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Weekly Roundup: Australian Banks Allegedly Launder $4 Million a Day, Iran Reorganizing Companies to Avoid US Sanctions, and More European Union to centralize banking supervision, Capital One’s AML controls under investigation, and more, in this week’s roundup.
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September 15, 2017
Gold Refiner’s Sales Team Tricked Compliance Staff into Approving Illegal Acquisitions The compliance department of a Dallas-based precious metals firm was duped by its own sales executives and a Peruvian smuggler into importing hundreds of millions of dollars of illegally mined gold, according to court records published last week.
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September 14, 2017
Seeking Full Embargo of North Korea, US Lawmakers Target Foreign Governments Foreign officials who knowingly fail to enforce U.N. trade and banking restrictions levied against North Korea in response to the country’s nuclear weapons and ballistic missile programs could be blacklisted under U.S. legislation introduced this week.
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September 13, 2017
Midweek Roundup: UK Compliance Officer Laundered £40 Million, Chinese Banks Freeze North Korean Accounts, and More United Nations imposes tougher sanctions on North Korea, Chinese lender's headquarters in Luxembourg implicated in Spanish AML investigation, and more, in the midweek roundup.
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September 13, 2017
MiamiGold
A pair of Miami-based sales executives with Elemetal, a U.S. gold refiner, pleaded guilty this month to conspiring to launder funds from purchases of illicitly obtained gold, raising concerns over the precious metals industry's efforts to vet their supply chains. More.
Barclays Manager, Four Others Admit to Money Laundering Charges A personal banking manager at Barclays and four others admitted to playing roles in the laundering of at least £16 million in stolen funds on the behalf of a cyber criminal group.
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September 19, 2017
OFAC Adds Two Individuals to Counter Terror Sanctions List The Office of Foreign Assets Control of the U.S. Treasury Department notified financial institutions concerning the addition of two individuals on the Specially Designated Nationals List with regard to counterterrorism issues.
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September 19, 2017
OFAC Announces Changes Made to SDN List in 2017 The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2017 and Sept. 19, 2017.
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September 19, 2017
Test Your AML IQ
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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Catching Bad Guys Requires Investment, Experimentation and Patience

September 12, 2017

New regulatory technologies aim to improve common anti-money laundering processes, but financial institutions are wary of the costs in time and money that upgrading their compliance programs may require.

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Fed, Wisconsin Financial Regulator: Markesan State Bank Must Increase Board Oversight The Federal Reserve Bank of Chicago and the Wisconsin Department of Financial Institutions entered into a written agreement with the Markesan, WI-based bank requiring it to submit a written plan to strengthen credit risk management practices.
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September 8, 2017
Finra Fines Revere Securities LLC, Former Branch Manager Combined $80,000 for AML Failures The Financial Industry Regulatory Authority issued a monetary penalty of $75,000 against the New York, NY-based firm and $5,000 against former branch manager Kurt Alfred Hurst for their failure to develop and implement an anti-money laundering program designed to comply with BSA requirements.
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September 7, 2017
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