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Weekly Roundup: Trump’s Pre-Election Business Dealings Investigated, Illicit Online Markets Shuttered, and More New U.K. AML regulator on its way, Exxon challenges U.S. claim of sanctions violations, and more, in this week's roundup.
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July 21, 2017
EU ‘Passporting’ Reforms to Highlight AML Supervisory Gaps: Sources Plans to improve communication between national regulators on the compliance programs of financial institutions operating in one or more nations in the European Union will illuminate common shortcomings and help harmonize supervision throughout the bloc, say sources.
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July 21, 2017
Money Launderers May Turn to Online Markets to Launder: Federal Investigator Criminals may have started using online peer-to-peer marketplaces to wash illicit proceeds in “virtual” trade-based money laundering schemes, a federal investigator said.
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July 20, 2017
Nigerian Corruption Scheme Sought to Circumvent US Anti-Money Laundering Rules Nigerian businessmen managed to bribe a prominent minister by purchasing £11.5 million-worth of high-end London properties via accounts for shell companies that were never actually connected to the recipient of those payments, according to U.S. federal court documents.
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July 19, 2017
NYBuilding
One57, a 75-story residential skyscraper in midtown Manhattan. A Nigerian businessman allegedly used a shell company to purchase a $50 million apartment in the building with proceeds from a corrupt oil deal. More
Central Bank of Ireland Announces Two New Appointments The Central Bank of Ireland issued a press release announcing the appointment two key posts, in particular Deputy Governor of Prudential Regulation and Director General of Financial Conduct. The announcement is in line with a restructuring of financial regulation earlier this year.
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July 21, 2017
United Nations Adds Two Individuals to Al-Qaida, Islamic State Sanctions List The United Nations Security Council announced the designation of two individuals pursuant to resolution 2368 (2017) and regarding al-Qaida and the Islamic State in Iraq and the Levant.
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July 21, 2017
OSFI Removes Individual from Al-Qaida, Taliban Sanctions List The Office of the Superintendent of Financial Institutions of Canada issued a notice concerning the removal of one individual from the sanctions list in relation to the United Nations Al-Qaida and Taliban Regulations.
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July 21, 2017
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On Jan. 19, 2017, Western Union agreed to pay the U.S. Justice Department and federal regulators ________ to resolve charges that the institution violated anti-money laundering laws and failed to appropriately monitor 550,000 independent agents.
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From the Editor: In Praise of Transparency and US Inspectors General

June 16, 2017

Funding and staffing for the inspectors general in every federal agency is under attack, despite the invaluable oversight service they perform.

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OFAC Fines ExxonMobil Corporation $2 Million for Violating Ukraine-Related Sanctions The U.S. Treasury Department's Office of Foreign Assets Control issued a $2 million monetary penalty against the Irving, TX-based multinational oil and gas corporation for violating the Ukraine-Related Sanctions Regulations between May 14 and May 23, 2014.
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July 20, 2017
Fed Fines BNP Paribas, S.A., Subsidiaries $246,375,000 for Unsafe Forex Practices The Board of Governors of the Federal Reserve System issued a $246,375,000 monetary penalty against the Paris, France-based bank and BNP Paribas USA and BNP Paribas Securities Corp., both based in New York, NY for unsound practices in the foreign exchange market.
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July 17, 2017
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