TOP STORY

May

US Banks May Have Cleared Dozens of Payments for North Korea in $2.5 Billion Scheme

North Korean leader Kim Jong Un arrives at the Presidential Palace in Hanoi, Vietnam, on Friday, March 1, 2019. On Thursday, May 28, 2020, federal prosecutors in Washington, D.C., accused blacklisted North Korean lender FTB of using shell companies and U.S. correspondents. (Bloomberg)

Legs & Regs

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

June 1, 2020

HMT Amends Individual Entry on CAR Sanctions List

HM Treasury issued a notice concerning amendments made to the identifying information for one individual who remains subject to asset freeze measures following changes to Council Regulation (EU) 224/2014, which imposes financial sanctions against the Central African Republic.

June 1, 2020

HMT Removes Four Entries, Amends Individual Listing on Syria Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning the removal of three individuals and one entity from its consolidated list following changes to Council Regulation (EU) 36/2012, which imposes sanction against Syria. One entry was also amended.

June 1, 2020

Philippine Senator Warns Public of COVID-19 Related Scammers

Philippine Senator Christopher Lawrence Bong Go issued a warning to the public concerning scammers and fraudsters looking to financially profit off the COVID-19 pandemic.

June 1, 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

Belgian FIU Flags Heightened Risk of Illicit Finance in Weakened Real Estate Sector

By : Gabriel Vedrenne

COVID-19 may have crippled global trade, but a spate of arrests and seizures in Belgium show that drug trafficking and related cash flows in Europe have not stopped as a result, according to the country's financial intelligence unit, CTIF.

June 1, 2020

COVID-19 Fraud, Money Laundering Evolving with Pandemic

By : Valentina Pasquali

Financial institutions have reported far more transactions as potential attempts to launder funds amid the novel coronavirus pandemic than initially forecasted and have separately had to contend with a constantly evolving array of fraud schemes, according to the FBI.

May 29, 2020

Weekly Roundup: US Prosecutors Outline $2.5 Billion North Korean Sanctions Evasion Scheme, Russia Sees Uptick in COVID-19 Money Laundering, and More

Experts call PPP loans safe for banks with strong AML controls, Denmark drops EY probe, and more, in the weekly roundup.

May 29, 2020

France Imposes ‘Additional and Systematic’ Due Diligence on Real Estate Sector

By : Gabriel Vedrenne

May 29, 2020

Lithuanian Regulators Move to Protect Banking Channels for Fintechs

By : Koos Couvée

May 28, 2020

Enforcement Actions

UK Gambling Commission Identifies Systematic Failures Resulting in Closure of PT Entertainment Services Limited

The United Kingdom’s Gambling Commission found multiple systematic deficiencies following an investigation into the Antigua-based, online gaming company, which eventually led to the company surrendering its operating license prior to the completion of the investigation.

May 27, 2020

FTC: First Data Merchant Services LLC to Pay $40 Million for Alleged Facilitation of Client Laundering

The Federal Trade Commission entered into a stipulated order with the Atlanta, GA-based payment processing company requiring it to pay $40 million for apparently ignoring warnings that it was assisting and facilitating a client who was credit card laundering.

May 19, 2020