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In White House Budget Analysis, a Logjam for Prepaid Card Rule A congressionally-mandated plan to require U.S. border crossers to declare funds held on prepaid cards remains stalled at the White House more than a year after its submission for final review.
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April 23, 2014
Midweek Roundup: Facebook Eyes Offering Remittance Services, Finra Suspends AML Officer for BSA Violations, and More Bank and credit union regulators issued 165 enforcement actions in the first quarter of 2014, the United Arab Emirates amended draft AML legislation to expand the number of money laundering offenses, and more, in the midweek roundup.
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April 23, 2014
Weekly Roundup: German Lawmakers Approve Plan to Punish Banks that Aid Tax Dodgers, Barclays Reaches Deal with Somali MSB, and More AUSTRAC revoked the license of a money remitter for AML deficiencies, Belgium will sign an intergovernmental agreement with the U.S. next week to implement FATCA, and more, in this week's roundup.
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April 18, 2014
Few in Number, Russia Sanctions Require Outsize Lifting by Compliance Departments Although sanctions on Russian nationals and companies might seem fairly innocuous at first blush, compliance departments at European banks are finding the task of identifying designees unusually difficult, say legal experts.
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April 18, 2014
EU Council Amends Decision Concerning Iran Sanctions The Council of the European Union issued Council Decision 2014/222/CFSP, which amends Decision 2010/413/CFSP concerning restrictive measures against Iran. Specifically, an oil drilling company is included again on the sanctions list and one entity is removed from the list.
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April 23, 2014
OSCE Conducts AML/CTF Training Seminar The Organization for Security and Co-operation in Europe announced the start of the three-day training seminar in Almaty, Kazakhstan on the prevention of money laundering and countering the financing of terrorism in the banking sector.
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April 23, 2014
EU Includes One, Removes One Entity from Iran Sanctions List The Council of the European Union notified financial institutions of the addition of the North Drilling Company from the list of persons and entities subject to restrictive measures concerning Iran. One entity was also removed from the sanctions list.
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April 23, 2014
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FinCEN Marijuana Guidance Takes Some Senatorial Heat

April 4, 2014 

Looking at two guidance pieces from the Financial Crimes Enforcement Network (FinCEN) you get a quick lesson in how difficult it can be to regulate issues that society—let alone state and federal government—hasn’t reached a consensus on.

The clarity of FinCEN’s March 18, 2013 guidance on virtual currency stands in sharp contrast to the opacity of its release on banking marijuana businesses issued on Feb. 14. 

The folks at FinCEN deserve credit for the former. I’m not sure they deserve blame for the latter. 


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Russia Penalizes Sovcombank for Failed Internal Controls (in Russian) The notice issued by the Central Bank of Russia revealed that the Moscow-based bank received two monetary fines on April 7th, both of which entered into force on April 18, 2014. The bank violated Part 1 of Article 15.27 of the Administrative Offenses Code.
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April 22, 2014
Regulator Fines Sberbank of Russia for Deficient AML/CTF Controls (in Russian) The Central Bank of Russia released an administrative fine against the Moscow-based bank for maintaining inadequate anti-money laundering and counterterrorist financing controls contrary to the requirements of Part 1 of Article 15.27 of the Administrative Offenses Code.
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April 22, 2014
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