St. LuciaSwitzerland’s Federal Council announced that the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology will enter fully into force on Aug. 1, 2021.
HM Treasury’s Office of Financial Sanctions Implementation published a notice concerning amendments made to the identifying information of one individual designated pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.
Legal Brief: Canada Tackles Beneficial Ownership, Money Laundering in Real Estate
Editor’s Note: In the latest installment of our series, the moneylaundering.com legal team covers illicit finance in Canadian real estate and the push for publicly available beneficial-ownership information.
Illegal Cryptocurrency Bets Spike in Belgium
Belgian authorities suspect illegal wagers made in cryptocurrencies have boomed after learning that individuals tied to match-fixing and unlicensed-gambling operations are increasingly converting bitcoins and other digital assets into government-issued banknotes.
Weekly Roundup: Latvia Assesses Record AML Fine, Germany Failed to Probe Wirecard SAR, and More
Latvia Imposes Record AML Penalty
The Reserve Bank of India issued a monetary penalty of 12 lakh rupees against the Mumbai, India-based financial institution for violating know-your-customer rules.
The Reserve Bank of India issued a monetary penalty of 10 lakh rupees against the Maharashtra, India-based bank for not adhering to the know-your-customer requirements.
| Technical | Effectiveness |
|---|---|
| Compliant : 1 | High : 0 |
| Largely Compliant : 9 | Substantial : 0 |
| Partially Compliant : 24 | Moderate : 3 |
| Non-Compliant : 6 | Low : 8 |
| Rank : 113/141 |
| Score : 4.25/10 |
| Rank : 48/180 |
| Score : 55/100 |
| Rank : 132/133 |
| Score : 71/100 |