i-law

Money Laundering Bulletin

Instant refresh – next step, continuous KYC

Periodic reviews, lookbacks and repapering may not feature in future editions of the AML lexicon as computing and data storage capacity, allied with artificial intelligence, make knowing your customer and every change that affects them – registered..
Online Published Date:  01 June 2021
Appeared in issue:  285 - 27 May 2021

See through – KYCC

There may be no explicit regulatory imperative to know your customer’s customer but as technology enables ever more data to be analysed in finer detail, and the pressure to avoid reputational exposure from association with business which would not..
Online Published Date:  02 June 2021
Appeared in issue:  285 - 27 May 2021

EU countries fall short on public UBO registers

BySara Lewis, in Brussels
Online Published Date:  03 June 2021
Appeared in issue:  285 - 27 May 2021

National Australia Bank in midst of investigation by AUSTRAC

Australia’sthird biggest lender, by market capitalisation, is under scrutiny over “seriousconcerns” about its anti-money laundering and counter terrorist financing(AML/CTF) programme. National Australia Bank Ltd (NAB) says AUSTRAC, the..
Online Published Date:  07 June 2021
Appeared in issue:  285 - 27 May 2021

AUSTRAC expands casino probe to more big players

Three top casino operators in Australia are underinvestigation by AUSTRAC, the country’s financial intelligence unit (FIU), overtheir management of high-risk and politically exposed person (PEP) customers. Crown Resorts had already been found unfit..
Online Published Date:  07 June 2021
Appeared in issue:  285 - 27 May 2021

Staycation reads

Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:  10 June 2021
Appeared in issue:  285 - 27 May 2021

Shhh[aring]… It’s confidential computing

Leslie Conner Warren (leslie.warren@r3.com) is Government Relations Policy Manager at R3.
Online Published Date:  15 June 2021
Appeared in issue:  285 - 27 May 2021

From ancient to post-modern: arts, antiquities & U.S. AML

Matthew Reinhard (+1 (202) 626-5894, mreinhard@milchev.com) is a member of Miller & Chevalier Chartered.
Online Published Date:  16 June 2021
Appeared in issue:  285 - 27 May 2021

Latvia fines AS ‘Rietumu Banka’ €5.85m for catalogue of AML breaches

The Financial and Capital Market Commission (FCMC), Latvia's regulator, on 15 June [2021], fined AS ‘Rietumu Banka’ €5.85m for a slew of failings in its controls around anti-money laundering and counter-terrorist and proliferation financing..
Online Published Date:  18 June 2021
Appeared in issue:  285 - 27 May 2021

Mediterranean to Caribbean - passports to paradise?

Buy a passport and arguably you’re well on the way to washing out any previous reputational stains. The European Commission is pushing to end the practice, with action against Cyprus and Malta that could end up in court, but Caribbean jurisdictions..
Online Published Date:  21 June 2021
Appeared in issue:  285 - 27 May 2021

Careless whispers?

Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, 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:  22 June 2021
Appeared in issue:  285 - 27 May 2021

Dollar weakness – AML and sanctions reverberations

The United States has sought, increasingly, to prosecute foreign policy through economic means – the Trump administration sprayed out sanctions about three times a day during the president’s four-year term [1] – but this has only driven the targets..
Online Published Date:  22 June 2021
Appeared in issue:  285 - 27 May 2021

English law firms fined for AML notification delays

Six solicitors firms must each pay UK£800, plus UK£600costs, for late confirmation of fulfilling a core anti-money laundering obligation,the Solicitors Regulation Authority for England and Wales revealed on 23 June [2021].Under the Money Laundering,..
Online Published Date:  24 June 2021
Appeared in issue:  286 - 24 June 2021

Malta, one of four put on FATF ‘grey list’

By Keith Nuthall
Online Published Date:  25 June 2021
Appeared in issue:  286 - 24 June 2021

GWFS, broker dealer pays US$1.5m for SARs omissions and not filed

The US Securities and Exchange Commission (SEC), on 12 May[2021], imposed a US$1.5 million penalty and cease and desist order [1] on GWFSEquities, a Colorado-based broker-dealer, for suspicious activity reporting failuresbetween September 2015 and..
Online Published Date:  28 June 2021
Appeared in issue:  286 - 24 June 2021

No level playing field in EU AML, auditors confirm

Theapproach to anti-money laundering at EU level is beset by “institutional fragmentation”and “poor coordination”, says the European Court of Auditors (ECA). In a special report [1], the ECA notes that AML and counterterrorist financing supervision..
Online Published Date:  30 June 2021
Appeared in issue:  286 - 24 June 2021

AI v ML: a reality check

Justin Bercich (justin@lucinity.com) is Head of AI, Lucinity (www.lucinity.com).
Online Published Date:  30 June 2021
Appeared in issue:  286 - 24 June 2021

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