TOP STORY

Aug

17

OCC Ramps Up Anti-Money Laundering Penalties Against Individuals

Joseph Otting, head of the Office of the Comptroller of the Currency, testifies to federal lawmakers in Washington, D.C., on Thursday, July 27, 2017. The OCC has targeted more individuals with AML-related penalties in the first seven months of 2018 than the previous two years combined. (Getty)

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ADDITIONAL STORIES

August 17 2018

Weekly Roundup: Manafort Trial Enters Verdict Phase, Mueller Submits Evidence for Money Laundering Case, and More

Court ruling jeopardizes money laundering investigations in Mexico, Chinese real estate magnate’s daughter seeks release of $200 million frozen in Hong Kong, and more, in this week’s roundup.

August 16 2018

Former UK Tax Official Jailed for Tax Fraud, Money Laundering

By : Koos Couvée

A former British tax official who masterminded a complex scheme using “shadow” companies to siphon off millions of pounds in tax payments from legitimate firms before laundering the funds through foreign bank accounts and property was jailed in London Thursday.

August 15 2018

Midweek Roundup: EU Plans Crackdown on Passport Sales, Iran Adopts AML Legislation, and More

European companies seem likely to follow Daimler’s lead and not expand in Iran in the face of reinstated U.S. sanctions, Putin says big Russian tax fraud was the work of U.S. investigators, and more, in the midweek roundup.

August 14 2018

US Export Controls Leave Compliance Officers Guessing: Sources

By : Daniel Bethencourt

Financial institutions are struggling to detect transactions tied to potentially illicit shipments of sensitive U.S. technology, sources told ACAMS moneylaundering.com.

From the Editor: Regulatory Oversight Can Save Cryptocurrency from the ‘Dark Side’

March 9 2018

Cryptocurrencies and the blockchain protocol have promised to provide inexpensive, secure and transparent ways to move funds. But they presently carry more problems and negative news than promise.

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Legs & Regs

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.
August 17 2018

OFAC Announces Changes Made to SDN List in 2018

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2018 and Aug. 17, 2018.
August 17 2018

US Treasury Designated Four Burmese Commanders, Two Military Units for Serious Human Rights Abuses

August 17 2018

OFAC Adds Four Individuals, Two Entities to Global Magnitsky List

August 17 2018

SFO Announces Corruption Charges Against Güralp Systems Founder, Managing Director

August 17 2018
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Enforcement Actions

Hong Kong Regulator Fines Shanghai Commercial Bank Limited HK$5 Million for AML/CTF Violations

The Hong Kong Monetary Authority issued a disciplinary action against the Hong Kong-based financial institution requiring it to a pay HK$ 5 million penalty for failing to establish and maintain effective anti-money laundering and counterterrorist financing procedures.
August 17 2018

SEC: Citigroup to Pay $4.75 Million for Internal Control Failures of Subsidiary Banamex, Including AML Failures

The U.S. Securities and Exchange Commission issued an order against the New York, NY-based bank following a finding that its subsidiary Grupo Financiero Banamax SA. de C.V. failed to maintain adequate internal accounting controls.
August 16 2018

DOJ: Royal Bank of Scotland Agrees to Pay $4.9 Billion Settlement to Resolve Charges Connected to Misleading Investors

August 14 2018

DOJ: Zürcher Kantonalbank to Pay $98.5 Million for Helping US Citizens Evade Taxes

August 13 2018

Fed: Citigroup Inc. Fined $8.6 Million for Residential Mortgage-Related Violations

August 10 2018