United KingdomThe Office of Financial Sanctions Implementation in the United Kingdom amended one designation in its sanctions list pertaining to Myanmar.
The United Kingdom’s HM Treasury released two Post-Implementation Review documents concerning its analysis of anti-money laundering and counterterrorist financing policies covering professionals as well as those relating to information on payers.
Austrian bank’s legal appeal rejected, former Privatbank manager fined for AML violations, and more, in the weekly roundup.
Ghanaian Lender Fined for Correspondent Banking Violations
The U.K. Financial Conduct Authority fined the London-based subsidiary of a Ghanaian bank £5.8 million Thursday for neglecting to screen billions of pounds of correspondent payments for indications of financial crime over a five-year period.
The United Kingdom’s Financial Conduct Authority imposed a £5.8 million fine on the London, U.K.-based bank for failing to conduct adequate enhanced due diligence when establishing certain business relationships and for failure to implement ongoing enhanced monitoring, and risk-based controls.
The Financial Conduct Authority penalized the London, U.K.-based insurance broker for failing to have adequate financial control processes in place to prevent millions of pounds in bribery-linked transactions.
| Technical | Effectiveness |
|---|---|
| Compliant : 23 | High : 4 |
| Largely Compliant : 15 | Substantial : 4 |
| Partially Compliant : 2 | Moderate : 3 |
| Non-Compliant : 0 | Low : 0 |
| Rank : 116/141 |
| Score : 4.02/10 |
| Rank : 12/180 |
| Score : 77/100 |
| Rank : 12/133 |
| Score : 46/100 |