- Home/Publications/Money Laundering Bulletin
FATF executive secretary resigns
David Lewis, who has led the Financial Action Task Force since October 2015, notified staff on 23 September [2021] that he is to step down.The news, first reported by ACAMSmoneylaundering.com, comes despite agreement by all FATF members that his..
Online Published Date:
02 October 2021
Appeared in issue:
288 - 27 September 2021
Pandora Papers expose PEP use of offshore vehicles - viewpoint
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
04 October 2021
Appeared in issue:
288 - 27 September 2021
LPL Financial pays over US$4.8m to SEC for AML rule and anti-fraud violations
LPL Financial LLC, a broker-dealer and investment adviser based in South Carolina, will pay over US$4.8m to the US Securities & Exchange Commission (SEC) to settle charges that it breached the agency’s anti-money laundering rule and that its..
Online Published Date:
04 October 2021
Appeared in issue:
288 - 27 September 2021
Singapore to launch ML/TF/PF data-sharing platform
TheMonetary Authority of Singapore (MAS) and six of the country’s major banks havedeveloped COSMIC, a digital platform for “Collaborative Sharing of ML/TF Informationand Cases”. The software, operated by MAS, will enable the banks – DBS,OCBC, UOB,..
Online Published Date:
04 October 2021
Appeared in issue:
288 - 27 September 2021
WaFd Bank fined US$2.5m for AML failings; OCC consent order not lifted
The consent order Washington Federal Bank, N.A. (WaFd Bank) signed in February 2018 [1], after the Office of the Comptroller of the Currency (OCC) found extensive deficiencies in its anti-money laundering/Bank Secrecy Act compliance controls, will..
Online Published Date:
04 October 2021
Appeared in issue:
288 - 27 September 2021
Pandora Papers (II) – an embarrassment of riches
By Keith Nuthall
Online Published Date:
04 October 2021
Appeared in issue:
288 - 27 September 2021
EU AML reform – CDD, in-depth
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) is a partner and Ali Grodzki (+44 (0)20 7466 6329, ali.grodzki@hsf.com) an associate at Herbert Smith Freehills.
Online Published Date:
06 October 2021
Appeared in issue:
288 - 27 September 2021
NatWest pleads guilty in UK court to AML breaches
NatWest, the UK banking group, pleaded guilty on 7 October [2021] to criminal breaches of the UK Money Laundering Regulations 2007.The majority taxpayer-owned bank was accused by the UK Financial Conduct Authority (FCA) of not properly monitoring..
Online Published Date:
07 October 2021
Appeared in issue:
288 - 27 September 2021
More exits and fewer PEPs – UK financial sector report
UK financial services firms terminated relationships with 761,437 clients in 2019/20 (approximately 0.16% of the total customer base), more than double the number in 2017/18, says the Financial Conduct Authority. [1]Politically exposed person (PEP)..
Online Published Date:
07 October 2021
Appeared in issue:
288 - 27 September 2021
A great leap forward? – China AML/CFT law reform
President Xi Jinping has pressed down hard on corruption by officials in China. Now, writes Jens Kastner, his administration is preparing to revise the country’s anti-money laundering regime.On the agendaAs of 17 September [2021], China’s National..
Online Published Date:
11 October 2021
Appeared in issue:
288 - 27 September 2021
Argentina – power play
Argentina’s centre-right government, which took office in December 2015, says it is determined to rid the country of money laundering, but highly combative domestic politics make it hard going, finds Tom Azzopardi.A new broomThe administration of..
Online Published Date:
13 October 2021
Appeared in issue:
242 - 01 April 2017
Failure and fault – the NatWest case and corporate liability for money laundering
John Binns (+44 (0)20 7430 2277, jbinns@bcl.com) is a partner at BCL Solicitors LLP, specialising in bribery, money laundering, and sanctions.
Online Published Date:
14 October 2021
Appeared in issue:
288 - 27 September 2021
SARs – a balanced approach
Pekka Dare is Vice President, International Compliance Association (ICA, www.int-comp.org).
Online Published Date:
14 October 2021
Appeared in issue:
288 - 27 September 2021
Paysera scores big cut in AML/CFT fine
Paysera LT, the Lithuanian electronic money institution, hassucceeded in almost halving a €370,000 fine for anti-money launderingand counter financing of terrorism control breaches imposed by the FinancialMarket Supervision Service (FMSS), part of..
Online Published Date:
14 October 2021
Appeared in issue:
288 - 27 September 2021
New wave – cryptocurrency risks
Cryptocurrency innovation is continuous: financial institutions and law enforcement are struggling to keep up, Paul Cochrane finds, as criminals seek to exploit the latest developments in decentralised finance and privacy coins.Use of crypto is..
Online Published Date:
18 October 2021
Appeared in issue:
288 - 27 September 2021
Victoria Gate casino pays UK£450,000 for AML and social responsibility failings
VGC Leeds Limited, trading as Victoria Gate Casino (VGC), has accepted UK regulator findings that it breached terms of its operating licence in respect of anti-money laundering and safer gambling between January 2017 and July 2019. [1]The casino..
Online Published Date:
19 October 2021
Appeared in issue:
288 - 27 September 2021
Bolivia drops AML bill after mass protests
By Tom Azzopardi
Online Published Date:
19 October 2021
Appeared in issue:
288 - 27 September 2021
Danske ordered to accelerate AML remediation by Swedish regulator
The Swedish financial services regulator, irked by Danske Bank’s paceof progress in addressing anti-money laundering deficiencies in the Swedish branch,has instructed it to complete the work by 29 July 2022. Finansinspektionen, in a letter to the..
Online Published Date:
20 October 2021
Appeared in issue:
288 - 27 September 2021
Quirks & queries – UK firm risk perceptions
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:
21 October 2021
Appeared in issue:
288 - 27 September 2021
FATF grey-lists Turkey & seeks stronger beneficial ownership standard
By Keith Nuthall
Online Published Date:
22 October 2021
Appeared in issue:
288 - 27 September 2021
(Last) Time to hit the books
Susan Grossey may becontacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,www.thinkingaboutcrime.com
Online Published Date:
24 October 2021
Appeared in issue:
288 - 27 September 2021
Seven Mile Securities fined CI$250,000 in Cayman for AML breaches
Brokerage firm Seven Mile Securities’ failure to conductboth standard and enhanced due diligence has contributed to a CI$250,000(US$300,325) fine by the Cayman Islands Monetary Authority. [1] An onsite inspection also found the firm was not properly..
Online Published Date:
24 October 2021
Appeared in issue:
288 - 27 September 2021
NBG Bank Malta fined €337,422 for risk assessment, CDD, monitoring breaches
NBG Bank Malta, formerly Finansbank Malta, which serves high-net worth individuals and corporates, has been ordered to pay two fines, totalling €337,422, after an off-site review and a visit by the Financial Intelligence Analysis Unit (FIAU),..
Online Published Date:
27 October 2021
Appeared in issue:
289 - 27 October 2021
FATF guidance sharpens focus on stablecoins, DeFi and NFTs
By Keith Nuthall
Online Published Date:
28 October 2021
Appeared in issue:
289 - 27 October 2021