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Money Laundering Bulletin
Number of Followers: 9  Subscription journalISSN (Print) 1462-141X Published by Informa plc  [9 journals]
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- TD Bank braced for fines north of US$3 billion after AML breaches
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Abstract: Canada’s Toronto-Dominion Bank (TD) is preparingfor fines topping US$3 billion in the United States over major failings in its anti-moneylaundering (AML) controls at several branches.
PubDate: 2024-08-28 22:06:02.0
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- Nordea Bank fined US$35m in New York over correspondent banking AML
failings-
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Abstract: Finland’s Nordea Bank, the largest in the Nordics, and its New York branch must pay US$35m after the New York Department of Financial Services found gaps and flaws in its anti-money laundering controls stretching back to 2009.
PubDate: 2024-08-28 08:47:05.0
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- Free-for-all' – Free Trade Zones
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Abstract: Offshoreadvantages ring-fenced onshore – FTZs are synonymous with low tax, lessbureaucracy, their own ways of operating but does the business-friendly laissez-faireextend too far; what of financial crime control and oversight' Keith Nuthall investigates.
PubDate: 2024-08-23 15:19:51.0
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- Inhuman trade – mapping the economy of modern slavery [Video]
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Abstract: The Dutch model of collaboration between its national Financial Intelligence Unit and the banking sector is yielding valuable insights into the money flows around human trafficking and modern slavery. Hennie Verbeek-Kusters, Head of FIU-the Netherlands and former Head of the Egmont Group, spoke to Paul Cochrane about overcoming obstacles and sharing gains from information exchange.
PubDate: 2024-08-21 19:34:28.0
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- Russian transactions: more to report
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Abstract: Suspicious or not, an EU regulation now requires aswathe of transactions from Russian-owned entities to be reported. NicolaPassariello of Moody’s explains the new demands and points to somechallenges.
PubDate: 2024-08-20 20:15:37.0
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- Steep path – Bhutan
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Abstract: Progress on technical compliance with internationalstandards is encouraging but the Kingdom of Bhutan remains in the foothills ofeffective AML/CFT, find Phuntsho Wangdi, reporting from Thimphu, and KeithNuthall.
PubDate: 2024-08-17 11:31:24.0
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- War in Gaza – another front: the financing of Hamas
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Abstract: The 7 October terrorist attacks on Israel put the Palestinian banking sector squarely in the crosshairs. Hamas, though, writes Paul Cochrane, continues to receive funding as the war enters its tenth month.
PubDate: 2024-08-16 09:13:04.0
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- New heights – Nepal charts route to FATF compliance
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Abstract: The government of Nepal, the Himalayan republic sited between Asian giants India and China, has passed amendments to 20 laws affecting anti-money laundering and counter financing of terrorism (AML/CFT) as the country seeks to avoid a re-grey-listing by the Financial Action Task Force (FATF). Prithvi Shrestha, in Kathmandu, and Keith Nuthall look at whether the changes will suffice.
PubDate: 2024-08-15 17:44:17.0
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- GD Legal Solicitors fined in UK for AML risk assessment and control
failures-
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Abstract: Manchester, UK-based law firm GD Legal Solicitors has been orderedto pay a UK£21,843 (US$28,052) penalty after the Solicitors Regulation Authority(SRA) found it had breached the Money Laundering, Terrorist Financing and Transferof Funds (Information on the Payer) Regulations 2017.
PubDate: 2024-08-15 10:24:50.0
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- OTC Link pays US$1.19m to SEC for monitoring and reporting failures
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Abstract: OTC Link LLC, a broker-dealer registered with the US Securities and Exchange Commission (SEC), which services other broker-dealers trading in Over-the-Counter (OTC) securities, has agreed to a cease and desist order and US$1.19 million civil penalty for breaches of the Bank Secrecy Act.
PubDate: 2024-08-14 11:02:10.0
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- A reckoning – reparation for Ukraine
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Abstract: Putin’s war on Ukraine is spinning through billions of dollars, both spent directly on military materiel and the price of physically devastating an economy and society, and that before the opportunity cost of lost growth, to say nothing of lives wrecked and ended – how to value them' Keith Nuthall, Poorna Rodrigo and Dylan Carter examine the considerations at play in making Russia pay.
