TOP STORY

May

13

Plan to Reform Currency Transaction Reporting Clears US Legislative Panel

House Financial Services Committee Chairwoman Maxine Waters (D-CA), center left, and Rep. Emanuel Cleaver (D-OH), center right, speak in Los Angeles on Tuesday, Aug. 30, 2011. On Thursday, May 9, 2019, the committee approved Cleaver’s plan to revise currency transaction reporting thresholds. (Alamy)

lock

MORE NEWS

May 21 2019

Senate Democrats Urge FinCEN to Investigate Reported Suppression of Trump SARs

By : Valentina Pasquali

Democratic senators pressed a senior U.S. Treasury Department official Tuesday to investigate complaints that Deutsche Bank ignored suspicious transactions involving U.S. President Donald Trump, his son-in-law and their businesses in 2016 and 2017.

May 20 2019

‘Skincare’ Fraudster Relied on US Legal Entities and Accounts: Prosecutors

By : Valentina Pasquali

An online fraudster formerly based in Puerto Rico used bank accounts held by more than 100 “straw companies” to funnel nearly $100 million from bogus sales of skin cream and other personal care products through the U.S. financial system, federal prosecutors said.

May 17 2019

Updated List of Red Flags Challenges US Securities Firms: Sources

By : Daniel Bethencourt

Hundreds of U.S. broker-dealers and other firms are ill-equipped to identify all potential indicators of money laundering described by their regulator in guidance this month and may have to adjust their monitoring systems as a result, sources told ACAMS moneylaundering.com.

May 17 2019

Weekly Roundup: FinCEN Seeks Budget Increase, Dutch Regulator Praises AML Upgrades, and More

U.S. securities regulator’s updated list of red flags challenges firms, Wells Fargo banker admits laundering drug money, and more, in this week’s roundup.

From the Editor: Lack of Corporate Transparency in the United States is Criminal

March 28 2019

Fighting sex trafficking by treating it as a financial crime may be one of the best ways to free its victims and punish those who profit from enslaving others. Prosecutions for money laundering built on financial data can spare the already traumatized victims of trafficking from needing to testify.

lock

Legs & Regs

EU Removes Four Entities from Iraq Sanctions List Following UN Updates

The European Union issued Commission Implementing Regulation (EU) 2019/808, which amends the sanctions list with respect to Iraq.
May 21 2019

NCA Obtains Cash Forfeiture Order Against Member of Al-Assad Family

The National Crime Agency issued a press release announcing that a member of Syria’s ruling Assad family, Aniseh Chawkat, who had received funds while studying in London, had forfeited the contents of her U.K. bank account following an NCA investigation.
May 21 2019

United Kingdom Publishes Guidance to Simplify Whistleblowing

May 21 2019

Associate Deputy AG Identifies DOJ Policies that Combat Cybersecurity Threats

May 21 2019

Vatican’s AIF 2018 Financial Report Shows Reduction in Money Laundering, Increase in Financial Transparency

May 21 2019
lock

Enforcement Actions

SEC: Wilson-Davis & Co. Inc. to Pay $300,000 for SARs Failures

The U.S. Securities and Exchange Commission issued a cease-and-desist order against Wilson-Davis & Co. Inc. a Utah-based brokerage firm, for failing to monitor customers’ trading for suspicious activity and failing to thereafter file Suspicious Activity Reports on numerous transactions.
May 15 2019

UK Gambling Commission: InTouch Games Limited to Pay Over £2.2 Million for AML Failures

The United Kingdom's Gambling Commission issued a payment in lieu of a financial penalty of £2.2 million in settlement with the West Midlands, England-based online casino for its failure to meet anti-money laundering and social responsibility requirements.
May 15 2019

UK Gambling Commission: Betit Operations Limited Agrees to Pay Over £1.4 Million for AML, Social Responsibility Violations

May 15 2019

UK Gambling Commission Settles with MT SecureTrade Limited for Over £700,000 for AML, Other Failures

May 15 2019

UK Gambling Commission Settles with Bestbet Limited for Over $230,000 for Social Responsibility, AML Failures

May 15 2019