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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payments firm Transactive Systems Ltd, has been fined €280,000 (US$300,133) by the Bank of Lithuania, which has also withdrawn its licence over serious anti-money laundering and counter-terrorist financing (AML/CFT) breaches.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
Using mindfulness to strengthen due diligence and mental well-being
In the challenging and often turbulent world of money laundering prevention, professionals bear the weight of navigating organisational constraints, interpreting regulations, outsmarting criminals, and upholding the integrity of the global financial system. Drawing from neuroscience, emotional intelligence theory, and empirical studies and real-world applications - including Google's renowned 'Search Inside Yourself' programme - Mario Menz illustrates how mindfulness can redefine anti-money laundering practice.
Online Published Date:
26 June 2023
Appeared in issue:
306 - 01 September 2023
FATF warns nearly 3 in 4 jurisdictions fail to meet VASP AML standards
The June 2023 plenary of the Financial Action Task Force (FATF), which wound up today [Friday 23 June], has warned that almost 75% of jurisdictions worldwide are failing to implement its AML standards on virtual assets and virtual asset service providers (VASPs).
Online Published Date:
26 June 2023
Appeared in issue:
306 - 01 September 2023
Tiger Brokers pays NZ$900,000 in New Zealand for wide-ranging AML breaches
The New Zealand-based subsidiary of Tiger Fintech (Singapore) PTE Ltd, which offers share trading online, has been ordered to pay NZ$900,000 (US$546,700) by the Auckland High Court for multiple failings under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
Online Published Date:
29 June 2023
Appeared in issue:
206 - 21 August 2013
Tiger Brokers pays NZ$900,000 in New Zealand for wide-ranging AML breaches
The New Zealand-based subsidiary of Tiger Fintech (Singapore) PTE Ltd, which offers share trading online, has been ordered to pay NZ$900,000 (US$546,700) by the Auckland High Court for multiple failings under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
Online Published Date:
29 June 2023
Appeared in issue:
306 - 01 September 2023