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In Anti-Corruption Plan, U.K. Suggests Changes to AML Regime Britain will soon strengthen its asset-freezing powers and review its suspicious transaction reporting rules, according to a governmental plan outlined Thursday.
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December 18, 2014
FinCEN Levies Unprecedented $1 Million Fine Against Former MoneyGram Exec The United States Thursday fined a former chief compliance officer for MoneyGram $1 million for his alleged role in the company’s 2012 violations of anti-money laundering laws.
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December 18, 2014
Finra Fines Wells Fargo $1.5 Million for Self-Reported CIP Violations The Financial Industry Regulatory Authority fined two non-bank Wells Fargo & Co. affiliates $1.5 million for failing to verify the identities of hundreds of thousands of clients with securities accounts.
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December 18, 2014
EU Reaches Agreement on Beneficial Ownership, Advancing Fourth AML Directive Factions within the European Union reached a compromise Tuesday on the terms of the long-awaited Fourth Anti-Money Laundering Directive, including provisions to create central registers on the ultimate beneficial owners of corporate and other legal entities, as well as trusts in every member state.
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December 17, 2014
OFAC Updates Ukraine Designations on SDN List The Office of Foreign Assets Control added seventeen individuals and seven entities to its Specially Designated Nationals List. The notice includes detailed information pertaining to each of the added designees.
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December 19, 2014
AUSTRAC Cancels MSB Registration Due to Money Laundering Risks The Australian Transaction Reports and Analysis Centre cancelled the registration of Sydney-based money services business Ocean Pass Finance Pty Ltd. for failing to have adequate anti-money laundering and counterterrorist financing systems and controls.
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December 19, 2014
President Obama Issues Executive Order Expanding Ukraine Sanctions U.S. President Barack Obama issued an executive order with respect to the national emergency declared in Executive Order 13660 regarding the Russian occupation of the Crimea region of Ukraine, which adds new prohibitions, including restrictions on new investments in Crimea.
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December 19, 2014
Sarah Runge, the director of the Office of Strategic Policy for Terrorist Financing and Financial Crimes, talks about possible conflicts between Europe’s efforts to both clamp down on financial crime and protect personal data.
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On Dec. 5, the Financial Action Task Force released a mutual evaluation report on Spain that concluded that the jurisdiction is compliant with:
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The Lawsky Legacy


December 2, 2014

Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously. Perhaps that's because Lawsky has profoundly changed bank regulation - enough that is possible to identify a Lawsky legacy.

 


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FinCEN Fines Former MoneyGram Chief Compliance Officer $1 Million for AML/BSA Violations The Financial Crimes Enforcement Network issued a civil monetary penalty against Thomas E. Haider, the former chief compliance officer and senior vice president of government affairs at MoneyGram International, Inc., based in Dallas, TX, for Bank Secrecy Act violations.
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December 18, 2014
Finra Fines Wells Fargo Advisors, Wells Fargo Advisors Financial Network $1.5 Million for AML Failures The Financial Industry Regulatory Authority penalized Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, broker-dealers based in St. Louis, MO and under common control, for failure to implement customer identification procedures under the Bank Secrecy Act.
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December 18, 2014
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