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Mar

US-Taliban Deal Opens Road for Sanctions Removal, Analysts See Minimal Impact

Islamist activists march in Quetta, Pakistan, on Sunday, March 1, 2020, a day after the U.S. signed a peace accord with the Taliban that sets a timetable for American withdrawal from Afghanistan and removal of sanctions against the group. (Getty Images)

Legs & Regs

FATF Addresses COVID-19 Related AML/CTF Measures

The Financial Action Task Force issued a statement on COVID-19 and anti-money laundering and counterterrorist financing measures, in particular addressing financial crime risks, the application of simplified due diligence and risks associated with the delivery of aid through nonprofit organizations.

April 1, 2020

AUSTRAC Urges Banks to Continue Submitting High-Quality SMRs During COVID-19 Pandemic

The Australian Transaction Reports and Analysis Centre urged reporting entities to submit high-quality, accurate and timely suspicious matter reports to help the regulator identify areas of criminal exploitation where the financial system may be more vulnerable during the COVID-19 pandemic.

April 1, 2020

AUSTRAC Highlights Challenges to KYC Compliance During COVID-19 Pandemic

The Australian Transaction Reports and Analysis Centre issued a press release concerning alternative processes for verifying customer identity and addressing other challenges to compliance with know your customer requirements arising from the COVID-19 pandemic.

April 1, 2020

White House Continues National Emergency Concerning South Sudan

The White House published a notice regarding the continuation of the national emergency with respect to South Sudan for one year.

April 1, 2020

Financial Crime Matters: Real Estate Money Laundering in Canada with Maureen Maloney

January 21, 2020

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, interviews Maureen Maloney, a professor of Public Policy at Simon Fraser University. They discuss her work investigating money laundering in British Columbia’s real estate sector.

According to the Financial Action Task Force, digital identification (ID) systems have the potential to improve customer ID and verification procedures by:

A. Minimizing weaknesses in human control measures.
B. Improving customer experience and generating cost savings.
C. Both A and B.
D. None of the above.

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More News

Midweek Roundup: Standard Chartered Fined £20 Million, UK Relaxes CDD Expectations amid COVID-19 Outbreak, and More

FATF encourages use of AML technology during pandemic, Singapore allows 400 cryptocurrency firms to temporarily operate without a license, and more, in the midweek roundup.

April 1, 2020

UK Sanctions Agency Fines Standard Chartered Record £20 Million

By : Koos Couvée

The United Kingdom's sanctions enforcer dropped news of its first substantial penalty Tuesday, disclosing that Standard Chartered Bank had paid a record £20 million for the "most serious" violations of EU sanctions against Russia.

March 31, 2020

Europe and Iran Complete First Instex Transaction

By : Gabriel Vedrenne

After more than one year of preparation and in the face of American opposition, Instex, the European Union's "special purpose vehicle" for processing payments tied to Iran-related trade amid an increasingly daunting minefield of U.S. sanctions, has finally been put to use.

March 31, 2020

FATF Gives US Higher Grade for Due Diligence and Beneficial Ownership

By : Daniel Bethencourt

March 31, 2020

US Maintains Strict Sanctions Posture During COVID-19 Pandemic

By : Valentina Pasquali

March 30, 2020

Enforcement Actions

Luxembourg Regulator Bans Former Bank Executive for AML/CTF, Risk Management Failures

The Commission de Surveillance du Secteur Financier, Luxembourg's financial regulator, banned Marc Ambroisien for 10 years for failing to ensure that his financial institution set up robust internal governance measures and met anti-money laundering and counterterrorist financing obligations.

March 27, 2020

Finra Fines Arive Capital Markets, LLC $45,000 for AML Failures

The Financial Industry Regulatory Authority issued a letter of acceptance, waiver and consent requiring the Brooklyn, NY-based firm to pay the $45,000 fine and subjecting it to a censure for failures in its anti-money laundering compliance program.

March 26, 2020