TOP STORY

Jul

16

Facebook Shares Preliminary Plan for Libra AML Compliance

David Marcus, CEO of Facebook subsidiary Calibra, speaks during a Senate Banking Committee hearing in Washington, D.C., on Tuesday, July 16, 2019. Marcus told lawmakers that Facebook’s cryptocurrency, Libra, will comply with U.S. anti-money laundering rules. (Getty Images)

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MORE NEWS

July 18, 2019

Puerto Rican Lender South Bank International Suspected of Money Laundering

By : Valentina Pasquali

Federal investigators are considering criminal charges against individual employees in connection to an alleged money-laundering scheme at an offshore bank in Puerto Rico, a senior FBI official told ACAMS moneylaundering.com.

July 18, 2019

Dutch Agriculture Exporters Suspected of Laundering Vast Sums

By : Koos Couvée

Investigators in the Netherlands raided three potato and onion exporters this week amid growing indications that organized crime syndicates are using Dutch agribusinesses to launder millions of euros in illicit cash.

July 17, 2019

Midweek Roundup: Latvia Fines Rigensis Bank, ING’s Belgian Affiliate Hit with AML Penalty, and More

Latvian lenders struggle to access the U.S. dollar, Facebook discloses Libra AML commitments, and more, in the midweek roundup.

July 16, 2019

Losses from Suspected Business Email Compromises Tripled Since 2016: FinCEN

By : Daniel Bethencourt

U.S. financial institutions filed twice as many suspicious activity reports, or SARs, on alleged business email compromises from 2016 to 2018, while the overall toll of the schemes, or BECs, tripled to reach $300 million each month, the U.S. Treasury Department disclosed Tuesday.

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

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.
July 19, 2019

OFAC Announces Changes Made to SDN List in 2019

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, 2019 and July 19, 2019.
July 19, 2019

OFAC Adds One Individual to Counter Terrorism Sanctions List

July 19, 2019

FinCEN Director Lauds Argentina’s Designation of Hezbollah

July 19, 2019

US Treasury Sanctions Individual Linked to Hezbollah’s Foreign Terrorism Activities

July 19, 2019
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Enforcement Actions

Latvia Fines Rigensis Bank AS Over One Million Euros for AML Breaches

Latvia's Financial and Capital Market Commission fined the Riga, Latvia-based bank €1,028,850 for anti-money laundering and counterterrorist financing deficiencies in its customer due diligence and transaction monitoring programs.
July 15, 2019

Qatar Fines International Financial Services (Qatar) LLC $100,000 for AML Deficiencies

The Qatar Financial Centre Regulatory Authority fined the Doha, Qata-based insurance intermediary firm for violations of the Anti-Money Laundering and Combating Terrorist Financing Rules 2010 and the General Rules 2005.
July 14, 2019

RBI Fines U.P. Civil Secretariat Primary Co-operative Bank Limited for KYC, Other Failures

July 11, 2019

SFO: Sarclad Ltd Agrees to Pay £6,553,085 to Resolve Charges of Corruption, Failure to Prevent Bribery

July 6, 2019

Hong Kong SFC Bans Former Goldman Sachs Officer for Role in 1MDB Scandal

July 3, 2019