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Tools of the trade
Customs forces will benefit from new sensor equipment, enabling them to scan containers to ensure contents are as declared on the docket – but to use the technology to fight trade-based money laundering (TBML), it must be integrated with..
Online Published Date:
29 April 2021
Appeared in issue:
284 - 29 April 2021
New Zealand strong on asset recovery but improve beneficial owner checks, says FATF
By Keith Nuthall
Online Published Date:
30 April 2021
Appeared in issue:
284 - 29 April 2021
No Danske executives to be prosecuted
Thomas Borgen, who stepped down as chief executive of Danske Bank in 2018 after €200 billion in mostly suspicious transactions were processed through the Scandinavian lender’s Estonian branch, will not face trial.The Danish state prosecutor said, on..
Online Published Date:
30 April 2021
Appeared in issue:
284 - 29 April 2021
MoneyGram penalised for not OFAC-screening US prison inmates
Global payments company MoneyGram is to pay US$34,328.78 to the US Treasury after it failed to screen individuals in US federal prisons against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list before allowing..
Online Published Date:
30 April 2021
Appeared in issue:
284 - 29 April 2021
Tumas Gaming of Malta fined €233,156 for AML/CFT risk assessment & control breaches
ByKeith Nuthall
Online Published Date:
30 April 2021
Appeared in issue:
284 - 29 April 2021
BaFin orders Deutsche Bank to go further with AML remediation, extends monitorship
TheGerman financial services regulator, on 29 April [2021], instructed [1] DeutscheBank AG to continue work on strengthening its anti-money laundering controls, highlightingdue diligence and regular customer reviews as areas of weakness.In September..
Online Published Date:
03 May 2021
Appeared in issue:
284 - 29 April 2021
Em@ney fined €359,339 in Malta for various AML infractions
Online bank Em@ney plc, based in Malta, was ordered, on 29April [2021], to pay €359,339 after the Financial Intelligence Analysis Unit(FAIU) recorded wide-ranging breaches of regulations made under the Preventionof Money Laundering Act. [1]The..
Online Published Date:
03 May 2021
Appeared in issue:
284 - 29 April 2021
DNB nets NKr400m fine in Norway over fishy CDD
DNB AS, Norway’s largest lender, reported [1], on 3 May [2021], that it will be fined NKr400 million (US$48.1 million) by Finanstilsynet, the country’s financial supervisory authority, for breaches of anti-money laundering rules.The bank was..
Online Published Date:
04 May 2021
Appeared in issue:
284 - 29 April 2021
Stablecoins – crypto risk impact
If the anon-/pseudon-ymity of cryptocurrencies appeals to criminals, are stablecoins set to prove irresistible? Nicholas Wallace engages in some valuable exchange.The growing popularity of cryptocurrencies has stoked concerns that they offer a haven..
Online Published Date:
05 May 2021
Appeared in issue:
284 - 29 April 2021
Swedbank pays SKr46.6m to Nasdaq Stockholm over AML failings
On 5 May [2021], Swedbank, the country’s oldest lender, was issued with a SKr46.6 million (US$5.5 million) penalty by the Swedish stock exchange for “shortcomings in its AML processes and routines” that extended over “a long period”. [1]The..
Online Published Date:
06 May 2021
Appeared in issue:
284 - 29 April 2021
UK FCA fines broker as investigations into cum-ex trading schemes develop
By Neasa MacErlean
Online Published Date:
07 May 2021
Appeared in issue:
284 - 29 April 2021
AML/CFT if built from scratch today…
The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed..
Online Published Date:
10 May 2021
Appeared in issue:
284 - 29 April 2021
European Banking Authority consults on plans for a central AML database
By Sara Lewis
Online Published Date:
13 May 2021
Appeared in issue:
284 - 29 April 2021
The kiwi lacks some feathers
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
15 May 2021
Appeared in issue:
284 - 29 April 2021
Cayman fines Intertrust CI$4.2m for due diligence and monitoring breaches
Intertrust Corporate Services (Cayman) Ltd is to pay a CI$4,232,607.50 (US$5,088,987) penalty after the Cayman Islands Monetary Authority found “pervasive and protracted” non-compliance with the Anti-Money Laundering Regulations. [1]Failings..
Online Published Date:
17 May 2021
Appeared in issue:
284 - 29 April 2021
A virus, and it kills
Martin Woods(martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).
Online Published Date:
17 May 2021
Appeared in issue:
284 - 29 April 2021
Taiwan fines Citibank, DBS for CDD violations
By Dinah Gardner, in Taipei
Online Published Date:
20 May 2021
Appeared in issue:
284 - 29 April 2021
Fine words
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:
22 May 2021
Appeared in issue:
284 - 29 April 2021