TOP STORY

Oct

18

Brazil to Face Tougher Global Scrutiny Following Supreme Court Suspension of Money Laundering Probes: FATF

Brazil’s Supreme Court President Dias Toffoli delivering a lecture in Sao Paulo, Brazil on Friday, Aug. 30, 2019. Toffoli in July suspended multiple money-laundering probes, prompting the Financial Action Task Force to question the adequacy of the nation’s anti-financial crime controls. (AP Images)

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Legs & Regs

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Attorneys and accountants investigating suspected attempts to launder funds through Swedbank are reviewing "30 billion transactions" in an internal probe that has cost more than $100 million to date, the lender disclosed Wednesday.
Most suspicious transaction reports and suspicious activity reports filed in Luxembourg last year appear to have originated from PayPal, the global payment processor, and a second, larger and perhaps more unlikely source: Amazon, the world's largest e-commerce firm.
In a conversation with ACAMS moneylaundering.com senior reporter Valentina Pasquali, Sen. Bill Cassidy (R-LA), a gastroenterologist and former state lawmaker elected to Congress in 2014, discussed his plans for additional funding and new technology to tackle trade-based money laundering.
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Enforcement Actions

The Office of the Attorney General of Switzerland has ordered the Geneva, Switzerland commodities trader to pay the sum of almost CHF 94 million, including a fine of CHF 4 million for failure to take appropriate measures to prevent its employees from bribing public officials.
The United Kingdom's Gambling Commission issued the payment in lieu of a fine against the Warrington, United Kingdom-based company, which trades as Betfred, for failing to verify the sources of funds for a client that had been convicted of fraud.