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ING fined €3m in France for CDD failings
ING, the Dutch banking major, disclosedon 2 March [2021] that its French branch will pay €3 million to the financialregulator for “shortcomings in its anti-money laundering and anti-terrorist financingframework”. [1] [2]The fine follows a 2018..
Online Published Date:
04 March 2021
Appeared in issue:
282 - 17 February 2021
EBA warns authorities to keep close watch on AML/CFT controls through Covid-19
By Keith Nuthall
Online Published Date:
05 March 2021
Appeared in issue:
282 - 17 February 2021
Money mule recruiters target 21-30 year olds in UK
Criminals are using fake online job adverts promising easy income to push illicit funds through respondents’ bank accounts. In 2020, there were 17,157 cases of suspected money muling activity involving 21-30 year olds, according to Cifas, the UK..
Online Published Date:
10 March 2021
Appeared in issue:
282 - 17 February 2021
Swiss lawyers still not subject to AML after law reform
The Swiss parliament has opted not to extend anti-money laundering obligations to lawyers and notaries in new legal revisions.On 10 March [2021], lawmakers agreed changes to the Anti-Money Laundering Act under which financial intermediaries will..
Online Published Date:
12 March 2021
Appeared in issue:
282 - 17 February 2021
Rahn+Bodmer accepts deferred prosecution, pays US$22m for aiding US tax evasion
Zurich’s old private bank will pay US$22 million as part of a deferred prosecution agreement with the US Department of Justice (DoJ) for its role in helping US taxpayers defraud the Internal Revenue Service (IRS) between 2004 and 2012...
Online Published Date:
15 March 2021
Appeared in issue:
282 - 17 February 2021
NatWest faces criminal charges in UK over cash deposits
National Westminster Bank Plc will appear before Westminster Magistrates’ Court on 14 April [2021] to answer charges that its failed to adequately monitor and investigate “increasingly large cash deposits” by a UK incorporated customer between 11..
Online Published Date:
16 March 2021
Appeared in issue:
282 - 17 February 2021
All in the mind
Susan Grossey may becontacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,www.thinkingaboutcrime.com
Online Published Date:
17 March 2021
Appeared in issue:
282 - 17 February 2021
South Korea warns VASPs to file SARs
By Sara Lewis
Online Published Date:
18 March 2021
Appeared in issue:
282 - 17 February 2021
Yardley Securities fined HK$5m over third party transfers & wider AML breaches
The Hong Kong Securities and Futures Commission (SFC) has levied a HK$5 million (US$ 644,000) fine on Yardley Securities Ltd (YSL) and reprimanded it for lack of due diligence and inadequate interrogation of unusual/suspicious third party transfers..
Online Published Date:
18 March 2021
Appeared in issue:
282 - 17 February 2021
Latvia fines ABLV Asset Management €57,217 for AML/CFT control flaws
Deficient internal controls to prevent money laundering, terrorist and proliferation financing have cost ABLV Asset Management, IPAS a €57,217 fine by the Latvian Financial and Capital Market Commission (FCMC). [1]ABLV has also agreed to ensure that..
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
In Touch Games fined UK£3.4m for risk, EDD, source of funds shortcomings
InTouch Games Limited, an online gambling operator, is to pay a UK£3.4m penaltyafter the UK regulator found anti-money laundering and social responsibility failingsin its business. [1] The firm runs bonusboss.co.uk,..
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
NatWest in the dock
ThomasCattee is awhite-collar crime lawyer at Gherson Solicitors (+44 (0)20 7724 4488, www.gherson.com)
Online Published Date:
19 March 2021
Appeared in issue:
282 - 17 February 2021
Turn of phrase: OFSI revises guidance on monetary penalties
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner, Elizabeth Head (+44 (0)207 7466 6443, elizabeth.head@hsf.com) a senior associate, and Sara Lee a trainee solicitor at Herbert Smith Freehills.
Online Published Date:
23 March 2021
Appeared in issue:
282 - 17 February 2021
AMLA – US trigger to re-examine AML Compliance
Timothy J. Treanor (+1 212 839 8564, ttreanor@sidley.com) and Michael D. Mann (+1 212 839 5837, mdmann@sidley.com) are partners and Brian C. Earl (+1 212 839 5949, bearl@sidley.com) an associate at Sidley. The views expressed in this article are exclusively those of the authors and do not necessarily reflect those of Sidley Austin LLP and its partners. This article has been prepared for informational purposes only and does not constitute legal advice.
Online Published Date:
26 March 2021
Appeared in issue:
283 - 26 March 2021
Disjunct digital – virtual assets regulation
Cryptocurrency is fast pushing into mainstream finance and with it the risk of disguised criminal proceeds. Sarah Gibbons encounters variable speed and textured regulation but also rocket-fuelled technology that might just answer the need for due..
Online Published Date:
29 March 2021
Appeared in issue:
283 - 26 March 2021
Casumo fined UK£6m after customer due diligence failures
Online gambling operator Casumo must pay a UK£6m penaltyafter the UK regulator ruled it had not met social responsibility and anti-moneylaundering compliance obligations. [1]Customers were allowed to wager high sums without question:in one case,..
Online Published Date:
29 March 2021
Appeared in issue:
283 - 26 March 2021
Star Insurance shines less bright after Cayman fine for CDD and SARs failings
TheStar Insurance Company (Cayman) Ltd is to pay a CI$72,800 (US$87,400) penaltyfor breaches of the local Anti-Money Laundering Regulations (AMLRs). [1] The Cayman Islands Monetary Authority (CIMA) found deficiencies,during an onsite visit in 2019,..
Online Published Date:
30 March 2021
Appeared in issue:
283 - 26 March 2021