TOP STORY

Apr

Britain Adopts New Sanctions Against Corruption

U.K. Foreign Secretary Dominic Raab speaks to reporters in London on Monday, July 1, 2020. Raab said Monday, April 26, 2021, that a recently enacted sanctions program will help Britain combat “serious corruption.” (Alamy)

Legs & Regs

Europol: 31 Suspected Mafia Members Arrested for International Drug Trafficking, Money Laundering

The European Union Agency for Law Enforcement Cooperation announced that it supported a new major operation against international drug trafficking and money laundering, resulting the the arrest of 31 suspected of being members of the ‘Ndrangheta mafia.

May 5, 2021

GRECO Publishes Second Interim Compliance Report on Romanian Anti-Corruption Measures for Parliament, Judiciary

The Council of Europe Group of States Against Corruption published a Second Interim Compliance Report regarding the Fourth Round Evaluation of Romania’s anti-corruption measures with respect to members of parliament, judges and prosecutors.

May 5, 2021

RBI Offers Guidance on KYC Requirements During COVID-19 Pandemic

The Reserve Bank of India reminded financial institutions regarding restrictions on account operations for non-compliance with know-your-customer requirements with respect to updating existing customer information in light of the COVID-19 pandemic.

May 5, 2021

FDIC Ombudsman Report on Activities in 2019, 2020 Highlights BSA Inquiries

The Federal Deposit Insurance Corporation Office of the Ombudsman published a report on activities in 2019 and 2020, including Bank Secrecy Act compliance inquiries.

May 5, 2021

Financial Crime Matters: Terrorist Financing Analyst Addresses Rise in Illicit Trade Finance

March 25, 2021

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Louise Shelley, head of the Terrorism, Transnational Crime and Corruption Center at George Mason University, discuss the use of trade finance by terrorists.

ACAMS Australasia

DATE: 06/21/21 - 06/22/21

LOCATION: Sydney, Australia, United States

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According to the United Nations, Moldova should implement the following recommendations to improve its campaign against illicit finance:

A. Implement mechanisms to improve efficiency of asset seizures.
B. Implement a stronger sanctions regime against money laundering offenses.
C. Improve due diligence controls over politically exposed persons.
D. All of the above.

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More News

Britain Plans Financial Intelligence Boost

By : Koos Couvée

Britain is set to increase the size of its financial intelligence unit, UKFIU, to almost 200 employees, 14 years after having pledged to do so to an international group that promulgates and assesses compliance with global anti-money laundering standards.

May 5, 2021

Midweek Roundup: Yellen Taps Interim OCC Director, Monitor Approves MoneyGram’s AML Program, and More

Norway's DNB anticipates $48 million penalty, Swedbank tagged with $5 million fine, and more, in the midweek roundup.

May 5, 2021

France Fines BNP Paribas Again, This Time for Insurance Division’s AML Violations

By : Gabriel Vedrenne

France's financial supervisor has fined the insurance wing of BNP Paribas €2.5 million for anti-money laundering and other violations, marking the latest of several punitive actions the agency has taken against insurance companies in recent years.

May 5, 2021

Ohio Preacher Orchestrated COVID-19 Loan Scam

By : Valentina Pasquali

May 4, 2021

US Treasury, Justice Departments Target ‘Prolific’ Human Smugglers

By : Valentina Pasquali

May 3, 2021

Enforcement Actions

Nasdaq Stockholm Orders Swedbank to Pay SEK 46.6 Million for AML Shortcomings

The Disciplinary Committee at Nasdaq Stockholm ordered the Stockholm, Sweden-based bank to pay a fine of SEK 46.6 million, which is equivalent to twelve annual fees, for anti-money laundering shortcomings from December 2016 through February 2019.

May 5, 2021

RBI Imposes Monetary Penalty Against Jumbo Finvest (India) Limited for KYC, Other Failures

The Reserve Bank of India issued a monetary penalty of 25.5 lakh rupees on the Jaipur, India-based financial institution for failure to comply with know-your-customer and deposit taking instructions.

May 4, 2021