Moneylaundering.com Premium Week In Review
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 A weekly compilation of Moneylaundering.com Premium news and resources  exclusively for subscribers October 24, 2007  
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In This Issue
Latest News
spacer spacer U.S. Justice Department seeks largest-ever laundering penalties in suits against Lloyds TSB, Bank of Cyprus spacer
spacer U.S. Supreme Court to decide whether hiding cash constitutes laundering
spacer Global AML watchdog issues tips on tracking transactions tied to weapons proliferation
Feature Article
spacer Lloyds, Bank of Cyprus cases highlight correspondent banking issues
spacer Other moneylaundering.com headlines
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WHAT'S NEW on moneylaundering.com Premium
spacer spacer Cease and Desist: Washington Mutual Bank, U.S. Office of Thrift Supervision, October 20, 2007 spacer
spacer Guidance to Financial Institutions on the Increasing Money Laundering Threat Involving Illicit Iranian Activity, U.S. Financial Crimes Enforcement Network, October 16, 2007
spacer Complaint: Lloyds TSB Bank PLC, U.S. Southern District Court of New York, October 15, 2007
spacer Guidance Regarding the Implementation of Activity-Based Financial Prohibitions of United Nations Security Council Resolution 1737, Financial Action Task Force, October 12, 2007
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Test Your AML IQ
spacerKnow the Lingo
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When banks are dealing with cash intensive businesses, what types of steps should financial institutions take to help them assess risk?

A. Periodic on-site visits to the business location.

B. Close scrutiny of the volume, frequency, and nature of currency transactions.

C. Interviews with the business management.

D. All of the above.

 
Know the Lingo
Select an answer
Know the Lingo
 
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  U.S. Justice Department seeks largest-ever laundering penalties in suits against Lloyds TSB, Bank of Cyprus
October 15, 2007 - moneylaundering.com News

The U.S. Justice Department is seeking nearly $300 million in civil money laundering penalties from Lloyds TSB Bank PLC and Bank of Cyprus, charging that the two foreign-based institutions helped to launder the proceeds of a massive securities fraud.

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U.S. Supreme Court to decide whether hiding cash constitutes laundering
October 15, 2007 - moneylaundering.com News

The U.S. Supreme Court said Monday that it would hear a case to determine whether physically hiding illegally gained cash is money laundering.

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BSA Full Day Seminar
 
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Global AML watchdog issues tips on tracking transactions tied to weapons proliferation
October 15, 2007 - moneylaundering.com News

Financial institutions should search for transactions tied to the proliferation of weapons of mass destruction by using many of the same tactics they use to investigate money laundering and terrorist financing schemes, a global anti-money laundering watchdog said.

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 Upcoming Training Events
November 2, 2007 SARs: How to File Them and Make Them Useful to Law Enforcement
Web Seminar 1:00 PM - 2:30 PM EST
more conferences, web seminars
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   FEATURE ARTICLE  
 

Lloyds, Bank of Cyprus cases highlight correspondent banking issues
October 18, 2007 - Moneylaundering.com News

By Brian Monroe and Brian Orsak

When reports surfaced in the spring of 2001 that publicly traded software company AremisSoft had inflated its earnings to boost its stock price, the case looked like a straightforward, open-and-shut securities fraud involving the company and some of its principles.

The next year, the U.S. Securities Exchange Commission brought charges against the company that resulted in a $500 million settlement. By then, the Nasdaq had delisted AremisSoft and a federal grand jury had indicted the co-chief executive officers, Roys Poyiadjis and Lycourgos Kyprianou, for securities fraud.

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BSA Book
 
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  Other moneylaundering.com headlines:
spacer Wal-Mart faces AML challenges in opening bank branches in Mexico
spacer Banking lobby enlists top compliance officers to push for BSA reform
spacer Incomplete narratives among most common errors in SAR filings, says FinCEN
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