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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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- DWS, Deutsche Bank subsidiary, fined US$9m by SEC for AML faults
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Abstract: DWS InvestmentManagement Americas, Inc, Delaware-registered investment advisor to a set ofmutual funds, and a majority-owned indirect subsidiary of Deutsche Bank AG, hasagreed to pay the US Securities and Exchange Commission (SEC) US$9 million forfailings in its anti-money laundering controls between at least January 2017and December 2021.
PubDate: 2023-09-26 10:51:07.0
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- Mr Q operator fined £690,947 by UK Gambling Commission for AML and social
responsibility breaches-
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Abstract: LindarMedia Ltd, which trades as Mr Q and MrQ.com, has been ordered to pay £690,947 bythe UK Gambling Commission for failure to meet licensing conditionsbetween July 2021 and September 2022.
PubDate: 2023-09-25 16:10:15.0
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- Emigrant Bank pays US$31,868 to OFAC over Iranian-held CD account
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Abstract: New York-based Emigrant Bank has accepted a US$31,867.90 penalty from the US Office of Foreign Assets Control (OFAC) over its operation of a Certificate of Deposit (CD) account for two individuals resident in Iran.
PubDate: 2023-09-25 13:50:12.0
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- pKYC: Lessons from real-world deployments
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Abstract: Always know your customers without the need for time-consuming, costly, regular manual reviews – it is now possible and happening: Clark Frogley of Quantexa, explains how.
PubDate: 2023-09-23 10:15:21.0
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- Stopgaps – Chinese monetary control
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Abstract: Domestic property marketjitters and a clampdown on junket operators mean that money, legal and not,will be looking for alternative investment opportunities and channels out ofChina. Jens Kastner looks for the checks on the balances.
PubDate: 2023-09-21 20:25:02.0
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- Set fair – Cayman Islands sails into line on AML
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Abstract: For long the archetypal sunny place for shady people’s money, Cayman Islands has worked hard to push back the grey-listing clouds cast by the Financial Action Task Force in early 2021. Clear skies of AML/CFT regime compliance are now a realistic prospect, finds Keith Nuthall.
PubDate: 2023-09-17 14:55:00.0
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- Infowars – the large language model threat
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Abstract: Technology vendors are keen to promote the benefits of artificial intelligence (AI) in fighting money laundering and terrorist financing, helping obliged entities detect and block illicit money flows. But every technology can also be wielded by bad actors; AI is no different. It can be abused to attack and evade know your customer (KYC) controls, Keith Nuthall discovers.
PubDate: 2023-09-17 14:30:03.0
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- Bancrédito International fined US$15m by FinCEN for reporting,
correspondent banking failings & lack of AML program-
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Abstract: In FinCEN’sfirst enforcement action against a Puerto Rican International BankingEntity (IBE), one of the oldest and some-time largest in that jurisdiction, BancréditoInternational Bank and Trust Corporation has admitted to violations of the USBank Secrecy Act (BSA) and will pay a US$15 million civil penalty.
PubDate: 2023-09-16 18:31:13.0
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- Small steps – St Kitts & Nevis must stride
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Abstract: A Caribbean micro nation, St Kitts & Neviscurrently lacks the capacity to address its money laundering risks, finds Keith Nuthall, but so far (below theradar') has escaped grey-listing by the Financial Action Task Force.
PubDate: 2023-09-15 19:39:44.0
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- Three in ten crime groups in EU use professional launderers, underground
banking – Europol-
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Abstract: While around 70% of criminal groups active in the European Union (EU) use “basic money laundering techniques” the rest employ professional laundering networks and/or deal with the underground banking system, Europol reports in its first European Financial and Economic Crime Threat Assessment.
PubDate: 2023-09-12 15:05:40.0
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- UK sanctions compliance – more honoured in the breach'
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Abstract: It’s rarely – correction, to date, never – a cause for celebration when the UK financial services regulator publishes findings on how well those it supervises are complying with the rules. True to form, on 6 September we learnt that “some firms’ systems were unable to generate alerts against certain names on OFSI’s [Office of Financial Sanctions Implementation] consolidated list of persons subject to sanctions, and some firms were unable to provide reasonable justification for the omissions”.
