TOP STORY

Oct

Excluded from Mainstream Payment Channels, Illicit Adult Websites Turn to Gift Cards

Backpage.com CEO Carl Ferrer, center, appears in Sacramento Superior Court on Wednesday, Aug. 23, 2017. Payment channels for illicit adult websites have dwindled in the two-and-a-half years since Ferrer pleaded guilty to prostitution and money laundering. (Getty Images)

Legs & Regs

Australian Regulator Publishes Latest Edition of Consolidated Sanctions List

Australia’s Department of Foreign Affairs and Trade updated its Consolidated List that includes all persons and entities subject to financial sanctions under the Charter of the United Nations Act 1945 and the Autonomous Sanctions Act 2011.

October 29, 2020

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.

October 29, 2020

OFAC Announces Changes Made to SDN List in 2020

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, 2020 and Oct. 29, 2020.

October 29, 2020

Moneyval 5th Round MER on Slovakia’s AML/CTF Regime Finds Confiscation, Prosecution Gaps

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published the 5th Round Mutual Evaluation Report on Slovakia’s anti-money laundering and counterterrorist financing regime.

October 29, 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.

ACAMS 2nd Annual AML & Anti-Financial Crime Conference – Virtual Caribbean

DATE: 12/1/20 - 12/3/20

LOCATION: Web Seminar, United States

View Events Calendar

According to the Financial Action Task Force, money laundering red flag indicators for virtual assets include:

A. Making multiple high-value transactions in a short amount of time, such as within 24 hours.
B. The use of decentralized/unhosted hardware or paper wallets to transport virtual currencies across borders.
C. Customers that provide identification or account credentials shared with another account.
D. All of the above.

View all quizzes

More News

US Proposal Aims to Limit Enforcement of AML Guidance

By : Daniel Bethencourt

U.S. regulators plan to formally require their examiners in the field to stop citing financial institutions solely for failing to implement and observe guidance documents, giving new impetus to a government statement two years earlier that was not legally binding.

October 29, 2020

Slovakia Fails to Seize Criminal Assets, Prosecute Money Launderers

By : Gabriel Vedrenne

Slovakia shows "serious shortcomings" in its mechanisms for seizing criminal assets, fails to make effective use of financial intelligence and has not pursued a sufficient number of cases against sophisticated money launderers.

October 29, 2020

Estonian Regulator Turns to Central Bank Data and New Algorithms to Pinpoint Risk

By : Koos Couvée

Regulators in Estonia have begun using a new mathematical model to analyze aggregate payment data that lenders must submit to the Baltic nation's central bank each month to identify the financial sector's vulnerabilities to money laundering.

October 28, 2020

Midweek Roundup: Goldman Sachs Avoids Independent Monitor, OFAC Restricts Remittances to Cuba, and More

October 28, 2020

Puerto Rican Banks Expect Stronger Supervision After Expansion of US AML Rules

By : Valentina Pasquali

October 27, 2020

Enforcement Actions

UK Gambling Commission: BGO Entertainment Limited Agrees to Pay £2 Million in Lieu of Penalty for AML Failures

The U.K. Gambling Commission entered into a regulatory settlement with the Guernsey-based online gambling operator that requires it to pay £2 million to support the National Strategy to Reduce Gambling Harms in lieu of a financial penalty, as well as address anti-money laundering deficiencies.

October 28, 2020

UK Gambling Commission: GAN PLC to Pay £146,000, Meet Additional Licensing Obligations for AML, Social Responsibility Failures

The United Kingdom's Gambling Commission issued a public statement outlining the anti-money laundering and social responsibility failures of the London, England-based gambling business.

October 28, 2020