-turns on ‘golden visa’ scheme suspension
The UK has not suspended its ‘tier 1’ investor visa programme, countermanding a previous Home Office announcement on 7 December that it would halt the scheme while developing new more rigorous checks on applicant funds.The reversal came after the..
Online Published Date:
11 December 2018
Appeared in issue:
261 - 01 March 2019
Listen! Do you want to know a secret?
Denis O’Connor is a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He 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:
16 December 2018
Appeared in issue:
259 - 01 December 2018
UBS broker-dealer fined $15m in US for AML programme deficiencies
UBS Financial Services, Inc. (UBSFS), US broker-dealer subsidiary of the Swiss banking group, is to pay $15m in total in civil penalties to FinCEN ($5m) [1], the Securities & Exchange Commission (SEC - $5m) [2] and FINRA ($4.5m with $0.5m levied..
Online Published Date:
18 December 2018
Appeared in issue:
260 - 01 February 2019
UK SARs up 10% in a year – annual report
The UK Financial Intelligence Unit (UKFIU) received 463,938 suspicious activity reports between April 2017 and March 2018, a 9.6% rise on 2016-17 (423,304).Defence against money laundering (DAML) requests were up 20% on the previous year’s 18,849:..
Online Published Date:
20 December 2018
Appeared in issue:
260 - 01 February 2019
UK SARs up 10% in a year – annual report
The UK Financial Intelligence Unit (UKFIU) received 463,938 suspicious activity reports between April 2017 and March 2018, a 9.6% rise on 2016-17 (423,304).Defence against money laundering (DAML) requests were up 20% on the previous year’s 18,849:..
Online Published Date:
20 December 2018
Appeared in issue:
261 - 01 March 2019
JSC “BlueOrange Bank” fined €1.2 million in Latvia for SARs failings
JSC “BlueOrange Bank”, ranked eighth largest in Latvia by assets, has reached a settlement with the country's Financial and Capital Market Commission (FCMC), under which it will pay €1,246,798 for breaches of the Law on the Prevention of Money..
Online Published Date:
22 December 2018
Appeared in issue:
260 - 01 February 2019
Morgan Stanley Smith Barney fined US$10m for transaction monitoring failures
Morgan Stanley Smith Barney LLC, broker-dealer arm of the USinvestment bank, will pay FINRA $10 million to settle charges that its AML
programme breached Bank Secrecy Act
requirements between January 2011 and at least April 2016. [1]The regulator..
Online Published Date:
29 December 2018
Appeared in issue:
260 - 01 February 2019
JPMorgan Chase fined HK$12.5m for ‘multiple contraventions’ of Hong Kong AML rules
JPMorgan Chase Bank’s Hong Kong branch will pay HK$12.5 million for failings in customer due diligence, monitoring and handling wire transfers. [1]“This case involved deficiencies across a number of key control areas,… stemming largely from..
Online Published Date:
29 December 2018
Appeared in issue:
260 - 01 February 2019