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Balancing act – data access and protection
Data, often personal, is the fuel driving financial crime analytics engines, but privacy concerns and a powerful supervisor may impact the flow as the EU retools its anti-money laundering legislation, find Keith Nuthall and Sara Lewis.As the..
Online Published Date:
01 November 2021
Appeared in issue:
289 - 27 October 2021
Recovery mode – South Africa
Already seeking to rebuild state institutions and public confidence after the Zuma era, South Africa’s government now has an up-to-date mutual evaluation report from the Financial Action Task Force to guide its upgrade of the anti-money laundering..
Online Published Date:
01 November 2021
Appeared in issue:
289 - 27 October 2021
FATF active against negative impact of standards, it judges
The Financial Action Task Force (FATF) is already working hard to mitigate the unintended consequences of its 40 Recommendations, according to the body’s initial self-assessment.In a summary paper issued at the end of October [2021] [1], FATF..
Online Published Date:
03 November 2021
Appeared in issue:
289 - 27 October 2021
Bicycle Casino rides to US$500,000 settlement over ‘high roller’ cash bets
The partnership that controls the Bicycle Hotel & Casinoin Bell Gardens, Los Angeles has entered a US$500,000 settlement with the US Departmentof Justice over reporting failures around the gambling activity of a Chinese customer.Over eight..
Online Published Date:
08 November 2021
Appeared in issue:
289 - 27 October 2021
Mashreqbank pays US$100m for US Sudan sanctions violations
UAE-based Mashreqbank, PSC will pay US$100m to the New YorkDepartment of Financial Services (DFS) for processing payments on behalf ofSudanese banks between 2005 and 2014, in breach of sanctions, since revoked.[1]The US Office of Foreign Assets..
Online Published Date:
10 November 2021
Appeared in issue:
289 - 27 October 2021
DeFinitely here – a new frontier for regulation
The ability to engage in a financial transaction confidently without need for any human or institutional intermediary may sound the apogee of efficiency but where does it leave anti-money laundering control? Nicholas Wallace..
Online Published Date:
11 November 2021
Appeared in issue:
289 - 27 October 2021
A year on - US reform
US authorities, notably FinCEN, are working steadily on new AML/CFT controls under the Anti-Money Laundering Act (AMLA), passed by Congress in January [2021], in the dying days of the administration of President Donald Trump. Keith Nuthall checks..
Online Published Date:
11 November 2021
Appeared in issue:
289 - 27 October 2021
FinCEN highlights ransomware payment red flags
By Sara Lewis
Online Published Date:
12 November 2021
Appeared in issue:
289 - 27 October 2021
Sunrise Brokers fined UK£642,400 for not screening out cum-ex business
By Esther Martin
Online Published Date:
15 November 2021
Appeared in issue:
289 - 27 October 2021
My long goodbye
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
15 November 2021
Appeared in issue:
289 - 27 October 2021
Rabobank instructed to upgrade AML, again
The Dutch Central Bank (DNB), on 12 October [2021], ordered Rabobank to deal with ongoing failings in its anti-money laundering and counter terrorist financing framework.In a statement [1], the bank said weaknesses were found in the “execution,..
Online Published Date:
16 November 2021
Appeared in issue:
289 - 27 October 2021
Watch out
Martin Woods(martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).
Online Published Date:
16 November 2021
Appeared in issue:
289 - 27 October 2021
Venezualan business bans for Banca Zarattini & CBH
Two Swiss banks are subject to bars on business with Venezuela after FINMA, the Swiss regulator, found anti-money laundering failings in their dealings with clients from the South American country. [1]FINMA examined the controls at Banca Zarattini..
Online Published Date:
19 November 2021
Appeared in issue:
289 - 27 October 2021
Hong Kong fines four banks for CDD, periodic review, monitoring breaches
The Hong Kong Monetary Authority has taken four banks to task for failings under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, some stretching back to 2012.On 19 November [2021], the supervisor published disciplinary notices,..
Online Published Date:
24 November 2021
Appeared in issue:
289 - 27 October 2021
PrivatBank fined in Latvia for defective AML risk management
AS ‘PrivatBank’ must pay a €768,653 penalty after the Latvian Financial and Capital Market Commission (FCMC) found faults in its anti-money laundering and counter terrorist and proliferation financing (AML/CTPF) risk management and controls.The bank..
Online Published Date:
24 November 2021
Appeared in issue:
289 - 27 October 2021
Supervisory failure – UK report
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
24 November 2021
Appeared in issue:
289 - 27 October 2021