ACAMS Insights: free resources on topical issues

TOP STORY

Aug

New York Regulator Discloses First Penalty Against Cryptocurrency Industry

Robinhood cofounders Baiju Bhatt and Vlad Tenev walk in New York City on Thursday, July 29, 2021. Robinhood Crypto was fined $30 million by New York’s DFS on Monday, Aug. 22, 2022, for AML and cybersecurity failures. (Getty Images)

Legs & Regs

EU Adds Two Additional Designees to Russia Sanctions List

The Council of Europe adopted Council Implementing Regulation (EU) 2022/354, adding additional restrictive measures on Russia in light of its invasion of Ukraine.

August 5, 2022

EU Removes Individual from Tunisia Sanctions List

The European Union Council adopted Council Implementing Regulation (EU) 2022/1356 which adopts restrictive measures against certain individuals in Tunisia.

August 5, 2022

NCA: Man Agreed to Forfeit Assets Worth £1.14 Million

The U.K. National Crime Agency announced that a car salesman agreed to forfeit properties and cash worth a total of £1.14 million following an investigation into serious criminality stretching back into the 1990s, including money laundering, fraud, tax evasion, and drug crimes.

August 5, 2022

DOJ: California Man Sentenced to Four Years for $4.7 Million Bank Fraud Scheme, ML

The U.S. Justice Department announced that Jasminder Singh was sentenced to four years in prison for orchestrating a scheme to defraud American Express of approximately $4.7 million and laundering the illicit proceeds.

August 5, 2022

Financial Crime Matters: FAST Project Director Discusses Human Trafficking in Ukraine

June 14, 2022

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Daniel Thelesklaf, project director for the U.N.’s Finance Against Slavery and Trafficking initiative, discuss how Russia’s invasion of Ukraine has impacted human trafficking flows in the nation.

Sanctions Space: Global Trade Analyst Discusses Russian Invasion, Indirect Consequences

March 10, 2022

In this episode of Sanctions Space, Justine Walker of ACAMS and Emily Rees of the European Centre for International Political Economy discuss the commercial impact of Russia's invasion of Ukraine.

According to the Financial Action Task Force, a real estate business's money laundering risk assessment should take the following into consideration:

A. Geographical risks, including areas like operation and jurisdictions identified by FATF as high-risk.
B. Client risks, including the identification and verification of additional parties and beneficial owners.
C. Transactions risks, such as financing and delivery channels.
D. All of the above.

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More News

Weekly Roundup: Baltic Banks on Frontline of Western Financial Embargo of Russia, US Prosecutors Target Abacha Assets, and More

Iran nuclear accord talks resume, suspected Mt. Gox money launderer extradited, and more, in the weekly roundup.

August 5, 2022

Sweeping Sectoral Sanctions Against Russia Challenge Baltic Lenders

By : Koos Couvée

Acting on financial intelligence supplied by banks, Latvian authorities have frozen the accounts of "multiple" local firms suspected of doing business with blacklisted Russian companies in breach of EU sanctions, a senior official disclosed Wednesday.

August 5, 2022

Boston Restaurant Doubled as Money Laundering Conduit, Prosecutors Allege

By : Fred Williams

Using a complex, international money-transmission scheme and a takeout diner in Boston's Chinatown district as a front, a group of six suspects allegedly laundered millions of dollars of proceeds from marijuana sales from New York from January 2021 to June 2022.

August 4, 2022

Midweek Roundup: Cryptocurrency Platform Penalized by New York, US Treasury Blacklists Putin’s Girlfriend, and More

Dozens of Deutsche Bank staff under investigation, Switzerland bans Russian gold, and more, in the midweek roundup.

August 3, 2022

Property Database Perils Lie Ahead for UK Attorneys, Group Warns

By : Koos Couvée

U.K. attorneys should exercise “extreme caution” when verifying and supplying information to a new, nationally administered public database of individuals who beneficially own real estate in Britain through offshore legal entities, a trade group has warned. Rules designed to stem the tid

August 1, 2022

Enforcement Actions

McDonald’s to Pay Over €1.1 Billion to Settle Decade-Long Tax Evasion Case (in French)

France's Financial Prosecutor's Office and the Chicago, IL-based corporation signed a settlement agreement on June 16. 2022, concerning allegations of tax evasion related to transfer pricing arrangements between the French subsidiary and other entities located abroad.

June 16, 2022

UK Gambling Commission Fines LeoVegas Gaming PLC £1.32 Million for AML, Other Failures

The Gambling Commission ordered the Sliema, Malta-based remote gaming operator to pay a £1.32 million financial penalty for social responsibility and anti-money laundering failures, including ineffective management of money laundering and terrorist financing risks.

August 3, 2022