PubDate: 2023-09-06 22:23:32.0
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- Delist drive – South Africa
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Abstract: Unimpressed by the slow rate of improvement in South Africa’s anti-money laundering regime following its mutual evaluation in 2021, the Financial Action Task Force sought to force the pace in February this year, putting the country under ‘increased monitoring’, so on the ‘grey list’. Paul Cochrane, in Pietermaritzburg, checks on the response across the months since.
PubDate: 2023-09-06 15:51:53.0
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- Wise Payments in breach of UK Russia sanctions – disclosure, no fine
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Abstract: A UK£250 cash withdrawal from a Wise Payments Ltd business account on a debit card in the name of a designated person under UK’s The Russia (Sanctions) EU Exit Regulations 2019 has resulted in the first exercise of its Disclosure power by the Office of Financial Sanctions Implementations (OFSI).
PubDate: 2023-08-31 15:22:40.0
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- Switzerland to set up beneficial ownership register & bring lawyers
into AML scope-
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Abstract: The Swiss Federal Council proposed, on 30 August, to strengthen the country’s anti-money laundering regime through creation of a register of beneficial owners of companies and other legal entities, and to extend due diligence and reporting obligations to legal professionals in certain circumstances.
PubDate: 2023-08-31 11:17:03.0
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- Whose fault'
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Abstract: Read through any AML enforcement notice against a financial institution, or indeed a designated non-financial business or profession (DNFBP), since inception of regulation in the area and the same basic failures recur – whether in customer due diligence (CDD); record-keeping; monitoring; reporting; training; resourcing; or management oversight, in the sense of turning a blind eye to regulatory obligations until the authorities insist on speaking to someone at the top.
PubDate: 2023-08-30 15:21:37.0
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- Impactful – hybrid centralized-decentralized AML compliance
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Abstract: Corporate anti-money laundering (AML) compliance objectives are a balancing act of effective AML risk management, revenue goals, and cost savings, says Kieran Holland of FinScan. Risk management needs to ensure compliance with local and global regulations and minimize financial crime risk, while procurement and operations want to reduce costs and improve efficiencies. Revenue generation requires a competitive advantage and depends on front office efficiency (speed of doing business, account opening) and customer satisfaction. The reality is that many organizations struggle to achieve this balancing act with their AML programs.
PubDate: 2023-08-30 14:44:32.0
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- Swiss regulator flags serious flaws in bank ML risk assessments
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Abstract: TheSwiss financial services supervisor reviewed over 30 banks’ money launderingrisk assessments in spring this year and found that many “did not meet…basic requirements”.
PubDate: 2023-08-25 12:06:49.0
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- Singapore strikes ex-pat SG$1 billion money laundering ring
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Abstract: Agroup of 10 foreign nationals, all ethnically Chinese, have appeared atSingapore’s State Courts accused of operating a SG$1 billion (US$738 million) internationalmoney laundering ring. The ten have all been denied bail in preliminaryhearings, following an island-wide set of police raids on 15 August involving more than 400 officers. The Singapore Police Force has said it ishunting for eight more suspects and 12 others are assisting with the inquiry.
PubDate: 2023-08-25 11:55:21.0
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- In the grey zone: DeFi & NFTs
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Abstract: If designing regulation to keep up with innovation in digital finance is like catching mercury, seeking to future-proof it is juggling quicksilver – impossible' Perhaps, yet there is every reason to try, Keith Nuthall finds.
PubDate: 2023-08-21 15:20:26.0
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- On course – Antigua & Barbuda
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Abstract: Resolve by Antigua & Barbuda totighten controls on illicit finance is clear from the findings of successivefollow-up reports on its Caribbean Financial Action Task Force evaluation in2017. Legislative and regulatory reforms though are a dead letter if not backedby resource so an expanded financial intelligence unit and government focus onnon-profit organisations, encountered by Gemma Handy, in St John’s, Antigua & Barbuda, and KeithNuthall, are positive signs of action on theground, even as they discover there is much more to do.
PubDate: 2023-08-21 15:10:40.0
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