US Banks, MSBs File Few SARs on Human Trafficking and Smuggling

A U.S. Border Patrol agent monitors the barrier between Nogales, Arizona and Mexico on Tuesday, Nov. 29, 2016. New data indicates that U.S. financial institutions reported few suspected instances of human smuggling or trafficking over a three-month period last year. (Alamy)



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.
The Tax Justice Network published a paper with support from the Financial Transparency Coalition concerning the importance of beneficial ownership verification and the application of advance data analytics techniques for this purpose, which are already applied by banks to prevent fraud.

Enforcement Actions

The Reserve Bank of India issued a monetary penalty of 10 million rupees against the Pune, India-based bank for failure to comply with know-your-customer guidelines and fraud classification reporting requirements.
The Solicitors Disciplinary Tribunal issued a judgement ordering a partner at a London-based law firm to pay a £45,000 fine and £40,000 in costs for failing to comply with anti-money laundering regulations in connection to clients that he failed to identify as politically exposed persons.