TOP STORY

Feb

20

France Hits UBS with €3.7 Billion Penalty for Tax Fraud, Money Laundering

Former UBS global wealth management executive Raoul Weil, left, enters a courthouse in Paris, France on Wednesday, Feb. 20, 2019, ahead of his acquittal on charges of aiding tax evasion. UBS was ordered to pay €3.7 billion at the conclusion of the trial. (AP Photo)

lock

MORE NEWS

February 21 2019

UK Officials to Enlist Financial Institutions in Addressing FATF Concerns

By : Koos Couvée

The British government intends to draw heavily on banks and other businesses to eliminate gaps in its anti-money laundering regime cited by the Financial Action Task Force in a mutual evaluation report, a senior U.K. official said Wednesday.

February 21 2019

Canadian FIU Stakes Enforcement Claim in Guidance, AML Exam Manual

By : Daniel Bethencourt

Canada’s financial intelligence unit signaled in recent publications that it still seeks wide discretion to penalize or refrain from penalizing firms that fail to report suspicious activity or violate other anti-money laundering rules, sources told ACAMS moneylaundering.com.

February 20 2019

Midweek Roundup: US Lawmakers Pitch New Beneficial Ownership Bill, Swedish Lender Assesses Ties to Danske Bank, and More

Finnish regulators conclude investigation into Nordea, Iran passes anti-money laundering reform with exemption for sanctioned entities, and more, in the midweek roundup.

February 20 2019

OFAC Targets Illegal Remittance Network with Branches in Dubai and Tennessee

By : Daniel Bethencourt

A Dubai-based trafficker used U.S. bank accounts, a cigarette front company and an off-the-books money remitter in Tennessee to launder hundreds of millions of dollars in drug proceeds, U.S. officials claimed.

From the Editor: Compliance Officers Still Routinely Ignored

January 30 2019

Jho Low, right, attending the Grammy Awards in Los Angeles, California on Monday, Jan. 26, 2014. “Billion Dollar Whale,” a book covering the 1MDB scandal, describes how Low, now a fugitive, relied on global banks to launder billions of dollars stolen from Malaysia’s sovereign wealth fund.

lock

Legs & Regs

FATF Releases Updated Consolidated Table of Assessment Ratings

The Financial Action Task Force published an updated table of ratings that reflect the extent to which a country's anti-money laundering measures have been implemented and the effectiveness of such measures. The assessment table includes ratings on all countries evaluated under the 2013 methodology.
February 21 2019

OSCE Supports Training Seminar on Combating Human Trafficking in Kazakhstan

The Organization for Security and Co-operation in Europe announced that it supported a training seminar in Astana, Kazakhstan on good legislative and judicial practices to designed to combat human trafficking.
February 21 2019

Estonian, Swedish Financial Supervisory Authorities Publish Statement on Joint Money Laundering Investigation

February 21 2019

Europol, FinCEN Meet to Discuss Collaboration in Fight Against Financial Crime

February 21 2019

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

February 20 2019
lock

Enforcement Actions

OFAC Fines ZAG IP LLC $506,250 for Apparent Iran Sanctions Violations

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department agreed to settle with the Newton, CT-based company for its apparent violations of the Iranian Transactions and Sanctions regulations.
February 21 2019

HK SFC Orders Guosen Securities (HK) Brokerage Company, Limited to Pay HK$15.2 Million for AML Violations

The Hong Kong Securities and Futures Commission has reprimanded and levied a fine of HK$15.2 million on the Hong Kong chapter of the Guosen Securities Brokerage Company, Limited for violating anti-money laundering and counterterrorist financing regulations.
February 18 2019

SEC Orders Cognizant Technology Solutions Corporation to Pay Over $25.1 Million for FCPA Violations

February 15 2019

OFAC Fines AppliChem GmbH $5,512,564 for Cuba Sanctions Violations

February 14 2019

RBI Fines HDFC Bank Limited for KYC/AML Failures

February 12 2019