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

: Former EY auditor says he lost job in wake of Dubai gold laundering claims; Online Published Date : 04 November 2019 | Appeared in issue: 269 - 25 October 2019; By Keith Nuthall

: Fifth of law firms in England & Wales reviewed fail on ML risk assessment; Online Published Date : 04 November 2019 | Appeared in issue: 269 - 25 October 2019; Onein five law firms in England and Wales reviewed by the regulator lacked a money laundering risk assessment. The Solicitors Regulation Authority (SRA) wrote, in March [2019], to 400 firms asking for their risk assessments; all responded but 83..

: AI-washing: is it machine learning… or worse?; Online Published Date : 05 November 2019 | Appeared in issue: 269 - 25 October 2019; Dr Bimal Roy Bhanu ([email protected]) is CEO of AiXPRT.

: UK SARs rise but so does FIU headcount; Online Published Date : 07 November 2019 | Appeared in issue: 269 - 25 October 2019; Thevolume of suspicious activity reports (SARs) filed with the UK Financial Intelligence Unit, in the National Crime Agency, hit a new high in 2018/19, reaching 478,437, a rise of 3.13% on 2017/18. Staffing at the UKFIU has also grown, from 80 at..

: EU major states strengthen call for single AML supervisor; Online Published Date : 11 November 2019 | Appeared in issue: 269 - 25 October 2019; Leading European Union countries have come out in support of a new authority to supervise anti-money laundering (AML) in the bloc, Reuters reports.In a joint statement [1], Germany, France, Italy, Spain, the Netherlands and Latvia said that “[W]here..

: Greece law change unfreezes assets if ML trial deadline passed; Online Published Date : 14 November 2019 | Appeared in issue: 269 - 25 October 2019; The Greek government has pushed through a law that enables suspects in fraud and money laundering cases to recover frozen assets if their cases are not tried within 18 months.The Financial Times reports [on 14/11/19] that such cases in Greece..

: Cyprus admits its golden visa scheme was misused; Online Published Date : 14 November 2019 | Appeared in issue: 269 - 25 October 2019; By Sara Lewis

: Vantage – FATF executive secretary viewpoint; Online Published Date : 14 November 2019 | Appeared in issue: 269 - 25 October 2019; Interview by Keith Nuthall.

: Rocky territory – Canada [Video]; Online Published Date : 19 November 2019 | Appeared in issue: 265 - 30 May 2019; Five percent of the rise in residential property prices in Vancouver in 2018 was attributable to money laundering, according to a panel headed by a past deputy attorney general for British Columbia. Peter German, a former Royal Canadian Mounted..

: Held to account – regulation of cryptocurrency [Video]; Online Published Date : 19 November 2019 | Appeared in issue: 269 - 25 October 2019; Virtual currencies pose a serious money laundering risk as long as they can be exchanged anonymously. Jurisdictions and the Financial Action Task Force, meanwhile, are working on perimeter controls to force disclosure of wallet/account-holders, as..

: AUSTRAC accuses Westpac of filing & correspondent banking breaches; says monitoring flaws leave child exploitation risk off radar; Online Published Date : 20 November 2019 | Appeared in issue: 269 - 25 October 2019; Westpac Banking Corporation faces allegations that “systemic failures” led to over 23 million breaches of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Contraventions around customer due diligence and monitoring have..

: Bank of Valletta fined €57,500 over source of wealth scrutiny; Online Published Date : 20 November 2019 | Appeared in issue: 269 - 25 October 2019; The Bank of Valletta has been fined a total of €57,500 byMalta’s Financial Intelligence Analysis Unit (FIAU) for source of wealth check failings in two cases. In the first, the bank did not investigate “significant deposits”, in variable amounts of..