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Goldman Sachs fined US$350m in Hong Kong over 1MDB bond compliance failures
Online Published Date : 22 October 2020 | Appeared in issue: 279 - 22 October 2020
Risk and compliance failures, including anti-moneylaundering, around three bond offerings for the 1Malaysia Development Berhad(1MDB) sovereign fund, have cost Goldman Sachs (Asia) LLC a US$350 million(HK$2.71 billion) fine by the Hong Kong..
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Goldman Sachs to pay over US$2.9 billion for 1MDB bribery and compliance failures
Online Published Date : 22 October 2020 | Appeared in issue: 279 - 22 October 2020
Goldman Sachs has reached a US$2.9 billion-plus global settlement with prosecutors and regulators in five jurisdictions over its role in bribing public officials and in the alleged embezzlement of more than US$2.7 billion from the proceeds of bond..
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FinCEN Files: is the UK Government’s response enough to fix a failing system?
Online Published Date : 26 October 2020 | Appeared in issue: 279 - 22 October 2020
Caroline Harbord (+44 020 7399 4791, [email protected])is a Senior associatein the Commercial Dispute Resolution team at Forsters.
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UAE fines two exchange houses for lax AML/CFT compliance
Online Published Date : 28 October 2020 | Appeared in issue: 279 - 22 October 2020
Two unnamed exchange houses have been fined AED950,000 (US$258,640) and AED500,000 (US$136,125), respectively, by the Central Bank of the United Arab Emirates for weak anti-money laundering and counter terrorist financing controls.The CBUAE, which..
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Lombard Bank Malta fined €340,058 for broad AML breaches
Online Published Date : 02 November 2020 | Appeared in issue: 279 - 22 October 2020
The Maltese Financial Intelligence Analysis Unit (FIAU) imposed an administrative fine of €340,058 on the Lombard Bank Malta plc on 23 October [2020] for wide-ranging anti-money laundering and counter terrorist financing failings. [1]An onsite..
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FinCrime Curator – October 2020
Online Published Date : 03 November 2020 | Appeared in issue: 279 - 22 October 2020
An abundance of high quality broadcast content is available to financial crime professionals (often at no cost), so much that those at the frontline won’t have time to watch and listen to it all; fortunately, that is part of our job. MLB selects..
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EU ministers back AML plan for single supervisor and tighter law
Online Published Date : 05 November 2020 | Appeared in issue: 279 - 22 October 2020
By Nicholas Wallace, in Brussels, and Keith Nuthall
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Latvia fines Reģionālā investīciju banka €473,076 over source of funds checks
Online Published Date : 09 November 2020 | Appeared in issue: 279 - 22 October 2020
Reģionālā investīciju banka is to pay €473,076 to Latvia’s Financial and Capital Market Commission (FCMC) after an onsite inspection discovered “irregularities in detecting the source of funds” behind large cash transactions by “high risk clients..
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Seven law firms fined Dh100,000 each in UAE for AML breaches
Online Published Date : 09 November 2020 | Appeared in issue: 279 - 22 October 2020
The UAE Ministry of Justice, on 8 November [2020], announced individual penalties of Dh100,000 (US$27,220) against seven unnamed law firms for failing to comply with anti-money laundering regulations, Gulf News reports. [1]The fines follow a..
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Sailing in uncharted waters - extending the moratorium period
Online Published Date : 09 November 2020 | Appeared in issue: 279 - 22 October 2020
Jonathan Fisher QC ([email protected]) is ranked in the first tier by the UK’s professional directories as a leading Queen’s Counsel in Proceeds of Crime cases. Anita Clifford is also ranked as a leading / up and coming junior barrister in this area of practice. (www.brightlinelaw.co.uk)
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Banco Itaú fined US$9.64m in Paraguay for reporting failures
Online Published Date : 10 November 2020 | Appeared in issue: 279 - 22 October 2020
Brazil’sBanco Itaú failed to report suspicious transactions to Secretaría de Prevenciónde Lavado de Dinero o Bienes (SEPRELED), the Paraguan financial intelligenceunit, and was fined US$9.64 million in August [2020], according to an announcementby..
