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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
Certainly you, bit by bit – digital ID
Development of trusted digital identity systems, now underway internationally, will strengthen anti-money laundering and counter terrorist financing (AML/CTF) controls, argue the Financial Action Task Force (FATF) and – no surprise – the technology..
Online Published Date:
06 April 2021
Appeared in issue:
283 - 26 March 2021
It’s written in the SARs… [Video]
The suspicious activity report is the essential output, it should be the defining achievement, of any AML programme; so, how can you be sure, first, that it qualifies for filing and then, that it is deep-filled with intelligence? Do you know what..
Online Published Date:
09 April 2021
Appeared in issue:
283 - 26 March 2021
Corporate and senior management liability: how do we best prevent systemic money laundering?
Tim Parkman (tim.parkman@cddpro.com) and Stuart Hammond (stuart.hammond@cddpro.com) are independent financial crime consultants and directors of CDD Pro Ltd (www.cddpro.com).
Online Published Date:
12 April 2021
Appeared in issue:
283 - 26 March 2021
Tricks of the trade
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
14 April 2021
Appeared in issue:
283 - 26 March 2021
J. Safra Sarasin fined S$1m in Singapore for onboarding and monitoring failures
The Singapore branch of Swiss private bank J. Safra Sarasin (JS) is to pay a S$1 million (US$750,000) penalty for “serious breaches” of local anti-money laundering/counter terrorist financing regulations.The Monetary Authority of Singapore (MAS)..
Online Published Date:
15 April 2021
Appeared in issue:
283 - 26 March 2021
Pull and push back – suspects overseas
Wide diversity in anti-money laundering laws worldwide complicates extradition proceedings, find Keith Nuthall and A.Z.M. Anas.Financial Action Task Force (FATF) Recommendations 37 and 39 say that governments should be prepared to extradite money..
Online Published Date:
17 April 2021
Appeared in issue:
283 - 26 March 2021
ABN AMRO pays €480m in Netherlands for protracted AML breaches
ABN AMRO, one of the Netherlands’ systemically important banks, with over five million account holders, is to pay €480m (US$577.4m) for failing to comply with the Dutch Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Act between 2014 and..
Online Published Date:
19 April 2021
Appeared in issue:
283 - 26 March 2021
USA imposes tougher sanctions on Russia over cyber attacks, election meddling and assassinations
By Keith Nuthall
Online Published Date:
19 April 2021
Appeared in issue:
283 - 26 March 2021
Double jeopardy
Martin Woods(martin@amlwoods.com) is Managing Director of AMLWoods (www.amlwoods.com).
Online Published Date:
22 April 2021
Appeared in issue:
283 - 26 March 2021
The future of KYC is…
Astyanax Kanakakis is CEO & co-founder of KYC andAML software platform norbloc (www.norbloc.com).
Online Published Date:
23 April 2021
Appeared in issue:
283 - 26 March 2021
Stanchart trust manager pays UK£140,000 in Guernsey for major CDD failings
By Keith Nuthall
Online Published Date:
24 April 2021
Appeared in issue:
283 - 26 March 2021