ACAMS Insights: free resources on topical issues

TOP STORY

Sep

Despite Fanfare, Iran, EU Have Used Sanctions-Safe Payment Channel One Time

In a letter published Tuesday, Sept. 27, 2022, German officials told the Bundestag that the EU’s clearinghouse for shielding European banks from exposure to U.S. sanctions against Iran has handled only one transaction since launching in January 2019. (Alamy)

Legs & Regs

Australia Amends POCA

The government of Australia published an amended version of the Proceeds of Crime Act that includes updates in force as of Sept. 28, 2022.

September 30, 2022

UK SFO: Businessman Sentenced to 12 Years in Jail for Fraud

David Ames, Chairman of Harlequin resorts, was sentenced to 12 years in prison for committing a £226 million fraud scheme.

September 30, 2022

OFAC Sanctions More Than 250 Russian Individuals, Entities

The Office of Foreign Assets Control of the U.S. Treasury Department issued a notice concerning the addition of more than 250 individuals and entities to the Specially Designated Nationals List with respect to Russia. The notice also includes amendments to several sanctions entries.

September 30, 2022

US Treasury Announces New Round of Sanctions Against Russia

The U.S. Treasury Department announced a new round of sanctions targeting Russia for its ongoing war against Ukraine and plans to annex additional regions of Ukraine.

September 30, 2022

Financial Crime Matters: FAST Project Director Discusses Human Trafficking in Ukraine

June 14, 2022

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Daniel Thelesklaf, project director for the U.N.’s Finance Against Slavery and Trafficking initiative, discuss how Russia’s invasion of Ukraine has impacted human trafficking flows in the nation.

Sanctions Space: Global Trade Analyst Discusses Russian Invasion, Indirect Consequences

March 10, 2022

In this episode of Sanctions Space, Justine Walker of ACAMS and Emily Rees of the European Centre for International Political Economy discuss the commercial impact of Russia's invasion of Ukraine.

According to the Financial Action Task Force, a real estate business's money laundering risk assessment should take the following into consideration:

A. Geographical risks, including areas like operation and jurisdictions identified by FATF as high-risk.
B. Client risks, including the identification and verification of additional parties and beneficial owners.
C. Transactions risks, such as financing and delivery channels.
D. All of the above.

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More News

Weekly Roundup: US Treasury Finalizes Beneficial Ownership Rule, Russian Central Bank Chief Blacklisted, and More

Bankers cast doubt over U.K. anti-financial crime legislation, U.S. securities regulator adopts new penalty policy, and more, in the weekly roundup.

September 30, 2022

Questions Swirl Around Britain’s Latest Anti-Financial Crime Bill

By : Koos Couvée

Legislation published on Sept. 22 aims to newly empower British banks, payment platforms, cryptocurrency exchanges and other companies regulated for anti-money laundering purposes to share data on suspicious clients and transactions with each other.

September 30, 2022

One Down, Two to Go: FinCEN Publishes Final Beneficial Ownership Rule

By : Fred Williams and Colby Adams

U.S. officials finalized a rule Thursday crafted to prevent criminals from using legal entities to disguise themselves from financial institutions and transfer funds anonymously, launder their profits into real estate and exercise control over legitimate companies for nefarious purposes.

September 29, 2022

French Regulators Issue First Ban on Cryptocurrency Platform

By : Gabriel Vedrenne

French regulators have withdrawn a Paris-based virtual asset service provider’s, or VASP’s, authorization to operate after just 19 months following an inspection that unearthed "serious" anti-money laundering failures and other compliance-related shortcomings.

September 29, 2022

Breaking September 29, 2022: 10:59 am ET

FinCEN Finalizes Beneficial Ownership Rule

Enforcement Actions

OFAC: Tango Card, Inc. to Pay $116,048.60 for Several Sanctions Violations

The Office of Foreign Assets Control of the U.S. Treasury Department entered into a settlement agreement with the Seattle, Washington-based company for its apparent violations of multiple U.S. sanctions programs.

September 30, 2022

HKMA Fines Branch of Cathay United Bank HK$11 Million for AML/CTF Violations

The Hong Kong Monetary Authority imposed a financial penalty of HK$11 million on the Hong Kong branch of the Taipei, Taiwan-based financial institution for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

September 23, 2022