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Weekly Roundup: Portugal Detains Former Prime Minister for Possible Laundering, South Sudan Warns of Sanctions Consequences, and More Iran has generated $4.6 billion in revenues in the first six months of this year as a result of temporary sanctions relief, the former chairman of the Cayman Islands’ Health Services Authority is accused of money laundering, and more, in this week's roundup.
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November 26, 2014
Court Rulings, Political Winds Complicate U.S.-EU Efforts to Sanction Iran American elections, EU court decisions and a potential wind-down of negotiations with Iran are complicating efforts by the United States and Europe to maintain uniformity in sanctions enforcement, say analysts.
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November 26, 2014
U.K. Seeks Prohibition of Insurance Payments for Terror Ransoms British officials are asking lawmakers to codify a practice of not paying ransoms to kidnappers as part of a broader effort to clamp down on terrorism and its financiers.
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November 26, 2014
FinCEN Fines Credit Union $300,000 for Poor Oversight of MSB Subaccounts The U.S. Treasury Department’s financial intelligence unit fined a Florida credit union $300,000 Tuesday for providing banking services to high-risk money services businesses with few anti-money laundering controls.
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November 25, 2014
U.K. Responds to Report on 2011 Terrorism Prevention Law The government of the United Kingdom issued a response on the second report regarding the Terrorism Prevention and Investigation Measures Act 2011 submitted by the independent reviewer in March 2014.
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November 26, 2014
U.K. Issues Assessment on Kidnap, Ransom Aspects of Counterterrorism Bill The Home Office of the United Kingdom released the impact assessment regarding the proposed Counter-Terrorism and Security Bill in relation to insurance payments as reimbursement for ransom money paid to terrorist groups.
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November 26, 2014
Central Bank Publishes 18 AML/CTF Actions Against Banks (in Russian) During Nov. 24 – 26, 2014, the Central Bank of Russia released 18 anti-money laundering and counterterrorist financing actions pursuant to Part 1 of Article 15.27 of the Administrative Offenses Code. The amount of each penalty is not disclosed.
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November 26, 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.
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Compliance Pros Worry ‘De-Risking’ Has Become Risky

November 14, 2014

Short of abiding by the Community Reinvestment Act and other prohibitions against discriminatory lending, banks still have the right to choose who they’ll do business with. While that seems like an obvious statement, it gets drowned out in the debate about “de-risking.”

 

 



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FinCEN: North Dade Community Development FCU to Pay $300,000 for AML/BSA Deficiencies The Financial Crimes Enforcement Network issued the civil monetary penalty against the Miami Gardens, FL-based community development financial institution for failure to comply with the Bank Secrecy Act and anti-money laundering regulations.
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November 25, 2014
NYSDFS Imposes Additional $315 Million Fine Against Bank of Tokyo Mitsubishi The NYS Department of Financial Services issued a consent order against the New York, NY-based bank imposing an additional penalty and disciplinary actions against certain employees for deceiving regulators related to transactions with Iran, Sudan and other jurisdictions subject to sanctions.
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November 18, 2014
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