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Nov

Massachusetts Targets 10 Percenting Lottery Schemes

Federal prosecutors in Massachusetts recently filed money laundering charges against suspects accused of running “10 percenting” lottery schemes. (Getty Images)

Legs & Regs

EU Extends Global Human Rights Sanctions Regime for Another Year

The Council of the European Union adopted a decision to extend the sanctions regime targeting individuals and entities responsible for serious human rights violations and abuses in various countries worldwide until Dec. 8, 2022.

December 7, 2021

EU Removes Entry from Ukraine Sanctions List

The Council of the European Union enacted a final regulation updating restrictive measures against those responsible for corruption or other acts in contravention of international norms in Ukraine.

December 7, 2021

Moneyval Follow-Up Report Re-Rates Andorra Compliance with FATF Recommendations

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism issued a follow-up report on Andorra’s progress to strengthen its anti-money laundering and counterterrorist financing regime.

December 7, 2021

FinCEN Proposes New Beneficial Ownership Reporting Requirements Under CTA

The Financial Crimes Enforcement Network filed a notice of proposed rulemaking concerning the implementation of beneficial ownership information reporting requirements pursuant to the Corporate Transparency Act, which are designed to combat money laundering and terrorist financing.

December 7, 2021

Financial Crime Matters: Former US Treasury Official Discusses Taliban’s Return to Power

November 9, 2021

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Alex Zerden, former Treasury attache at the U.S. Embassy in Kabul, talk about Afghanistan’s current humanitarian crisis and the Taliban’s rise to power.

The Wolfsberg Group in a June 2021 statement advised financial institutions to focus on the following areas to increase the effectiveness of their AML/CFT programs:

A. Assess and understand anti-money laundering and counterterrorist financing risks.
B. Prioritize resources.
C. Engage with law enforcement.
D. All of the above.

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More News

With a Congressional Deadline Looming, FinCEN Charts Path for Ownership Database

By : Valentina Pasquali

U.S. officials on Tuesday published their long-awaited roadmap for building a national database of corporate owners as mandated by the Corporate Transparency Act, or CTA, legislation widely considered the most comprehensive set of anti-money laundering reforms since 2001.

December 7, 2021

Joining US Anti-Graft Push, FinCEN Pitches Permanent AML Rules for Real Estate

By : Valentina Pasquali

In a 52-page advanced notice of proposed rulemaking, or ANPRM, on Monday, the U.S. financial intelligence unit called on financial institutions and other parties to weigh in on how best to regulate the real estate sector for anti-money laundering purposes on a permanent basis.

December 6, 2021

Weekly Roundup: Panamanian Ex-President’s Son Admits Laundering Bribes, Western Nations Sanction Belarus, and More

U.K. casino fined, Britain's opposition leader calls for better anti-financial crime controls, and more, in the weekly roundup.

December 3, 2021

UK Watchdog Slams Government Failures to Tackle COVID-19 Loan Abuse

By : Koos Couvée

December 3, 2021

Germany’s Incoming Government Wants Local Police in Federal FIU

By : Koos Couvée

December 1, 2021

NICE Actimize. Focus on the Truly Suspicious - Put High-Risk Alerts First. Get the infographic” style=

Enforcement Actions

RBI Fines Pune Peoples Co-operative Bank Limited ₹2 Lakh for KYC Violations

The Reserve Bank of India imposed a monetary penalty on the Indian bank for noncompliance with the regulator's directions concerning the bank's Know Your Customer obligations.

December 6, 2021

Malta FIAU Fines Corporate Services Provider €15,000 for Failure to Submit SARs

The Financial Intelligence Analysis Unit of Malta issued a €15,000 penalty against an unnamed corporate services provider after the regulator found two instances where the individual failed to file expected suspicious activity reports.

December 2, 2021