TOP STORY

Jun

EXCLUSIVE: Sentencing of Bashar Assad’s Uncle in France Exposes Bank’s AML Failure

Rifaat Assad, an exiled uncle of Syria’s President Bashar Assad, is photographed in Paris on Tuesday, Nov. 15, 2011. A sentencing document published Wednesday, June 17, 2020, outlines the compliance failures and decisions that allowed him to move embezzled funds into Europe. (AP Photo)

Legs & Regs

OFAC Publishes Latest Edition of SDN List

The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.

July 2, 2020

OFAC Announces Changes Made to SDN List in 2020

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2020 and July 2, 2020.

July 2, 2020

OFAC Revokes Venezuela General License, Removes Eight Vessels from Sanctions List

The Office of Foreign Assets Control of the U.S. Treasury Department notified financial institutions regarding the revocation of Venezuela-related General License No. 37 and the removal of eight vessels from the Specially Designated Nationals List.

July 2, 2020

Basel Committee on Banking Supervision Publishes Revised AML/CTF Guidance

The Bank for International Settlements Basel Committee on Banking Supervision published updated guidelines on sound management of anti-money laundering and counterterrorist financing risks, including with respect to the interaction and cooperation between supervisors.

July 2, 2020

Financial Crime Matters: Juan Zarate Discusses AML, Sanctions and National Security

April 23, 2020

In this episode of “Financial Crime Matters,” Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Juan Zarate, former assistant secretary for terrorist financing and financial crimes at the U.S. Treasury Department, discuss the evolution of U.S. sanctions.

On April 8, 2020, the Financial Action Task Force of Latin America, GAFILAT, warned the public regarding the following emerging risks associated with COVID-19:

A. Ponzi schemes that seek to take advantage of economic fears and loss of jobs.
B. Criminals seeking to recruit people experiencing financial distress to launder funds and commit other crimes.
C. Schemes involving fake loans or other financial assistance programs seeking to steal personal data.
D. All of the above.

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More News

EU Parliament Creates Permanent Panel on Tax Crimes, but Excludes Money Laundering

By : Koos Couvée

EU lawmakers from across the political spectrum have agreed to establish a permanent committee on taxation, but, unlike its predecessors, the panel's remit does not include money laundering and terrorist financing.

July 2, 2020

Weekly Roundup: Russia-Taliban Bounties Leave Financial Trail, Goldman Sachs Seeks to Avoid 1MDB Guilty Plea, and More

Europe's central bank withdraws Satabank's license, Germany declined to supervise Wirecard, and more, in this week's roundup.

July 2, 2020

OFAC Stretches Sanctions Authority to Tackle Cyberthieves: Sources

By : Valentina Pasquali

The recent blacklisting of six Nigerian nationals accused of defrauding U.S. victims out of $7 million through online scams opens a new front in the Treasury Department's use of financial restrictions against criminals and U.S. adversaries, sources told ACAMS moneylaundering.com.

July 1, 2020

European Banking Authority Unsuited for Broad AML Role, Says Director

By : Gabriel Vedrenne

June 30, 2020

Cash-strapped Firms Vulnerable to Criminal Infiltration During Pandemic

By : Koos Couvée

June 30, 2020

Enforcement Actions

SEC: Alexion Pharmaceuticals, Inc. to Pay Over $21 Million to Settle FCPA Charges

The U.S. Securities and Exchange Commission issued an order requiring the Boston, MA-based pharmaceutical company to pay over $21 million to resolve Foreign Corrupt Practices Act charges.

July 2, 2020

FDIC, Kansas Financial Regulator Order Towanda State Bank to Develop Strategic Plan

The Kansas Office of the State Bank Commissioner and the Federal Deposit Insurance Corporation entered into a consent order with the Towanda, KS-based bank requiring it to develop a business and strategic plan.

June 26, 2020