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Norway regulator fines Santander NKr 9 million for transaction monitoring breaches
Santander Consumer Bank will pay a fine of NKr9 million (US$1 million) to Finanstilsynet, Norway’s Financial Supervisory Authority, for transaction monitoring breaches.The bank’s automated system failed to review around 1.6 million transactions for..
Online Published Date:
03 July 2019
Appeared in issue:
266 - 26 June 2019
UK charities investigated over counterfeit medication sales laundering
EightUK charities with common trustees are the subject of a class statutory inquiry
following alleged money laundering, it was revealed on 9 July [2019]. [1] The Charity Commission has been examining mismanagement and
possible fraud at the Chabad UK..
Online Published Date:
10 July 2019
Appeared in issue:
266 - 26 June 2019
As it was – UK AML supervision review 2017/18
A lag factor of around 15 months raises questions about the currency of HM Treasury’s latest annual review of the performance of UK AML supervisors. [1]Based on returns for the period 6 April 2017 to 5 April 2018, the document acknowledges the..
Online Published Date:
11 July 2019
Appeared in issue:
266 - 26 June 2019
UK Economic Crime Plan – long on commitment, short on cash
The UK Government’s Economic Crime Plan 2019 (ECP) [1], an ambitious set of 52 actions, calls on public and private sectors to pull together but whether an extra UK£48 million for policing in 2019/20 is likely to put much of a dent in the UK£37..
Online Published Date:
13 July 2019
Appeared in issue:
266 - 26 June 2019
UK NCA uses Unexplained Wealth Order to lock suspected organised crime assets
The UK National Crime Agency has secured its first UnexplainedWealth Order (UWO) against an individual believed to have connections with
serious organised crime. The order, obtained in the High Court on 12 July [2019],
requires the unnamed..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
ING Belgium branch fined €350,000 over protracted reporting failure
The Belgian branch of Dutch bank ING has paid a €350,000 penalty for failing properly to monitor transactions and report suspicious activity by an unnamed Russian customer between 2000 and 2013.The National Bank of Belgium, which levied the fine,..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
Latvia fines Rigensis Bank €1 million for AML breaches, censures executive
Rigensis Bank AS, Latvia’s eleventh largest lender by assets, is to pay a €1,028,850 fine after the Financial and Capital Markets Commission (FCMC) discovered multiple due diligence and monitoring failings. [1]The regulator found that the bank had..
Online Published Date:
22 July 2019
Appeared in issue:
266 - 26 June 2019
Brazil supreme court puts brake on money laundering investigations
Report by Lucas Zanoni, Timon Molloy
Online Published Date:
24 July 2019
Appeared in issue:
266 - 26 June 2019
Tighter EU AML/CFT on Commission agenda; football and free ports join risk list
By Keith Nuthall
Online Published Date:
25 July 2019
Appeared in issue:
266 - 26 June 2019
UK NCA secures Unexplained Wealth Order against properties in Northern Ireland & London
A Northern Irish woman must account for how she was able tobuy six properties, with a total value around UK£3.2 million, after the UK
National Crime Agency obtained its fourth Unexplained Wealth Order on 24 July
[2019]. The unnamed woman, resident..
Online Published Date:
31 July 2019
Appeared in issue:
266 - 26 June 2019
Ladbrokes Coral Group to pay UK£5.9m for AML and social responsibility breaches
Bookmakers Ladbrokes Coral Group (LCG), now part of GVC, will pay UK£5.9 million after the UK Gambling Commission discovered “systemic failings” in its controls against money laundering and to prevent harm to customers through excessive betting...
Online Published Date:
31 July 2019
Appeared in issue:
266 - 26 June 2019