TOP STORY

Jul

16

Facebook Shares Preliminary Plan for Libra AML Compliance

David Marcus, CEO of Facebook subsidiary Calibra, speaks during a Senate Banking Committee hearing in Washington, D.C., on Tuesday, July 16, 2019. Marcus told lawmakers that Facebook’s cryptocurrency, Libra, will comply with U.S. anti-money laundering rules. (Getty Images)

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MORE NEWS

July 17, 2019

Midweek Roundup: Latvia Fines Rigensis Bank, ING’s Belgian Affiliate Hit with AML Penalty, and More

Latvian lenders struggle to access the U.S. dollar, Facebook discloses Libra AML commitments, and more, in the midweek roundup.

July 16, 2019

Losses from Suspected Business Email Compromises Tripled Since 2016: FinCEN

By : Daniel Bethencourt

U.S. financial institutions filed twice as many suspicious activity reports, or SARs, on alleged business email compromises from 2016 to 2018, while the overall toll of the schemes, or BECs, tripled to reach $300 million each month, the U.S. Treasury Department disclosed Tuesday.

July 15, 2019

Estonian Regulator Enhances Scrutiny of Correspondent Accounts for Fintechs

By : Koos Couvée

Estonian regulators are closely reviewing banks’ ties with payment services providers and cryptocurrency firms amid concerns that high-risk nonresident clients shed by lenders are now accessing the financial system indirectly, a senior official told ACAMS moneylaundering.com.

July 15, 2019

Legal Brief: Panama Papers Turned Global Attention Toward Whistleblowers

By : Laura Cruz, moneylaundering.com legal editor

In April 2016, the International Consortium of Investigative Journalists and Suddeutsche Zeitung began reporting on 11.5 million records leaked from Panama-based law firm Mossack Fonseca.

From the Editor: Lack of Corporate Transparency in the United States is Criminal

March 28, 2019

Fighting sex trafficking by treating it as a financial crime may be one of the best ways to free its victims and punish those who profit from enslaving others. Prosecutions for money laundering built on financial data can spare the already traumatized victims of trafficking from needing to testify.

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Legs & Regs

EU Amends Entry on South Sudan Sanctions List

The Council of the European Union issued Council Implementing Regulation (EU) 2019/1208, which amends the restrictive measures against South Sudan.
July 17, 2019

Head of Calibra Testifies Regarding Libra’s AML/CTF Controls

David Marcus, the head of Facebook's subsidiary Calibra, testified in front of the U.S. House Committee of Financial Services regarding the controls his organization is implementing on cryptocurrency Libra.
July 17, 2019

MIT Professor Emphasizes Protection Against Illicit Activities in Testimony on Libra

July 17, 2019

Public Interest Organization President Urges Congress to Halt Facebook Plans to Create Libra

July 17, 2019

Colombia Law School Professor Testifies on Facebook’s Proposed Cryptocurrency

July 17, 2019
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Enforcement Actions

Latvia Fines Rigensis Bank AS Over One Million Euros for AML Breaches

Latvia's Financial and Capital Market Commission fined the Riga, Latvia-based bank €1,028,850 for anti-money laundering and counterterrorist financing deficiencies in its customer due diligence and transaction monitoring programs.
July 15, 2019

Qatar Fines International Financial Services (Qatar) LLC $100,000 for AML Deficiencies

The Qatar Financial Centre Regulatory Authority fined the Doha, Qata-based insurance intermediary firm for violations of the Anti-Money Laundering and Combating Terrorist Financing Rules 2010 and the General Rules 2005.
July 14, 2019

RBI Fines U.P. Civil Secretariat Primary Co-operative Bank Limited for KYC, Other Failures

July 11, 2019

SFO: Sarclad Ltd Agrees to Pay £6,553,085 to Resolve Charges of Corruption, Failure to Prevent Bribery

July 6, 2019

Hong Kong SFC Bans Former Goldman Sachs Officer for Role in 1MDB Scandal

July 3, 2019