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Launderers face longer inside UK prisons
A money laundering conviction in the United Kingdom attracted an average jail term of 27 months in 2018, a record high, according to research by Thomson Reuters.The new peak, 32% above the 20.5 months term that could be expected in December 2008,..
Online Published Date:
02 September 2019
Appeared in issue:
267 - 02 September 2019
One in four tempted by money mule offer on social media; hashtags revealed
Social media is highly effective in recruiting money mules, according to new research commissioned by Santander.The bank found that almost one in four UK adults (23%), in a survey population of 2,000, would be tempted to click on a hashtag leading..
Online Published Date:
04 September 2019
Appeared in issue:
267 - 02 September 2019
London money service business fined UK£7.8m in HMRC AML offensive
A West London money transmitter has been fined a record UK£7.8 million for disregarding the Money Laundering Regulations.HM Revenue & Customs found that between June 2017 and September 2018 Touma Foreign Exchange Ltd failed to apply rules around..
Online Published Date:
04 September 2019
Appeared in issue:
267 - 02 September 2019
Agent to corrupt ex-state governor of Nigeria ordered to pay UK£7.3m
Ex-Goldman Sachs banker Ellias Nimoh Preko, a Ghanaian national, who laundered money stolen by James Ibori, a former state governor of Nigeria, has been ordered to pay UK£7.3m within three months or face a further 10 years in prison.The order, made..
Online Published Date:
09 September 2019
Appeared in issue:
267 - 02 September 2019
Singapore shares customs data to streamline trade finance compliance
A new utility launched in Singapore aims to assist financial institutions detect trade-based money laundering. Trade Finance Compliance (TFC) is an e-service enabling banks to view data on traders taken from permits issued by Singapore..
Online Published Date:
09 September 2019
Appeared in issue:
267 - 02 September 2019
AUSTRAC fines Compass Au$252,000 for reporting failures
Compass Global Holdings, a money transmitter, has been ordered to pay a Au$252,000 penalty for failing to file International Funds Transfer Instruction (IFTI) reports to AUSTRAC, the Australian financial intelligence unit, between 2018 and..
Online Published Date:
12 September 2019
Appeared in issue:
267 - 02 September 2019
Hong Kong scores overall positive in FATF evaluation
Hong Kong will be broadly satisfied with its latest evaluation findings by the Financial Action Task Force. [1]The anti-money laundering/counter terrorist finance standard-setter judged the territory overall technically compliant with the Forty..
Online Published Date:
12 September 2019
Appeared in issue:
267 - 02 September 2019
Brazil judge says financial intelligence unit shared data without authority
Brazil’s supreme court president said on 12 September [2019] that the Council for Financial Activities Control (COAF), the country’s financial intelligence unit, went beyond its authority in sharing detailed personal and financial data with..
Online Published Date:
16 September 2019
Appeared in issue:
267 - 02 September 2019
Malta’s AML/CFT deficiencies called out in MONEYVAL report
Maltese authorities may have “broad understanding” of the EU jurisdiction’s money laundering and terrorist financing (ML/TF) vulnerabilities, as evidenced by its National Risk Assessment, but MONEYVAL’s latest evaluation report also exposes..
Online Published Date:
16 September 2019
Appeared in issue:
267 - 02 September 2019
Swedbank says its AML falls short
Swedbankhas admitted to “certain shortcomings”, which are ongoing, in anti-money laundering
controls, specifically around know your customer (KYC) and risk assessment in its
Swedish and Estonian operations. [1] The Swedish lender, the biggest bank..
Online Published Date:
17 September 2019
Appeared in issue:
267 - 02 September 2019
Longer inside - one figure stands out
Neil Williams (+44 (0)203 910 4566,
neil.williams@rahmanravelli.co.uk) is legal director at Rahman Ravelli.
Online Published Date:
17 September 2019
Appeared in issue:
267 - 02 September 2019
Demanding more – work, study and pay
As the breadth and depth of regulatoryexpectations grow, anti-money laundering professionals need to gear up and
strive to maintain their expertise; the rewards are there for those who do, Poorna
Rodrigo and Keith Nuthall find in a review of salary..
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
Roadmap
Nicola
Finnerty (+44
(0)20 7566 5270, nfinnerty@kingsleynapley.co.uk) is a partner at Kingsley Napley.
