ACAMS Insights: free resources on topical issues

TOP STORY

Aug

As Belgium’s De-risking Debate Limps Forward, Diamond Industry Left Waiting

Businessmen gather in front of the Beurs voor Diamanthandel in Antwerp’s diamond district on Sunday, June 7, 2009. Belgian diamond companies are struggling to secure and retain domestic accounts, threatening their country’s status as a global trading hub. (Alamy)

Legs & Regs

Netherlands Agency Arrests Suspected Developer of Tornado Cash

The Dutch Fiscal Information and Investigation Service announced that a 29-year-old man was arrested for allegedly being involved in concealing criminal financial flows and facilitating money laundering through the decentralized cryptocurrency mixing service Tornado Cash.

August 12, 2022

DOJ: Former Moneygram, Western Union Agent Pleaded Guilty to ML

The U.S. Attorney’s Office for the Middle District of Pennsylvania announced that William Nneji, a former Canadian Moneygram and Western Union Agent, pleaded guilty to conspiracy to commit mail fraud, wire fraud, and money laundering.

August 12, 2022

Criminal Complaint Alleges Virginia Man Laundered Romance Scam Proceeds

A criminal complaint filed in the District of New Jersey charges Richard Agyeman Dua with one count of money laundering conspiracy for allegedly working with others to launder money taken from romance fraud victims across the U.S.

August 11, 2022

Treasury Official Discusses Russia Sanctions, AML/CTF During Singapore Visit

The U.S. Treasury Department announced that Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg visited Singapore to meet with counterparts and to discuss Russia sanctions efforts, among other topics.

August 11, 2022

Financial Crime Matters: Latvia FIU Chief Discusses AML, Sanctions Against Russia

May 24, 2022

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Ilze Znotina, director of Latvia’s financial intelligence unit, discuss upgrades to the nation’s anti-money laundering framework, and the Baltic region’s implementation of sanctions against Russia.

Sanctions Space: Global Trade Analyst Discusses Russian Invasion, Indirect Consequences

March 10, 2022

In this episode of Sanctions Space, Justine Walker of ACAMS and Emily Rees of the European Centre for International Political Economy discuss the commercial impact of Russia's invasion of Ukraine.

According to the Financial Action Task Force, a real estate business's money laundering risk assessment should take the following into consideration:

A. Geographical risks, including areas like operation and jurisdictions identified by FATF as high-risk.
B. Client risks, including the identification and verification of additional parties and beneficial owners.
C. Transactions risks, such as financing and delivery channels.
D. All of the above.

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More News

Weekly Roundup: Rabobank Wants More Time, AML Costs Consume Deutsche Bank Profits, and More

Defi platform accused of laundering hundreds of millions of dollars, new cryptocurrency bill on deck in U.S. Congress, and more, in the weekly roundup.

August 12, 2022

Is Crypto a Security, Commodity or Means of Payment? All Three, Say Lawmakers

By : Fred Williams

Seeking to counter the use of bitcoins and other digital tokens in ransomware payoffs and fraud schemes while also further combating their use in illicit finance, U.S. lawmakers want to legislate a broader regulatory framework around cryptocurrency and other online assets.

August 12, 2022

With AML Overhaul Behind Schedule, Rabobank Requests Deadline Extension

By : Koos Couvée

A Dutch bank wants more time to address longstanding anti-money laundering shortcomings on the basis that efforts to comply with unprecedented Western sanctions against Russia have stretched staff and resources thin.

August 11, 2022

Midweek Roundup: Turkish Banks Join Russian Payment System, OFAC Targets Cryptocurrency Mixer, and More

Blacklisted Russians disregard Germany's asset-declaration demand, Belgian diamond companies await banking solution, and more, in the midweek roundup.

August 10, 2022

OFAC Blacklists Cryptocurrency Mixer ‘Tornado Cash’

By : Fred Williams

The U.S. Treasury Department’s Office of Foreign Assets Control on Monday blacklisted Tornado Cash, a mixing service that obscures parties involved in cryptocurrency transactions, in what industry analysts described as an escalation in the battle against virtual-assets laundering.

August 8, 2022

Enforcement Actions

Malta FIAU Issues €653,637 Fine Against Ferratum Bank for AML/CTF Weaknesses

The Malta Financial Intelligence Analysis Unit issued an administrative measure imposing a €653,637 fine on the Sliema, Malta-based credit institution after an onsite compliance review uncovered anti-money laundering and counterterrorist financing deficiencies.

August 11, 2022

JFSC Regulator Fines Jersey Branch of Lloyds Bank Corporate Markets Plc £498,000 for AML/CTF Breaches

The Jersey Financial Services Commission issued a £498,000 civil money penalty against the Jersey branch of the London-based financial institution for anti-money laundering breaches related to one correspondent banking relationship.

August 12, 2022