TOP STORY

Jul

EU Publishes Highly Anticipated AML Plan, New AML Directive

European financial stability chief Mairead McGuinness, pictured speaking in Brussels on Wednesday, April 21, 2021, told reporters on Tuesday, July 20, 2021, that the EU’s AML plan “is a response to very, very prominent cases of money laundering.” (Getty Images)

Legs & Regs

Hong Kong Independent Commission Against Corruption Charges Woman with Laundering HK$4.7 Million

The Independent Commission Against Corruption of the Hong Kong Special Administrative Region announced charges against Xi Wenmin for allegedly laundering HK$4.7 million in criminal proceeds in violation of Section 25(1) of the Organized and Serious Crimes Ordinance.

July 23, 2021

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

July 22, 2021

UK Foreign Secretary Highlights New Anti-Corruption Sanctions Against Five Individuals

The U.K. Foreign, Commonwealth & Development Office and Foreign Secretary Dominic Raab jointly issued a press release highlighting new designations under the global anti-corruption sanctions regime targeting five individuals in four countries.

July 22, 2021

FCA, City of London Police Joint Investigation Results in Money Laundering Charges

The Financial Conduct Authority announced charges against Simon Day for money laundering under the Proceeds of Crime Act, following a joint operation with the City of London Police.

July 22, 2021

Financial Crime Matters: Canada’s Campaign Against Corruption and Money Laundering

May 11, 2021

In this episode of Financial Crime Matters, Kieran Beer, and James Cohen of Transparency International Canada assess Canada’s recent efforts to clamp down on illicit finance, including in the country’s gaming and real estate sectors.

ACAMS Japan

DATE: 09/16/21 - 09/17/21

LOCATION: Online – Asia Pacific, 1/1/1, Monestral Hall
Pune, Maharashtra 411014 India

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According to the Financial Action Task Force, risk indicators of financial flows from illegal mining and logging include:

A. Large cash withdrawals from financial institutions operating in rural areas that may be in proximity to illegal mining or logging areas.
B. Companies operating in the logging sector with frequent transactions to offshore financial centers.
C. Both A and B.
D. None of the above.

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More News

French Supervisor Flags AML Outsourcing Risks

By : Gabriel Vedrenne

After assessing a €2 million fine against American Express, France's Autorite de Controle Prudentiel et de Resolution, or ACPR, is now sounding the alarm on banks outsourcing their anti-money laundering tasks without monitoring how their contractors implement them.

July 23, 2021

Weekly Roundup: Deutsche Bank Accused of Ignoring Ponzi Scheme, Italy Investigates US Hedge Fund’s Insurance Branch, and More

Retired nun admits laundering money, France's AML regulator flags outsourcing risks, and more, in the weekly roundup.

July 23, 2021

UK Treasury Wants Stronger Beneficial Ownership Checks, Broader Access to SARs

By : Koos Couvée

U.K. officials want to give anti-money laundering supervisors consistent access to suspicious activity reports during their inspections, and also expand requirements for companies to report inaccuracies in beneficial ownership information.

July 22, 2021

Midweek Roundup: EU Unveils AML Plan, New York Nears Settlement with Online Trader, and More

July 21, 2021

Cyprus FIU Rejects Blame for Golden Passport Fiasco

By : Gabriel Vedrenne

July 20, 2021

Enforcement Actions

OFAC: Payoneer Inc. to Pay $1,400,301 for Sanctions Violations

The Office of Foreign Assets Control of the U.S. Treasury Department entered into an agreement with the New York, NY-based online money transmitter and provider of prepaid access requiring it to remit $1,400,301.40 for potential civil liability for apparent violations of multiple sanctions programs.

July 23, 2021

Malta FIAU Fines Real Estate Company €26,500 for AML/CTF Compliance Failures

The Malta Financial Intelligence Analysis Unit issued an administrative measure imposing a €26,500 fine on an unnamed real estate company after a 2020 compliance review found the company in breach of the Prevention of Money Laundering and Funding of Terrorism Regulations.

July 22, 2021