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EU to Consider Criminal Penalties for Egregious Bank Violations in Terror Directive: Rapporteur EU lawmakers could propose tough penalties for bank staffers who egregiously violate financial rules on counterterrorist financing controls, according to the parliamentary member charged with overseeing a new bloc-wide directive.
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February 12, 2016
Weekly Roundup: FinCEN Investigates Nevada Casino, EU Council Approves New Directive Deadline, and More FATF could soon grant full membership to Israel, Malaysia, Nigeria and Saudi Arabia, Japan approved new sanctions against North Korea in response to its nuclear test, and more, in this week's roundup.
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February 12, 2016
House Lawmakers Cite Lack of Sanctions Against Banks Linked to Iran’s IRGC House lawmakers on Thursday criticized the U.S. Treasury Department’s apparent reluctance to ban the provision of dollar accounts to European and Asian banks they say are likely serving blacklisted Iranians.
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February 11, 2016
Midweek Roundup: U.K. Seeks Use of Prosecution Agreements for Sanctions Violations, Germany Closes Canadian Bank, and More FATF gave a largely positive mutual evaluation report on Italy, Transparency International is seeking “social and political sanctions” against FIFA, and more, in the midweek roundup.
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February 10, 2016
NYAG
New York Attorney General Eric Schneiderman on Friday said that MoneyGram will pay $13 million to settle charges that its inadequate compliance controls resulted in wire transfer fraud. More
FATF: Plenary Week to Focus on Terrorist Financing The Financial Action Task Force issued a press release concerning its upcoming plenary scheduled for Feb. 13-19, 2016. Terrorist financing will be the focus of the event, with meetings scheduled between delegates and the private sector, as well as the Counter-ISIL Finance Group.
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February 12, 2016
EU, Andorra Sign Tax Transparency Agreement The European Union and Andorra signed a new tax transparency agreement that calls for the automatic exchange of information on financial accounts so that both parties are better equipped to detect and pursue tax evaders.
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February 12, 2016
Europol Announces 18 Arrests Related to International Human Trafficking The European Police Office announced that it supported French and Romanian authorities with dismantling an organized crime network involved in the trafficking of minors that would be forced to participate in property crimes, handle stolen goods and launder money.
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February 12, 2016
Test Your AML IQ
The Council of Europe’s MONEYVAL advised the United Kingdom’s Crown Dependency of Guernsey in a mutual evaluation released on January 15 to:
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From the Editor: Sadly, Things May Only Get Tougher for Compliance Pros in 2016

Dec.31, 2015

The potential liability faced by bank professionals, particularly compliance officers, for regulatory violations has been a recurring theme at ACAMS conferences in 2015, and there’s no reason to think it  will be any less of an issue in 2016.


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Finra Fines RJI Capital Group, LLC $75,000 for AML Deficiencies The Financial Industry Regulatory Authority issued a monetary penalty against the Staten Island, NY-based brokerage firm for anti-money laundering failures, including inadequate suspicious transaction policies. The firm was also censured and required to review its suspicious transaction program.
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February 11, 2016
Finra Fines Legend Securities, Inc. $125,000 for AML Failures The Financial Industry Regulatory Authority issued a monetary penalty and censure against the New York, NY broker-dealer in light of its lack of anti-money laundering measures designed to address its penny stock liquidation business. The firm must also hire an independent consultant.
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February 10, 2016
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