TOP STORY

Nov

8

EU Officials Censure Maltese Regulator, Cite Other Member States for AML Gaps

The sun sets on the harbor of Valleta, Malta on Saturday, December 6, 2014. EU authorities officially censured Maltese anti-money laundering regulators on Wednesday, November 7, 2018, and opened infringement cases against three other nations for failing to update their AML rules. (Alamy)

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MORE NEWS

November 9 2018

Weekly Roundup: Goldman CEO Met Corrupt Malaysian Financier, Italy Investigates Private Bankers, and More

Deutsche Bank may face subpoenas from Democratic lawmakers, UBS in line for hefty penalties, and more, in this week’s roundup.

November 8 2018

MoneyGram Admits New Compliance Failures, Extends Terms of US Settlement

By : Valentina Pasquali

MoneyGram International must pay $125 million and make additional compliance upgrades for failing to implement effective controls against financial crime as required by the company’s settlement with the U.S. Justice Department six years ago.

November 7 2018

Maltese Lenders Failing to Identify Illicit Funds, High-Risk Foreign Clients: Regulator

By : Koos Couvée

Maltese banks lack the means to mitigate the risk of illicit foreign capital flowing through their nation’s relatively “large financial sector,” according to the Malta Financial Services Authority, or MFSA.

November 7 2018

Midweek Roundup: SWIFT Cuts Iranian Access, Alleged SAR Leaker Plans Legal Defense, and More

Goldman Sachs acknowledges possible penalties from 1MDB links, EU officials may base U.S. sanctions evasion mechanism in France or Germany, and more, in the midweek roundup.

From the Editor: The Return of the FISA Debate?

August 21 2018

Deja vu: the release of the FBI’s application for a warrant to spy on Carter Page, pictured on the left, has restarted the debate over the legitimacy of the FISA Court, once the subject of an ACAMS conference panel in 2009. (AP Images)

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Legs & Regs

EU Directive on Money Laundering Offenses

The Council of the European Union and the European Parliament issued Directive (EU) 2018,1673 on combating money laundering by criminal law, which establishes minimum rules concerning the definition of criminal offenses and sanctions related to money laundering.
November 12 2018

EU Issues Rules Concerning Controls on Cash Entering, Leaving EU

The Council of the European Union and the European Parliament issued Regulation (EU) 2018/1672, which provides for a system of controls with respect to cash entering or leaving the European Union.
November 12 2018

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

November 9 2018

FATF Releases Updated Consolidated Table of Assessment Ratings

November 9 2018

HM Treasury Removes Entity from Iraq Sanctions List

November 9 2018
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Enforcement Actions

DOJ Extends DPA with MoneyGram International Inc., Requires Additional $125 Million Forfeiture for AML Weaknesses

The U.S. Justice Department issued a joint memorandum under which MoneyGram International Inc. agrees to extend its 2012 deferred prosecution agreement for an additional 30 months and forfeit $125 million due to significant weaknesses in its anti-fraud and anti-money laundering program.
November 8 2018

FTC: MoneyGram International, Inc. to Pay $125 Million for Alleged Fraud Failures

The Federal Trade Commission entered into a stipulated order for compensatory relief with the Dallas, TX-based company requiring it to block the money transfers of known fraudsters and provide refunds to fraud victims in circumstances where its agents failed to comply with related policies.
November 8 2018

Finra Fines LPL Financial LLC $2.75 Million for AML, Other Failures

October 29 2018

OCC Fines Capital One $100 Million for AML/BSA Program Deficiencies

October 23 2018

Fed, Oklahoma Financial Regulator: AllNations Bank Must Increase Board Oversight of AML Compliance

October 22 2018