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Spain Imposes Record AML Penalty, Against Unknown Culprit

Spanish authorities recently imposed their country’s largest AML penalty to date, but declined to identify the targeted financial institution. (Shutterstock)

Legs & Regs

UK Charity Commission Publishes Updated Guidance on Mitigating Terrorism Risks

The United Kingdom’s Charity Commission published an updated compliance toolkit chapter covering charities and terrorism, which provides guidance to help protect against terrorist abuse and summarizes the jurisdiction’s counterterrorism legislation.

June 11, 2021

Replacement to AUSTRAC Online System Under Development

The Australian Transaction Reports and Analysis Centre announced that it will be undertaking a systems transformation program over the next four years to replace the AUSTRAC Online system to improve reporting capability and self-service options for regulated entities.

June 11, 2021

Moneyval Publishes 5th Round Mutual Evaluation of San Marino’s AML/CTF Regime

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a 5th round mutual evaluation report on San Marino’s compliance with anti-money laundering and counterterrorist financing standards.

June 11, 2021

De Nederlandsche Bank Board Member Discusses FinTech Role in Combating Financial Crime

Steven Maijoor, Member of the Governing Board of De Nederlandsche Bank, issued remarks at the Amsterdam FinTech Week focusing on how financial technology firms can help combat financial crime and strengthen trust in the financial system.

June 11, 2021

Financial Crimes 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 Australasia

DATE: 06/21/21 - 06/22/21

LOCATION: Sydney, Australia, United States

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According to the United Nations, Moldova should implement the following recommendations to improve its campaign against illicit finance:

A. Implement mechanisms to improve efficiency of asset seizures.
B. Implement a stronger sanctions regime against money laundering offenses.
C. Improve due diligence controls over politically exposed persons.
D. All of the above.

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More News

Weekly Roundup: MoneyGram Exits AML Settlement, Luxembourg Faces Daily AML Penalty, and More

Malta ran AML advertising campaign, Moneyval criticized Vatican, and more, in the weekly roundup.

June 11, 2021

UK Payments Group Chief Denies Laundering Fraud Proceeds

By : Koos Couvée

The former chairman of a now-defunct trade group that represented the U.K. payment services industry has denied accusations that he helped a gang of Chinese fraudsters route £850,000 from a boiler room fraud through his money services business in London.

June 10, 2021

Midweek Roundup: DFS Reminds Cryptocurrency of AML Rules, Indicted Compliance Officer’s Work History Aligns with Prior Violations, and More

Hamas moved cryptocurrency donations through Binance, UAB Finolita Unio loses Lithuanian license over Wirecard ties, and more, in the midweek roundup.

June 9, 2021

UK Prosecutors Set Sights on AML Reporting Failures

By : Koos Couvée

June 9, 2021

New York Regulator Warns Cryptocurrency Firms: Build AML Programs

By : Valentina Pasquali

June 9, 2021

Enforcement Actions

FINTRAC Issues CA$59,235 Penalty Against HomeLife Glenayre Realty Chilliwack Ltd for AML/CTF Breaches

The Financial Transactions and Reports Analysis Centre of Canada issued an administrative penalty of CA$59,235 against the Chilliwack, British Columbia-based real estate broker for failure to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

June 11, 2021

South African Reserve Bank Fines Master Currency (Pty) Limited R100,000 for AML/CTF Deficiencies

The South African Reserve Bank issued an administrative sanction against the Cape Town, South Africa-based authorized dealer in foreign exchange with limited authority for failing to have adequate anti-money laundering and counterterrorist financing controls as required.

June 8, 2021