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Informa Law resumes printing and distribution of Money Laundering Bulletin
Online Published Date : 10 November 2020 | Appeared in issue: 279 - 22 October 2020
Following the temporary halt to our normal printing and distribution of Money Laundering Bulletin due to the coronavirus pandemic, Informa Law is pleased to confirm that hard copy publication will begin to be distributed again from 1 January 2021 in..
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BoyleSports Enterprise fined UK£2.8m by Gambling Commission for AML failings
Online Published Date : 12 November 2020 | Appeared in issue: 279 - 22 October 2020
Gambling operator BoyleSports Enterprise has been censured and fined UK£2.8 million by the UK regulator for weak anti-money laundering controls on its Boylesports.com and Boylecasino.com websites. [1]The Gambling Commission found the firm lacked an..
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Cainvest fines CI$100,000 in Cayman over failed due diligence and transaction checks
Online Published Date : 13 November 2020 | Appeared in issue: 279 - 22 October 2020
Cainvest Bank and Trust Limited's breaches of the Cayman Islands’ Anti-Money Laundering Regulations have cost it a CI$100,000 (US$120,000) penalty from the regulator. [1]The Cayman Islands Monetary Authority (CIMA) found the bank had failed to..
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Paysera fined €370,000 in Lithuania over e-money AML failings
Online Published Date : 17 November 2020 | Appeared in issue: 279 - 22 October 2020
The Bank of Lithuania has fined Paysera LT, an electronic money institution, €370,000 for “significant shortcomings” in anti-money laundering and counter terrorist financing compliance. [1]The Financial Market Supervision Service (FMSS) visited..
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FinCEN proposes ‘Travel Rule’ threshold cut to US$250 for international transfers
Online Published Date : 17 November 2020 | Appeared in issue: 279 - 22 October 2020
TheUS ‘Travel Rule’, which requires originator details be sent in payment instructionsto each receiving institution in the transfer chain, would apply to amountsover US$250, down from the current US$3,000 threshold, under a proposal fromthe..
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Expectation management
Online Published Date : 18 November 2020 | Appeared in issue: 279 - 22 October 2020
Timon Molloy ([email protected]), Editor
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UK SARs volumes go ever higher – FIU report
Online Published Date : 19 November 2020 | Appeared in issue: 279 - 22 October 2020
Totalsuspicious activity reports filed with the UK financial intelligence unit roseto a record 573,085 for the year to March 2020, 20% up on the previous 12months, while defence against money laundering (DAML) submissions increased81%, to..
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Christmas crime, bravado and whine
Online Published Date : 20 November 2020 | Appeared in issue: 279 - 22 October 2020
Susan Grossey may be contacted on +44 (0)1223 563636, [email protected], www.thinkingaboutcrime.com
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Close to home – online training
Online Published Date : 21 November 2020 | Appeared in issue: 279 - 22 October 2020
Covid-19 and the expansion of home-basedworking it has forged pose significant training and mentoring challenges. KeithNuthall finds vendors, AML bodies and subject matter experts busydeveloping new services and strategies to ensure that financial..
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Levy or tax – ways to pay for public sector AML
Online Published Date : 21 November 2020 | Appeared in issue: 279 - 22 October 2020
Governments, perennially resettingpriorities, may focus existing resource on asset recovery after a wave ofCovid-19 job retention scheme fraud, but, medium-term, funding of economiccrime initiatives, including law enforcement, could be borne,..
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Out back – Australia
Online Published Date : 21 November 2020 | Appeared in issue: 279 - 22 October 2020
In Australia, upgrading AML/CFT law andregulation to meet international standards has stalled, Barbara Barkhausenreports, from Sydney, while a widening banking scandal only emphasises the needfor reform. Millions of failuresConcern in Australia over..
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EU lockdown – directive to regulation
Online Published Date : 21 November 2020 | Appeared in issue: 279 - 22 October 2020
Unevenimplementation of the anti-money laundering directives and manifest failures tostop massive flows of illicit funds through EU banks have impelled the EuropeanCommission to tighten the bloc’s legal framework in a bid to more effectivelyresist..
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House cleaning – casinos
Online Published Date : 21 November 2020 | Appeared in issue: 279 - 22 October 2020
Cash-intensive,high-roller friendly – casinos on and offline are a strong magnet for hot moneybut regulators in some jurisdictions, at least, are starting to push them harderto resist. Poorna Rodrigo reports from Leicester, UK; Keith Nuthallfrom..