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Midweek Roundup: IS Collects Millions from Stolen Oil, Russia Weighs Alternative to SWIFT Payments, and More U.S. and EU officials are considering asset freezes and travel bans on the leaders of rebel groups in Libya, India’s Reserve Bank issued simplified due diligence rules for low-risk customers, and more, in the midweek roundup.
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August 27, 2014
Bank of America Tells Clients from Blacklisted Nations to Turn Over More Records Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
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August 27, 2014
OFAC Fines BB&T $19,000 for Mishandled Sudan Transfer The U.S. Treasury Department Wednesday fined Branch Banking & Trust Co. more than $19,000 for breaking federal rules against transacting with blacklisted Sudanese nationals.
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August 27, 2014
Weekly Roundup: Fitch Says Regulators Eyeing Business Line Bans, Hezbollah Bill Could Hurt Lebanon’s Banking Sector, and More A new law approved by United Arab Emirates officials enhances the country’s AML requirements, Hezbollah sanctions adopted by the U.S. House of Representatives last month could hurt Lebanon’s banking sector, and more, in this week's roundup.
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August 22, 2014
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OFAC Updates Explanations Related to Sectoral Sanctions Against Russia The Office of Foreign Assets Control explained the effects of the recent designations made under Executive Order 13662 by publishing updated frequently asked questions on sectoral sanctions.
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August 27, 2014
OSFI Reports on Changes to Sanctions List Subject to UNAQTR The Office of the Superintendent of Financial Institutions of Canada requires all regulated institutions to take note of the removal of one individual from the Consolidated List of individuals and entities.
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August 27, 2014
OFAC Fines Branch Banking & Trust Co. for Violating Sudanese Sanctions The Office of Foreign Assets Control announced that the Winston-Salem, NC-based bank will pay $19,125 to settle its violations of the Sudanese Sanctions Regulations. The bank processed one transaction in the amount of $20,000 for its customer destined for a third-country company.
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August 27, 2014
Searching for revenue, banks are taking on products and services, even acquisitions, that they don't have AML controls in place to handle, says the FDIC's Lisa Arquette.
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The Financial Crimes Enforcement Network has issued ________ enforcement actions in 2014 to date.
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Good for Law Enforcement, Not Too Onerous for Banks

August 8, 2014

The proposed customer due diligence rule that was released July 30 was notable for what it didn’t require, perhaps even more than for what it did.

The Financial Crimes Enforcement Network proposal doesn't mandate some of the things financial institutions were most worried about. At the same time, it gives law enforcement much of what it wanted.   



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Primtercombank Receives AML/CTF Warning for Non-Compliance (in Russian) The Vladivostok-based bank received an administrative warning from the Central Bank of Russia for failing to properly maintain anti-money laundering and counterterrorist financing measures under Part 1 of Article 15.27 of the Administrative Offenses Code.
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August 27, 2014
Regulator Penalizes Primtercombank for Failed AML/CTF Controls (in Russian) Citing a violation of Part 1 of Article 15.27 of the Administrative Offenses Code, the Central Bank of Russia released a monetary fine against the bank based in Vladivostok. The bank failed to establish proper controls to prevent money laundering and terrorist financing.
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August 26, 2014
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