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Jun

7

Spain Imposes Record AML Penalty, Against Unknown Culprit

Spanish authorities recently imposed their country’s largest AML penalty to date, but declined to identify the targeted financial institution. (Shutterstock)

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Legs & Regs

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Enforcement Actions

The Financial Transactions and Reports Analysis Centre of Canada issued an administrative penalty of CA$59,235 against the Chilliwack, British Columbia-based real estate broker for failure to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The South African Reserve Bank issued an administrative sanction against the Cape Town, South Africa-based authorized dealer in foreign exchange with limited authority for failing to have adequate anti-money laundering and counterterrorist financing controls as required.