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Weekly Roundup: German Lawmakers Approve Plan to Punish Banks that Aid Tax Dodgers, Barclays Reaches Deal with Somali MSB, and More AUSTRAC revoked the license of a money remitter for AML deficiencies, Belgium will sign an intergovernmental agreement with the U.S. next week to implement FATCA, and more, in this week's roundup.
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April 18, 2014
Few in Number, Russia Sanctions Require Outsize Lifting by Compliance Departments Although sanctions on Russian nationals and companies might seem fairly innocuous at first blush, compliance departments at European banks are finding the task of identifying designees unusually difficult, say legal experts.
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April 18, 2014
As FinCEN Readies Unprecedented Fines, Questions Arise About Its Hiring Authority At the same time that the nation’s financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
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April 17, 2014
Midweek Roundup: Mexico to Launch Sanctions List, South Africa Fines Four Banks, and More Mexico will soon draft a sanctions list targeting drug traffickers and money launderers, South Africa’s central bank fined four banks for AML deficiencies, and more, in the midweek roundup.
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April 16, 2014
OFAC Fines CWT B.V. $5,990,490 for Apparent Violations of Cuban Assets Control Regulations The Office of Foreign Assets Control issued a notice stating that the Netherlands-based travel management company agreed to pay the regulator $5,990,490 to settle potential civil liability. The company dealt in property in which Cuba or its nationals had an interest.
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April 18, 2014
OFAC Publishes Latest Edition of SDN List The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.
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April 17, 2014
NJ Defendant Indicted for Transacting Criminal Proceeds A federal grand jury in the District of New Jersey charged Eliyahu Weinstein with conspiracy to commit wire fraud and transacting in criminal proceeds during pretrial release. Weinstein was previously convicted and sentenced to 22 years of imprisonment for executing a Ponzi-style real estate scheme.
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April 17, 2014
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FinCEN Marijuana Guidance Takes Some Senatorial Heat

April 4, 2014 

Looking at two guidance pieces from the Financial Crimes Enforcement Network (FinCEN) you get a quick lesson in how difficult it can be to regulate issues that society—let alone state and federal government—hasn’t reached a consensus on.

The clarity of FinCEN’s March 18, 2013 guidance on virtual currency stands in sharp contrast to the opacity of its release on banking marijuana businesses issued on Feb. 14. 

The folks at FinCEN deserve credit for the former. I’m not sure they deserve blame for the latter. 


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Russia Fines TagilBank for AML/CTF Non-compliance (in Russian) The Central Bank of Russia issued a monetary penalty against the Moscow-based bank for insufficient anti-money laundering and counterterrorist financing controls in violation of Part 1 of Article 15.27 of the Administrative Offenses Code. The regulator issued the fine on March 28, 2014.
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April 17, 2014
Regulator Warns VLBank to Revise Internal Controls for ML/TF (in Russian) According to the Central Bank of Russia's notice, the Ust-Kut-based bank received a warning on March 31st, which took effect on April 11, 2014. The bank failed to comply with Part 1 of Article 15.27 of the Administrative Offenses Code by maintaining insufficient AML/CTF controls.
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April 17, 2014
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