i-law.com - Newsletter (Money Laundering Bulletin)

: Credence fined in Malta for risk assessment, due diligence & monitoring flaws; Online Published Date : 25 November 2020 | Appeared in issue: 280 - 25 November 2020; Two firms operating under the same lead name – Credence Corporate and Advisory Services Ltd (CCAS) and Credence Fiduciary Ltd (CF) – which breached Malta’s Prevention of Money Laundering and Funding of Terrorism Regulations must pay €143,119 [1] and..

: Defence retort; Online Published Date : 30 November 2020 | Appeared in issue: 280 - 25 November 2020; John Binns (+44 (0)20 7430 2277, [email protected]) is a partner at BCL Solicitors LLP, specialising in financial crime and money laundering.

: US Congress on brink of beneficial ownership law; Online Published Date : 07 December 2020 | Appeared in issue: 280 - 25 November 2020; The US Congress is set to legislate for US companies andlimited liability partnerships (LLPs) to disclose their beneficial owners at a25% threshold, or those who exercise substantial control over the entity, to anon-public register. The long-awaited..

: Insignia Cards fined €373,670 in Malta for AML risk and control failings; Online Published Date : 07 December 2020 | Appeared in issue: 280 - 25 November 2020; InsigniaCards Ltd, an e-money institution offering payment cards to the very wealthy,has been fined €373,670 by the Malta Financial Intelligence Analysis Unit(FIAU). [1]An onsite visit in 2019 found lack of detail to underpin thebusiness risk..

: Human rights abusers face faster sanctions after EU Council decision; Online Published Date : 08 December 2020 | Appeared in issue: 280 - 25 November 2020; ByKeith Nuthall

: US Congress passes beneficial ownership law; Online Published Date : 13 December 2020 | Appeared in issue: 280 - 25 November 2020; The US Senate, on 11 December [2020], voted through law compelling US companies and limited liability partnerships (LLPs) to disclose their natural person beneficial owners at a 25% threshold, or those who exercise substantial control over the..

: Clear vision – interview with Dr Marcus Pleyer, FATF President [Video]; Online Published Date : 15 December 2020 | Appeared in issue: 280 - 25 November 2020; Covid-19 has changed working practices across almost every organisation: the Financial Action Task Force is no exception. Dr Marcus Pleyer, who became FATF President on 1 July 2020, talks to Keith Nuthall about how the world's anti-money laundering..

: Art, crypto and Post Office cash deposits flagged in UK NRA 2020; Online Published Date : 17 December 2020 | Appeared in issue: 280 - 25 November 2020; ByKeith Nuthall

: Egmont Group looks for new EU AML coordination & support system to deliver practical help to FIUs; Online Published Date : 19 December 2020 | Appeared in issue: 280 - 25 November 2020; ByKeith Nuthall

: First Unexplained Wealth Order upheld by UK Supreme Court; Online Published Date : 21 December 2020 | Appeared in issue: 280 - 25 November 2020; ZamiraHajiyeva, wife of jailed Azerbaijani banker Jahangir Hajiyev, has lost herfinal appeal against an Unexplained Wealth Order (UWO) made against her by theUK National Crime Agency (NCA). [1] The Supreme Court upheld the earlier decisions of the..

: Western International Trust Co fined CI$482,718 in Cayman for due diligence, monitoring, risk assessment failings; Online Published Date : 24 December 2020 | Appeared in issue: 280 - 25 November 2020; TheCayman Islands Monetary Authority (CIMA) on 22 December [2020] announced a fineof CI$482,717.50 (US$580,258) against Western International Trust Company Ltdfor a range of anti-money laundering compliance breaches.The public notice [1] itemises..