PubDate: 2024-08-13 18:35:42.0
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- Customers Bank, Pennsylvania agrees to rework BSA/AML and OFAC controls
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Abstract: On 5 August, Customers Bank entered into a written undertaking with the Federal Reserve Bank of Pennsylvania to revise its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and US sanctions compliance programmes.
PubDate: 2024-08-13 16:34:33.0
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- AIA International Hong Kong branch fined HK$23m over PEP & EDD
failings-
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Abstract: TheHong Kong branch of AIA International Ltd, Asia’s largest life insurance group,is to pay a HK$23 million (US$3 million) penalty after the Insurance Authority(IA) in Hong Kong found the company’s screening processes had not alwaysidentified politically exposed persons (PEPs) in the period March 2016 to October2022.
PubDate: 2024-08-06 15:00:46.0
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- London house and golf club linked to Azeri fraud forfeit after six-year
investigation-
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Abstract: After a six-year battle with the UK National Crime Agency, the wife of Jahangir Hajiyev, former chair of the International Bank of Azerbaijan, has agreed to forfeit a Knightsbridge house, worth around UK£14 million (US$18 million), and a golf club in Ascot.
PubDate: 2024-08-06 12:50:41.0
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- Sanctioned Russian banker forfeits over £780,000 in deal with UK law
enforcement-
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Abstract: A London,UK court, on 29 July, ratified an agreement between the National Crime Agency(NCA) and Stephen Gater, estate manager in the UK for Petr Aven, sanctionedformer head of Alfa Bank, Russia’s largest commercial lender, under whichUK£783,827.34 (US$1,007,923) will pass to UK authorities.
PubDate: 2024-07-29 20:14:05.0
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- State Street fined US$7.5m by OFAC over invoice date changes to evade
Russia sanctions-
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Abstract: In theUnited States, Directive 1 under Executive Order 13662 bars US persons fromdealing in new debt of proscribed entities over 90, 30 or 14 days’ maturity,according to date of issuance. Importantly, sending out an invoice counts asdealing in debt under Directive 1.
PubDate: 2024-07-27 11:20:36.0
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- UK Coinbase operation fined UK£3.5m – serviced high-risk
customers against undertaking-
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Abstract: CB PaymentsLtd – UK arm of leading cryptocurrency trading business the CoinbaseGroup – which only hosts e-money wallets rather than engaging in transactions, mustpay a UK£3,503,546 financial penalty for onboarding and/or providing e-moneyservices to high-risk customers in breach of a Financial Conduct Authority(FCA) ordinance of October 2020.
PubDate: 2024-07-26 08:51:17.0
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- CNB and Summit banks sign US OCC orders to renew BSA and OFAC programs
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Abstract: CNB Bankand Trust, of Illinois, and Summit National Bank, of Wyoming, signedconsent orders, dated in June, but published on 18 July, with theUS Office of the Comptroller of the Currency (OCC), committing to root andbranch revision of their Bank Secrecy Act/Anti-Money Laundering and Office ofForeign Asset Control (OFAC) compliance programs.
PubDate: 2024-07-21 18:36:17.0
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- People business – modern slavery
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Abstract: Off-grid, undocumented, indentured – millions of individuals are trafficked and exploited around the world to profit both criminals and otherwise legitimate businesses. Paul Cochrane, Brenda Dionisi and Ed Zwirn probe a cruel hidden economy.
PubDate: 2024-07-21 13:34:38.0
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- Green Dot fined US$44m, ordered to remake BSA/AML compliance program
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Abstract: The US Federal Reserve Board (FRB) has agreed a cease and desist order with Green Dot Corporation, holding company of Green Dot Bank of Provo, Utah, over consumer compliance failings around its prepaid debit card accounts and third party tax return preparation service, as well for comprehensive breaches of Bank Secrecy Act/Anti Money Laundering (BSA/AML) obligations. The bank will also pay a US$44 million civil penalty.
PubDate: 2024-07-20 17:03:44.0
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