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English law firms fined for AML notification delays
Six solicitors firms must each pay UK£800, plus UK£600costs, for late confirmation of fulfilling a core anti-money laundering obligation,the Solicitors Regulation Authority for England and Wales revealed on 23 June [2021].Under the Money Laundering,..
Online Published Date:
24 June 2021
Appeared in issue:
286 - 24 June 2021
Malta, one of four put on FATF ‘grey list’
By Keith Nuthall
Online Published Date:
25 June 2021
Appeared in issue:
286 - 24 June 2021
GWFS, broker dealer pays US$1.5m for SARs omissions and not filed
The US Securities and Exchange Commission (SEC), on 12 May[2021], imposed a US$1.5 million penalty and cease and desist order [1] on GWFSEquities, a Colorado-based broker-dealer, for suspicious activity reporting failuresbetween September 2015 and..
Online Published Date:
28 June 2021
Appeared in issue:
286 - 24 June 2021
No level playing field in EU AML, auditors confirm
Theapproach to anti-money laundering at EU level is beset by “institutional fragmentation”and “poor coordination”, says the European Court of Auditors (ECA). In a special report [1], the ECA notes that AML and counterterrorist financing supervision..
Online Published Date:
30 June 2021
Appeared in issue:
286 - 24 June 2021
FATF directs focus to environmental crime, right-wing extremism and weapons of mass destruction
By Keith Nuthall
Online Published Date:
30 June 2021
Appeared in issue:
286 - 24 June 2021
AI v ML: a reality check
Justin Bercich (justin@lucinity.com) is Head of AI, Lucinity (www.lucinity.com).
Online Published Date:
30 June 2021
Appeared in issue:
286 - 24 June 2021
FinCEN sets out US AML/CFT priorities
Eight issues of special concern to US authorities, published on 30 June [2021], will provide a steer to all who are subject to Bank Secrecy Act regulations. [1]FinCEN, after consultation with other agencies and regulators, identified current..
Online Published Date:
01 July 2021
Appeared in issue:
286 - 24 June 2021
What a difference a decade doesn’t make
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
01 July 2021
Appeared in issue:
286 - 24 June 2021
FATF cautions responsible use of AML/CFT new tech to mitigate social costs
By Keith Nuthall
Online Published Date:
03 July 2021
Appeared in issue:
286 - 24 June 2021
Coordinated resilience – Egmont, the push through Covid-19 [Video]
Coronavirus has affected everyone, national financial intelligence units not excepted: they had to react almost overnight, often shifting to remote working with highly sensitive, law enforcement mission-critical data on money laundering, terrorist..
Online Published Date:
07 July 2021
Appeared in issue:
286 - 24 June 2021
UAE – targeted sanctions, new guidance
Mahmoud Fadlallah (+971 4 317 3030, mfadlallah@akingump.com) is a partner and Lauren Talerman (+971 4 317 3066, ltalerman@akingump.com) of counsel at Akin Gump, Dubai, and Mazen Baddar (+971 2 406 8552, mbaddar@akingump.com) is an associate at Akin Gump, Abu Dhabi.
Online Published Date:
14 July 2021
Appeared in issue:
286 - 24 June 2021
Luxembourg fines RBC €237,000 for AML/CFT breaches
On25 May [2021], the Commission de Surveillance du Secteur Financier (CSSF) inLuxembourg fined RBC Investor Services Bank S.A. €237,000 for unspecified serious deficiencies inits anti-money laundering and counter terrorist financing controls.The..
Online Published Date:
15 July 2021
Appeared in issue:
286 - 24 June 2021
EU AML law overhaul heralds supra-national supervisor & aims for greater consistency, more information exchange in bloc
The long-awaited proposals to create a powerful European Union (EU) Anti-Money Laundering Authority (AMLA) have been released by the European Commission. [1] Keith Nuthall works through the plan.If approved, this would be the world’s first..
Online Published Date:
21 July 2021
Appeared in issue:
286 - 24 June 2021
Call of the wild
The illegal trade in fauna and flora, too long neglected as a principal source of criminal income, is now firmly in scope for policy-makers, finds Paul Cochrane, as he tracks the latest research and red flags.Advocates for curbing the illegal..
Online Published Date:
21 July 2021
Appeared in issue:
286 - 24 June 2021
Payoneer in US$1.4m settlement with OFAC over sanctions violations
New York-based online money service business, Payoneer Inc.,which also supplies prepaid cards, will pay US$1,400,301.40 to settle Office ofForeign Assets Control (OFAC) claims that it committed 2,260 apparent breachesof multiple US sanctions..
Online Published Date:
26 July 2021
Appeared in issue:
286 - 24 June 2021
Rethink
Timon Molloy (timon.molloy@informa.com), Editor
Online Published Date:
28 July 2021
Appeared in issue:
286 - 24 June 2021
UK fines TransferGo for Ukraine sanctions violations
Fintech company TransferGo Limited must pay UK£50,000 after the Economic Secretary to HM Treasury upheld a decision by the UK Office of Financial Sanctions Implementation (OFSI) that it had breached Ukraine sanctions regulations.Between 20 March..
Online Published Date:
06 August 2021
Appeared in issue:
286 - 24 June 2021
Covid-19, year two - AML/CFT reverberations
Compliance teams are now well used to working remotely but how has financial crime risk changed under the pandemic and are they equipped to meet it? Keith Nuthall investigates.As Covid-19 batters the world into its second year of the most..
Online Published Date:
09 August 2021
Appeared in issue:
286 - 24 June 2021
BitMEX faces US$100m penalty for non-registration, CDD and reporting breaches
Leading cryptocurrency exchange and derivatives trading platform BitMEX must pay a civil penalty of up to US$100 million for not registering as a futures commission merchant with the US Commodity Futures Trading Commission (CFTC) as well as for..
Online Published Date:
11 August 2021
Appeared in issue:
286 - 24 June 2021
AWS Malta, money remitter, fined €502,000 for CDD & monitoring breaches
Money services business AWS Malta Ltd (AWSM) was, on 6August [2021], ordered to pay €502,046 by the Financial IntelligenceAnalysis Unit (FIAU) for a spread of anti-money laundering control failings.[1]The Maltese agency, during a 2020 off-site..
Online Published Date:
16 August 2021
Appeared in issue:
286 - 24 June 2021
AI ‘is’ up to the task of AML Compliance
For further information, contact Michael Doron (+1 (914) 954-4891, michael.doron@hawk.ai)
Online Published Date:
16 August 2021
Appeared in issue:
286 - 24 June 2021
Tanzambique: there goes the neighbourhood
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
16 August 2021
Appeared in issue:
286 - 24 June 2021