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Apr

US Banking Regulators Seek Feedback on AML, BSA Model Risk Management Practices

U.S. Federal Reserve Chair Janet Yellen speaking at an awards presentation in Washington, D.C., on Tuesday, Nov. 7, 2017. On Friday, April 9, 2021, the Federal Reserve and other regulators asked banks for feedback on model-risk management practices. (Getty Images)

Legs & Regs

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

April 16, 2021

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.

April 16, 2021

Basel Committee on Banking Supervision Outlines 2021-22 Priorities

The Basel Committee on Banking Supervision published its work program and priorities for 2021-22, which focuses on strengthening the regulation, supervision and risk management practices of banks across the globe.

April 16, 2021

HM Treasury Removes Six Entities from Iraq Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning the removal of six entities from the consolidated list that were designated pursuant to the Iraq (Sanctions) (EU Exit) Regulations 2020.

April 16, 2021

Financial Crime Matters: Terrorist Financing Analyst Addresses Rise in Illicit Trade Finance

March 25, 2021

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Louise Shelley, head of the Terrorism, Transnational Crime and Corruption Center at George Mason University, discuss the use of trade finance by terrorists.

ACAMS Australasia

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

LOCATION: Sydney, Australia, United States

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According to the Financial Crimes Enforcement Network, financial institutions reporting suspected criminal activity related to COVID-19 vaccines and their distribution should:

A. Reference "FIN-2020-NTC4" in field 2 of their suspicious activity reports (SARs).
B. Select SAR field 34(z) (Fraud - other) as the associated suspicious activity type.
C. Provide details about the reported activity in the narrative portion of the suspicious activity reports.
D. All of the above.

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More News

Weekly Roundup: Fintech Loses Bank Accounts, Maltese Lender Denies Involvement in Former Manager’s Alleged Laundering, and More

Bosnian authorities accuse former Raiffeisen Bank director of money laundering, China expands AML requirements to non-financial firms, and more, in the weekly roundup.

April 16, 2021

EU Officials Consider Stronger Asset Seizure Directive

By : Gabriel Vedrenne

The European Union's executive branch wants the bloc's 27 nations to seize more assets from criminals over the next four years, and consider adopting measures for freezing and ultimately confiscating potentially illicit wealth from suspects even without a conviction.

April 15, 2021

NatWest Money Laundering Trial Adjourned

By : Koos Couvée

A court in London adjourned a landmark money-laundering case against NatWest on Wednesday to give the U.K. bank more time to review the evidence regulators have gathered against it.

April 14, 2021

Midweek Roundup: Latvia Finds No Evidence of ABLV Bribes, Turkish Lender Wants US Case Dismissal, and More

April 14, 2021

AML Professionals Routed Hundreds of Millions of Dollars Through Credit Union

By : Valentina Pasquali

April 14, 2021

Enforcement Actions

MAS Fines Bank J. Safra Sarasin Ltd Branch S$1 Million for AML/CTF Failures

The Monetary Authority of Singapore imposed a S$1 million fine against the Singapore Branch of the Basel, Switzerland-based financial institution for failing to comply with anti-money laundering and counterterrorist financing requirements.

April 14, 2021

Finra: Score Priority Corp. to Pay $250,000 for AML/BSA Deficiencies

The Financial Industry Regulatory Authority issued the fine against the New York, NY-based firm for failure to properly implement and anti-money laundering program as required under the Bank Secrecy Act.

April 14, 2021