TOP STORY

Apr

Chinese Banks, Government Officials Failing to Prevent Money Laundering: FATF

The People’s Bank of China in Beijing as photographed on Friday, Sept. 7, 2018. On Wednesday, April 17, 2019, an international group reported that China’s efforts against illicit finance fall short of global standards. (iStock)

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April 23 2019

German Regulators Place Correspondent Ties Under Microscope

By : Gabriel Vedrenne

Germany’s financial regulator is more thoroughly reviewing how domestic banks vet their correspondent clients amid reports of Deutsche Bank’s indirect ties to illicit finance in the Baltic states, sources familiar with the agency’s objectives told ACAMS moneylaundering.com.

April 23 2019

Mexican FIU Campaign Against Illicit Funds Encounters Legal Hurdles

By : Daniel Bethencourt

Mexico’s financial intelligence unit has disclosed plans to more frequently pursue asset freezes and criminal cases against suspected money launderers under the administration of President Andres Manuel Lopez Obrador, even as a judicial rulings have curtailed the agency’s power.

April 18 2019

Weekly Roundup: US Officials Target Central Bank of Venezuela, Deutsche Bank Anticipates Money-Laundering Fines and Prosecutions, and More

Unicredit fined $1.3 billion for violating U.S. sanctions, U.K. officials freeze account linked to Syrian President Bashar Assad, and more, in this week’s roundup.

April 18 2019

FinCEN Tags Peer-to-Peer Cryptocurrency Exchanger with Unprecedented Penalty

By : Daniel Bethencourt

The U.S. Treasury Department disclosed its first enforcement action against a peer-to-peer cryptocurrency exchanger Thursday, fining a California man $35,000 for violating the Bank Secrecy Act and barring him from transmitting funds.

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.

According to the Basel Committee, financial institutions that deal with virtual currencies should:

A. Employ a comprehensive risk analysis before acquiring exposure to cryptoassets, including assessing its credit, market and money laundering risks.
B. Implement a robust risk management program that is fully integrated into the financial institution's overall risk management processes.
C. Inform supervisory authorities of exposure to cryptocurrencies and provide assurance that risk management processes are being implemented.
D. All of the above.

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Legs & Regs

Australian Regulator Publishes Latest Edition of Consolidated Sanctions List

Australia's Department of Foreign Affairs and Trade updated its Consolidated List that includes all persons and entities subject to financial sanctions under the Charter of the United Nations Act 1945 and the Autonomous Sanctions Act 2011.

April 23 2019

FCA Chief Executive Issues Remarks on Changing Approach to Financial Conduct Regulation

Andrew Bailey, Chief Executive of the United Kingdom's Financial Conduct Authority issued remarks on the future of financial conduct regulation focusing on the need for a review of the agency's principles in light of the public interest and issues related to Brexit.

April 23 2019

NCA, Angolan Officials Meet to Discuss Anti-Corruption Cooperation

April 23 2019

APML of Serbia Highlights Islamic State, Al-Qaida Sanctions Amendments

April 23 2019

OSFI Removes One Individual from Al-Qaida, Islamic State Sanctions List

April 23 2019

Enforcement Actions

FinCEN Fines Peer-to-Peer Virtual Currency Exchanger $35,350 for AML Failures

The Financial Crimes Enforcement Network issued a civil monetary penalty against Kern County, CA-based peer-to-peer virtual currency exchanger Eric Powers for his will violation of the Bank Secrecy Act's registration, program and reporting requirements, and lack of anti-money laundering procedures.

April 18 2019

Fed: UniCredit S.p.A. to Pay $157,770,000 for Sanctions, Supervision Failures

The Board of Governors of the Federal Reserve System issued a civil monetary penalty against the Milan, Italy-based institution and subsidiaries UniCredit Bank AG, based in Munich, Germany and UniCredit Bank Austria AG, based in Vienna, Austria for inadequate sanctions control and supervision.

April 15 2019

OFAC: UniCredit Bank AG Agrees to Pay $553,380,759 to Settle Widespread Sanctions Violations

April 15 2019

NYSDFS Fines UniCredit, S.p.A., Subsidiaries $405 Million for Sanctions Failures

April 15 2019

OFAC: UniCredit Bank Austria AG to Pay $20,326,340 to Resolve Sanctions Violations

April 15 2019