TOP STORY

May

US Federal Reserve Could Make Fintech Accounts Contingent on AML Programs

Federal Reserve Governor Lael Brainard in Washington, D.C., on Friday, Oct. 30, 2015. The agency on May 11, 2021 proposed imposing AML program requirements on fintechs that seek to obtain accounts at the Fed.

Legs & Regs

SFO Confirms Fraud, ML Investigation into Gupta Family Group Alliance

The United Kingdom’s Serious Fraud Office announced that it is investigating suspected fraud, fraudulent trading and money laundering in relation to companies within the Gupta Family Group Alliance, including the financing arrangements with Greensill Capital UK Ltd.

May 14, 2021

OSCE Presents AML/CTF NRA Prepared in Cooperation with Turkmenistan Ministry

The Organization for Security and Co-operation in Europe and the Ministry of Finance and Economy of Turkmenistan presented the Second National Risk Assessment on anti-money laundering, counterterrorist financing, and the financing of proliferation of weapons of mass destruction in the country.

May 14, 2021

OSCE Supports STR Training Seminar in Kazakhstan

The Organization for Security and Cooperation in Europe announced that it supported a two-day training seminar on suspicious transaction reporting in Nur-Sultan, Kazakhstan for some 180 participants.

May 14, 2021

OFAC Amends Narcotics Trafficking, Foreign Narcotics Kingpin Sanctions Regulations

The Office of Foreign Assets Control of the U.S. Treasury Department issued a final rule amending the Narcotics Trafficking Sanctions Regulations and the Foreign Narcotics Kingpin Sanctions Regulations with respect to certain general licenses.

May 14, 2021

Financial Crimes Matters: Canada’s Campaign Against Corruption and Money Laundering

May 11, 2021

In this episode of Financial Crime Matters, Kieran Beer, and James Cohen of Transparency International Canada assess Canada’s recent efforts to clamp down on illicit finance, including in the country’s gaming and real estate sectors.

ACAMS Australasia

DATE: 06/21/21 - 06/22/21

LOCATION: Sydney, Australia, United States

View Events Calendar

According to the United Nations, Moldova should implement the following recommendations to improve its campaign against illicit finance:

A. Implement mechanisms to improve efficiency of asset seizures.
B. Implement a stronger sanctions regime against money laundering offenses.
C. Improve due diligence controls over politically exposed persons.
D. All of the above.

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More News

Weekly Roundup: US Probes Financial Crimes at Binance, OneCoin Founder Accused of Stealing and Laundering Millions, and More

Taiwan fines Citibank and DBS Bank for AML breaches, Australia bans high-rollers from Crown casino in Perth, and more, in the weekly roundup.

May 14, 2021

Encrochat Hack Exposed Swedish Money Laundering Operations

By : Gabriel Vedrenne

European law enforcement's interception and surveillance of nearly 120 million messages on Encrochat, an encrypted communications platform once favored by criminals, led to record seizures of illicit cash in France, the Netherlands and the United Kingdom.

May 13, 2021

US Brokerage Misreported Cyberthefts, Failed to Flag Account Takeovers

By : Valentina Pasquali

U.S. securities regulators imposed a $1.5 million penalty Wednesday on a broker-dealer in Colorado that failed to file suspicious activity reports or submitted incomplete filings on hundreds of cyberthefts.

May 12, 2021

Midweek Roundup: EU Regulator Eyes AML Penalty Database, US Brokerage Missed Cybercrimes, and More

May 12, 2021

Financial Crimes Matters: Canada’s Campaign Against Corruption and Money Laundering

By : Kieran Beer

May 11, 2021

Enforcement Actions

DOJ: Swiss Life Holding AG, Three Subsidiaries to Pay Over $77 Million for Helping US Customers Conceal Offshore Insurance Policies

The U.S. Justice Department entered into a deferred prosecution agreement with the Zurich, Switzerland-based insurance company and three of its subsidiaries to pay a total of $77,374,337 for conspiring with U.S. taxpayers and others to conceal more than $1.452 billion in offshore insurance policies.

May 14, 2021

SEC Orders GWFS Equities Inc. to Pay $1.5 Million for SARs Failures

The U.S. Securities and Exchange Commission issued a cease and desist order against the Greenwood Village, CO-based broker-dealer for violating securities laws governing the filing of suspicious activity reports with the Financial Crimes Enforcement Network from September 2015 through October 2018.

May 12, 2021