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
A bigger picture – transaction monitoring upgrades
Blunt tools yielding inaccurate resultsneeding countless man-hours to sift, transaction monitoring systems are long
overdue re-engineering. Paul Cochrane
unrolls the latest promising blueprints. Transaction monitoring systems (TMS) are
supposed to..
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
Out of Africa
Susan Grossey may be
contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,
www.thinkingaboutcrime.com
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
Further into line - Switzerland
The 1MDB case may have called Swiss bank probity into question but Brenda Dionisi finds reasons to be positive in the country’s recent progress on suspicious activity reporting, enforcement and proposals to widen and deepen local anti-money..
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
Eastern edge – Japan and South Korea
Policymakers in South Korea and Japan mayhave been busy tuning their AML/CFT regimes in anticipation of mutual
evaluation by the Financial Action Task Force but will those changes and the
countries’ past record be enough to earn positive ratings?..
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
Better late… Civil forfeiture arrives in Jersey
Simon Thomas (+44 (1534) 766254, simonthomas@bakerandpartners.com) is a partner at Baker & Partners.
Online Published Date:
18 September 2019
Appeared in issue:
267 - 02 September 2019
PrivatBank fined €1m in Latvia for AML/CFT breaches
JSC PrivatBank, Latvia’s 12th largest lender, has been fined €1,019,319 by the Financial and Capital Market Commission (FCMC) for failings in its anti-money laundering and counter terrorist financing controls. [1]The regulator found the bank’s..
Online Published Date:
19 September 2019
Appeared in issue:
268 - 19 September 2019
PrivatBank fined €1m in Latvia for AML/CFT breaches
JSC PrivatBank, Latvia’s 12th largest lender, has been fined €1,019,319 by the Financial and Capital Market Commission (FCMC) for failings in its anti-money laundering and counter terrorist financing controls. [1]The regulator found the bank’s..
Online Published Date:
19 September 2019
Appeared in issue:
267 - 02 September 2019
British Arab Commercial Bank pays US$4m over “reckless disregard” of US sanctions
British Arab Commercial Bank (BACB) has agreed to pay US$4,000,000 to settle "apparent violations" of US sanctions on Sudan. [1]The US Office of Foreign Assets Control (OFAC) found that between 21 September 2010 and 27 August 2014 the bank had..
Online Published Date:
19 September 2019
Appeared in issue:
268 - 19 September 2019
Hong Kong – FATF report sets next steps
Kyle Wombolt (+852 21014005, kyle.wombolt@hsf.com), William Hallatt (+852 21014036, william.hallat@hsf.com), Hannah Cassidy (+852 21014133, hannah.cassidy@hsf.com), Jeremy Birch (+852 21014195, jeremy.birch@hsf.com), Joanna Caen (+852 21014167, joanna.caen@hsf.com) are partners and Michael Tan (+852 2101 4237, michael.tan@hsf.com) is a senior associate at Herbert Smith Freehills.
Online Published Date:
23 September 2019
Appeared in issue:
268 - 19 September 2019
Paypal Australia ordered to review fund transfer reporting
Paypal Australia, part of the US-based online payment services network, must appoint an external auditor to review its reporting of International Fund Transfer Instructions and report back to AUSTRAC, the Australian financial intelligence unit,..
Online Published Date:
24 September 2019
Appeared in issue:
268 - 19 September 2019
Tanzania fines five banks for AML breaches
Tanzania’s central bank has fined five banks a total of 1,880 Tanzanian shillings (US$818,000) for failings in customer due diligence and suspicious transaction reporting.The institutions were named on 19 September [2019] as: African Banking..
Online Published Date:
24 September 2019
Appeared in issue:
268 - 19 September 2019
EU black and grey lists of high-risk countries back on the agenda
Zia Ullah (+44 161 831 8454, ziaullah@eversheds-sutherland.com)
is a Partner and Ruth Paley (+44 207 919 0527, ruthpaley@eversheds-sutherland.com)
is Of Counsel at Eversheds Sutherland.
Online Published Date:
25 September 2019
Appeared in issue:
268 - 19 September 2019
AML compliance burden on UK financial institutions intensifies as new rules on third country local law conflicts bite
Zia Ullah(+44 161 831 8454,ziaullah@eversheds-sutherland.com) is a Partner andRuth Paley(+44 207 919 0527,ruthpaley@eversheds-sutherland.com) is Of Counsel at Eversheds Sutherland.
Online Published Date:
26 September 2019
Appeared in issue:
268 - 19 September 2019