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Weekly Roundup: Iranian Hackers Attack Saudi Central Bank, Former Credit Suisse Staff Under Investigation, and More President-elect Donald Trump’s advisors are considering options for expanding sanctions against Iran, the European Council proposed designating the sale of high-value cultural items pillaged from conflict zones in Syria as terrorist financing, and more, in this week's roundup.
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December 2, 2016
US AML Regime Largely Effective, But Still Incomplete, FATF Says U.S. rules against illicit finance are, for the most part, sophisticated and comprehensive, but minimal regulation of attorneys, accountants and other nonbank firms constitute significant, longstanding loopholes that money launderers and terrorist financiers can exploit.
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December 1, 2016
UK Officials Want Proof That Corporate Financial Crime Proposal is Necessary U.K. authorities are set to request input from interested parties on whether criminal liability should be imposed on banks and other businesses found to have enabled any one of a broad range of financial crimes, a government official told ACAMS moneylaundering.com.
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December 1, 2016
FinCEN Defends Second Designation of Tanzanian Bank The U.S. financial intelligence unit rejected claims that its most recent attempt to blacklist a Tanzanian and Cypriot lender as a “primary money laundering concern” was based mostly on analysis of suspicious activity reports.
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November 30, 2016
NYNY
The primacy of the U.S. dollar in global commerce magnifies the consequences of U.S. anti-money laundering deficiencies, an intergovernmental group said Thursday. More
MAS Fines Standard Chartered Bank, Coutts & Co Ltd for 1MDB-Related AML Violations The Monetary Authority of Singapore issued a press release announcing that it imposed financial penalties on the Singapore branches of the two banks for breaches of the regulator's anti-money laundering requirements involving 1MDB-related fund flows.
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December 2, 2016
Fiji FIU Conducts AML Compliance Examination of Lawyers and Accountants The Financial Intelligence Unit of Fiji announced that it is conducting onsite anti-money launder compliance examinations of law firms and accounting firms from Dec. 1 through Dec. 6, 2016.
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December 2, 2016
Comptroller Curry Announces Plan to Move Forward with Chartering FinTech Companies Comptroller of the Currency Thomas J. Curry issued remarks at Georgetown University Law Center highlighting the agency's plan to make a special purpose national bank charter available to financial technology companies that provide banking products and services.
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December 2, 2016
Test Your AML IQ
In its latest mutual evaluation report of Singapore, the Financial Action Task Force recommended that the jurisdiction:
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From the Editor: Cyberattacks Require Response from AML Pros

September 23, 2016

Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.

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Banco Santander S.A. Fined €1 Million for AML Violations (in Spanish) The Supreme Court of Spain imposed a fine of €1 million on Banco Santander for anti-money laundering deficiencies that occurred at Banco Espanol de Credito (Banesto), S.A. between 2007 and 2011. Santander is the universal successor for Banesto.
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November 23, 2016
Central Bank of Cyprus Fines Jordan Kuwait Bank €1,205,000 for AML Violations The Central Bank of Cyprus imposed sanctions in the form of a fine of €1,205,000 against the Limassol, Cyprus-based bank for compliance failures related to anti-money laundering provisions.
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November 23, 2016
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