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)

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MORE NEWS

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.

May 16 2019

Dutch Banks Must Complete AML Upgrade Following Record Penalty: Regulator

By : Koos Couvée

Netherlands-based lenders have made “positive” steps towards improving their anti-money laundering systems and controls in the eight months since Dutch authorities assessed a €775 million fine against the country’s largest bank, a senior regulator told ACAMS moneylaundering.com.

May 16 2019

US Officials Eye Budget Boost for FinCEN, OFAC

By : Valentina Pasquali

U.S. officials have asked Congress to approve millions of dollars in additional funding for the Financial Crimes Enforcement Network and the Office of Foreign Assets Control for the next fiscal year, congressional testimony and budget documents show.

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.

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Legs & Regs

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.
May 17 2019

OFAC Publishes Latest Edition of SDN List

The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.
May 17 2019

OFAC Announces Changes Made to SDN List in 2019

May 17 2019

EU Adds One, Removes One Entry from Islamic State, Al-Qaida Sanctions List

May 17 2019

OFAC Adds 11 Individuals, 10 Entities to Kingpin, Global Magnitsky Designations

May 17 2019
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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