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Weekly Roundup: ‘Big Four’ US Banks Served Cannabis Firms, Airbus Delivers First Passenger Jet to Iran, and More A European court rejected an appeal by UBS to overturn a French court's decision on humanitarian grounds, the United States eased sanctions against Sudan, and more, in this week's roundup.
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January 13, 2017
UK Considers New Corporate Criminal Liability for Financial Crime The U.K. government on Friday published long-delayed proposals to hold banks and other financial institutions criminally responsible for money laundering, fraud and false accounting by staff, and to lower the burden of proof on prosecutors to determine criminal liability.
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January 13, 2017
UK Police Use Tax Laws Against Suspected Terrorist Financier Bailiffs have seized the London home of a Saudi Arabian political dissident following a tax probe into the funding of a suspected plot to assassinate the regime’s late king, U.K. law enforcement said Thursday.
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January 13, 2017
Russian Government Secretly Targeted Western Banks: Report A former U.K. agent has claimed in an unverified, previously secret dossier published Tuesday that Russian officials threatened to blackmail U.S. President-elect Donald Trump and attempted to infiltrate Western financial institutions.
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January 12, 2017
SKorea
Former U.N. Secretary-General Ban Ki-moon's nephew, Joo Hyun Bahn, allegedly posed as a London banker and a foreign government official to help secure a buyer for Landmark 72, a residential and business complex in Hanoi, Vietnam built by his father's construction firm. More
U.S. Treasury Announces General License Authorizing Transactions with Sudan The U.S. Treasury Department issued a fact sheet concerning the Office of Foreign Assets Control's amendment to the Sudanese Sanctions Regulations to authorize all previously prohibited transactions and President Obama's executive order to revoke the sanctions entirely on July, 12, 2017.
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January 13, 2017
Three U.S. Agencies Extend Comment Period for Proposed Enhanced Cyber Risk Management Standards The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued a notice on the extension of the comment period for a proposed rule regarding enhanced cyber risk management standards for financial institutions.
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January 13, 2017
State Department Announces Sanctions Waivers in Response to Progress in Sudan The U.S. State Department announced that it is waiving sanctions under the Darfur Peace and Accountability Act of 2006 in light of progress in the country with regard to the cessation of offensive military operations, improving humanitarian access and work to combat terrorist groups.
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January 13, 2017
Test Your AML IQ
On Nov. 9, 2016, the Caribbean Financial Action Task Force asked its members to consider the risks arising out of:
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From the Editor: Cyberattacks Require Response from AML Pros

September 23, 2016

Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.

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SEC Fines Sociedad Quimica y Minera de Chile S.A. $15 Million for FCPA Violations The U.S. Securities and Exchange Commission imposed a cease and desist order against the Santiago, Chile- based company for violations of the books and records and internal control provisions of the Foreign Corrupt Practices Act in connection to bribery payments to Chilean politicians.
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January 13, 2017
OFAC Fines Toronto-Dominion Bank $516,105 for Sanctions Violations, Issues Finding of Violation for Subsidiary Actions The Office of Foreign Asset Control issued a monetary penalty against the Toronto, Canada-based financial institution and issued a finding of violation in connection to apparent violations of the Iranian Transactions and Sanctions Regulations and the Cuban Assets Control Regulations.
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January 13, 2017
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