TOP STORY

Jan

EXCLUSIVE: Latvian Disciplinary Cases Reveal Internal Battles Over AML Supervision

Two former Latvian regulators whom were targeted with disciplinary proceedings after pushing for tougher AML enforcement and supervision recently discussed their cases with ACAMS moneylaundering.com.

Legs & Regs

EU Removes Two Entries from Iraq Sanctions List

The European Union issued Commission Implementing Regulation (EU) 2021/53, which amends the Iraq sanctions to delete two entries.

January 25, 2021

EU Deletes Four Entries on Tunisia Sanctions List

The European Union issued Council Implementing Regulation (EU) 2021/49, which deletes four persons from the list of those subject to restrictive measures in response to the situation in Tunisia.

January 25, 2021

EU Amends Somalia Sanctions Regulations to Cover Certain Arms Supplies, Related Activities

The European Union issued Council Regulation (EU) 2021/48, which amends the restrictive measures concerning Somalia.

January 25, 2021

OSCE Organizes Asset Recovery Workshop for North Macedonia Judges, Public Prosecutors

The Organization for Security and Co-Operation in Europe announced that it organized a three-day online training course covering international cooperation and mutual legal assistance in asset recovery for public prosecutors and judges in North Macedonia.

January 25, 2021

Financial Crime Matters: Daniel Stipano Reviews the Anti-Money Laundering Act of 2020

January 5, 2021

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Daniel Stipano, partner at Davis Polk & Wardwell LLP in Washington, D.C., discuss the AML Act, the most far-reaching update to the Bank Secrecy Act in nearly 20 years.

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.

View all quizzes

More News

Julius Baer Executives Punished for FIFA, PDVSA Violations

By : Gabriel Vedrenne

Swiss regulators on Thursday reprimanded four ex-senior managers of Julius Baer for allowing hundreds of millions of dollars in suspicious funds from South America to flow into the private bank over several years, including bribes tied to FIFA, world soccer's primary governing agency.

January 22, 2021

Weekly Roundup: White House Orders Regulatory Freeze, PayPal Closes Capitol Rioter’s Account, and More

USPS filed incomplete SARs, former Latvian AML regulators criticize their country's AML enforcement, and more, in the weekly roundup.

January 22, 2021

Biden’s Freeze on New Regulations Impacts Several AML Proposals

By : Valentina Pasquali

The White House has instructed senior officials across the executive branch to abandon or postpone regulatory changes that former President Donald Trump initiated in the final weeks of his term, including a handful of proposals impacting anti-money laundering compliance.

January 21, 2021

FinCEN, Federal Agencies Clarify SAR Expectations

By : Valentina Pasquali

January 20, 2021

Midweek Roundup: Yellen Pledges Swift AML Reform, Blinken Plans Sanctions Review, and More

January 20, 2021

Enforcement Actions

Luxembourg CSSF Fines Universal-Investment-Luxembourg S.A. €45,000 for AML Failures

Luxembourg's Commission de Surveillance du Secteur Financier issued a €45,000 fine against the Grevenmacher, Luxembourg-based investment fund manager after an on-site inspection identified isolated anti-money laundering and counterterrorist financing compliance failures.

January 18, 2021

DOJ: PT Bukit Muria Jaya Agrees to Pay Over $1.5 Million to Resolve Bank Fraud Related to Sanctions Violations

The U.S. Justice Department entered into a deferred prosecution agreement with the Indonesia-based global supplier of cigarette paper products to resolve charges that the company conspired to commit bank fraud in connection with the shipment of products to North Korean customers.

January 17, 2021