TOP STORY

Jul

America’s Art Industry Helped Russian Oligarchs Evade US Sanctions

In a report published Wednesday, July 29, 2020, American lawmakers accused the U.S. art industry of helping Russian national Arkady Rotenberg, chairman of SMP Bank, evade sanctions. (Getty Images)

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.

August 4, 2020

HM Treasury Amends 26 Entries on Venezuela Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning amendments made to the identifying information for 26 individuals following corrections to the annex of Council Regulation (EU) 2017/2063, which imposes financial sanctions against Venezuela.

August 4, 2020

Interpol Report Highlights Rise of Cyberattacks During COVID-19 Pandemic

The International Criminal Police Organization publishes an analysis report on the impact of the COVID-19 pandemic on cybercrime, highlighting the alarming rate of cyberattacks and a significant target shift from individuals and small businesses to major corporations and governments.

August 4, 2020

MAS, Academic Institutions Promote FinTech Education

The Monetary Authority of Singapore announced a joint initiative with the National Research Foundation and the National University of Singapore to open a research institute, the Asian Institute of Digital Finance, dedicated to developing digital financial services in Asia.

August 4, 2020

Financial Crime Matters: Edward Kitt and the Benefits of Public-Private Partnerships

July 30, 2020

In the latest episode of “Financial Crime Matters,” Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Edward Kitt, illicit finance policy lead at the British Embassy in Washington, D.C., discuss public-private partnerships and the fight against transnational financial crime.

On April 8, 2020, the Financial Action Task Force of Latin America, GAFILAT, warned the public regarding the following emerging risks associated with COVID-19:

A. Ponzi schemes that seek to take advantage of economic fears and loss of jobs.
B. Criminals seeking to recruit people experiencing financial distress to launder funds and commit other crimes.
C. Schemes involving fake loans or other financial assistance programs seeking to steal personal data.
D. All of the above.

View all quizzes

More News

Twitter Hack Shows Benefits of Scanning Social Media, Cryptocurrency Blockchains

By : Daniel Bethencourt

The recent hacking of dozens of prominent Twitter accounts as part of a broad attempt to bilk victims out of bitcoins shows the difficulty of disguising cryptocurrency payments and social media's role in helping U.S. exchanges detect fraud, sources told ACAMS moneylaundering.com.

August 4, 2020

After Wirecard Scandal, Germany Plans More Data Exchanges Between FIU, Police and Tax Authorities

By : Gabriel Vedrenne

Germany's financial intelligence unit may soon be given the keys to confidential information kept by tax authorities, the country's finance minister said, but in return must provide law enforcement broader access to its own data to avoid any further operational delays.

August 3, 2020

FinCEN Emphasizes CDD Rule’s Focus on Risk, Risk … and Risk

By : Valentina Pasquali

The U.S. financial intelligence unit reiterated Monday that financial institutions should let each customer's unique level of risk determine which policies and procedures they use to vet them under customer due-diligence requirements that took force in May 2018.

August 3, 2020

AML Data Exchanges Trouble European Watchdog

By : Gabriel Vedrenne

July 31, 2020

Weekly Roundup: California Lender Hit with AML Fine, Former Compliance Manager Convicted in Swiss 1MDB Probe, and More

July 31, 2020

Enforcement Actions

MAS Revokes License of Apical Asset Management Pte. Ltd for AML/CTF Breaches

The Monetary Authority of Singapore revoked the Capital Markets Services License of the Singapore-based investment firm for its failure to comply with anti-money laundering and counterterrorist financing responsibilities.

July 28, 2020

OFAC: Whitford Worldwide Company, LCC to Pay $824,314 to Settle Apparent Iran Sanctions Violations

The Office of Foreign Assets Control of the U.S. Treasury Department ordered the Elverson, PA-based cookware coating manufacturer to pay $824,314 to settle its potential civil liability for its foreign subsidiaries’ sales to Iran.

July 28, 2020