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Basel Institute index signals dip in AML effectiveness, even as FATF technical compliance improves
The Basel Institute on Governance has welcomed a gradual improvement in anti-money laundering/counter financing of terrorism (AML/CFT) technical compliance with Financial Action Task Force (FATF) Recommendations but has warned governments' progress in improving effectiveness remains sluggish.
Online Published Date:
02 December 2024
Appeared in issue:
320 - 01 February 2025
A brighter prospect - Sri Lanka
A landslide victory in the November election presents the National People's Power coalition with a clear opportunity to accelerate legal and regulatory reforms, says Poorna Rodrigo, and not to be missed given Sri Lanka's chequered history on/off the Financial Action Task Force (FATF) and European Union (EU) lists of jurisdictions with anti-money laundering and counter terrorist financing deficiencies.
Online Published Date:
03 December 2024
Appeared in issue:
320 - 01 February 2025
UK-led police operation cracks major Russian ML networks, 84 arrests
Two Russian-speaking professional money laundering networks, run through financial firms to service organised crime groups worldwide, have been disrupted by international law enforcement, led by the UK's National Crime Agency (NCA).
Online Published Date:
04 December 2024
Appeared in issue:
320 - 01 February 2025
Italy's Bruna Szego to chair EU AML Authority
Italian Bruna Szego is set to chair the European Union's (EU) new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) following a vote by two key European Parliament committees.
Online Published Date:
05 December 2024
Appeared in issue:
320 - 01 February 2025
Klarna fined SEK500m with reprimand by Swedish regulator over AML failings
Buy now, pay later provider Klarna must pay SEK500 million (US$46 million) after Finansinspektionen, the Swedish financial services regulator, found the firm's general risk assessment did not consider how its "products and services could be used for money laundering and terrorist financing".
Online Published Date:
12 December 2024
Appeared in issue:
320 - 01 February 2025
Exchange Bank of Canada fined C$2.5m for reporting and monitoring breaches
Toronto-based Exchange Bank of Canada must pay a civil penalty of C$2,447,750 (US$1,732,886) after FINTRAC, Canada's financial intelligence unit, identified anti-money laundering deficiencies during an examination that ran between December 2022 and April 2024.
Online Published Date:
12 December 2024
Appeared in issue:
320 - 01 February 2025
Fit to regulate? EBA reviews EU member state AML supervisors of banks
Banks are regularly pulled up, quite rightly, for often basic defects in their anti-money laundering programmes, but as the Roman satirist Juvenal asked, around the end of the first century AD, 'Quis custodiet ipsos custodes?" - "Who will guard the guards themselves?"
Online Published Date:
15 December 2024
Appeared in issue:
320 - 01 February 2025
Entain faces court action in Australia for "serious and systemic" AML breaches
The London-listed owner of Ladbrokes, Neds and other online betting brands is the subject of civil proceedings in the Federal Court of Australia over wide-ranging failings in its anti-money laundering and counter terrorist financing (AML/CTF) controls.
Online Published Date:
16 December 2024
Appeared in issue:
320 - 01 February 2025
Six UK law firm fines issued for ML risk assessment and control failings
The Solicitors Regulation Authority (SRA) for England and Wales issued half a dozen financial penalties to firms across the end of October and November [2024] for core breaches of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Online Published Date:
17 December 2024
Appeared in issue:
320 - 01 February 2025
EU tightens Russia sanctions as Syria regime change forces Moscow rethink
The European Union (EU) has broadened sanctions against Russia, as the fall of Moscow's ally in Syria weakens its hand in the Middle East.
Online Published Date:
17 December 2024
Appeared in issue:
320 - 01 February 2025
Jyske Bank pays nearly DKK24m in Denmark for due diligence breaches
Danish lender Jyske Bank has accepted a DKK24m (US$3.4m) fine for failing to conduct adequate due diligence on 35 customers with mortgages in Southern Europe.
Online Published Date:
17 December 2024
Appeared in issue:
320 - 01 February 2025
EU lawmakers greenlight Bruna Szego for AMLA chair
The European Parliament gave Italy's Bruna Szego the green light to chair the European Union's (EU) Anti-Money Laundering Authority (AMLA) [1] in a vote on 18 December, in Strasbourg, France.
Online Published Date:
19 December 2024
Appeared in issue:
320 - 01 February 2025