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Turkey Advances from FATF Gray List, Shortcomings in Tow A global watchdog against financial crime removed Turkey from a list of jurisdictions that haven’t sufficiently complied with its standards, despite the country’s failure to meet several of the group’s goals.
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October 23, 2014
Outlining Plan to Degrade Islamic State’s Funding, Treasury Warns of Co-Opted Banks U.S. efforts to disrupt Islamic State funding will focus on blacklisting its leadership, penalizing entities that help the group reap illegal profits and identifying co-opted bankers in Iraq and Syria.
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October 23, 2014
U.K.’s Cameron Proposes More Power for Charities Regulator British officials are asking lawmakers to strengthen an agency’s oversight of charities in England and Wales in response to terrorism financiers, including bolstering governmental authority to dismiss trustees.
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October 22, 2014
Midweek Roundup: U.N. Weighing Sanctions Against Ex-Yemeni President, Swiss Banks Get Little Help in U.S. Tax Deal, and More A deal to end longstanding sanctions against Iran is unlikely to come together ahead of a Nov. 24 deadline, some banks in Hong Kong are turning away American taxpayers because of FATCA requirements, and more, in the midweek roundup.
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October 22, 2014
FATF Clarifies Risk-Based Approach The Financial Action Task Force plenary explained that banks should implement a risk-based approach that is in line with its standards rather than simply terminate or restrict business relationships with clients or categories of clients to avoid risk.
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October 23, 2014
FATF: Turkey has Made Significant Progress Addressing AML Deficiencies The Financial Action Task Force removed Turkey from its regular follow-up process due to improvements in its anti-money laundering and counterterrorist financing regime. The nation is now largely compliant with 27 Recommendations that were previously rated non-compliant or partially compliant.
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October 23, 2014
HM Treasury Updates Sanctions List Concerning Somalia The United Kingdom's regulator notified institutions that two individuals were added to the consolidated sanctions list. Ahmed Diriye and Maalim Salman are now subject to an asset freeze.
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October 23, 2014
Juan Zarate, former U.S. Treasury official, talks about the success to-date that the U.S. has had in imposing sanctions targeting Iran, North Korea and al Qaeda.
Test Your AML IQ
On Oct. 2, the Asia/Pacific Group on Money Laundering (APG) warned member nations and financial institutions about the money laundering deficiencies of:
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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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SEC Takes Action Against Former Wells Fargo Advisors Compliance Officer for Altering Document The U.S. Securities and Exchange Commission issued an enforcement action against Judy K. Wolf, a former compliance officer of the St. Louis, MO brokerage firm, for allegedly altering a document before it was provided to the commission during an investigation.
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October 15, 2014
Finra Penalizes Former Employee of Wealth Management Firm for Failing to Report Suspicious Activity The Financial Industry Regulatory Authority imposed a monetary penalty against Javier Tellez for failing to implement Capital Guardian, LLC's anti-money laundering compliance program, which required the reporting of suspicious activities.
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October 10, 2014
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