TOP STORY

May

13

Plan to Reform Currency Transaction Reporting Clears US Legislative Panel

House Financial Services Committee Chairwoman Maxine Waters (D-CA), center left, and Rep. Emanuel Cleaver (D-OH), center right, speak in Los Angeles on Tuesday, Aug. 30, 2011. On Thursday, May 9, 2019, the committee approved Cleaver’s plan to revise currency transaction reporting thresholds. (Alamy)

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MORE NEWS

May 20 2019

‘Skincare’ Fraudster Relied on US Legal Entities and Accounts: Prosecutors

By : Valentina Pasquali

An online fraudster formerly based in Puerto Rico used bank accounts held by more than 100 “straw companies” to funnel nearly $100 million from bogus sales of skin cream and other personal care products through the U.S. financial system, federal prosecutors said.

May 17 2019

Updated List of Red Flags Challenges US Securities Firms: Sources

By : Daniel Bethencourt

Hundreds of U.S. broker-dealers and other firms are ill-equipped to identify all potential indicators of money laundering described by their regulator in guidance this month and may have to adjust their monitoring systems as a result, sources told ACAMS moneylaundering.com.

May 17 2019

Weekly Roundup: FinCEN Seeks Budget Increase, Dutch Regulator Praises AML Upgrades, and More

U.S. securities regulator’s updated list of red flags challenges firms, Wells Fargo banker admits laundering drug money, and more, in this week’s roundup.

May 16 2019

Dutch Banks Must Complete AML Upgrade Following Record Penalty: Regulator

By : Koos Couvée

Netherlands-based lenders have made “positive” steps towards improving their anti-money laundering systems and controls in the eight months since Dutch authorities assessed a €775 million fine against the country’s largest bank, a senior regulator told ACAMS moneylaundering.com.

From the Editor: Compliance Officers Still Routinely Ignored

January 30 2019

Jho Low, right, attending the Grammy Awards in Los Angeles, California on Monday, Jan. 26, 2014. “Billion Dollar Whale,” a book covering the 1MDB scandal, describes how Low, now a fugitive, relied on global banks to launder billions of dollars stolen from Malaysia’s sovereign wealth fund.

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Legs & Regs

EU Removes Four Entities from Iraq Sanctions List Following UN Updates

The European Union issued Commission Implementing Regulation (EU) 2019/808, which amends the sanctions list with respect to Iraq.
May 21 2019

NCA Obtains Cash Forfeiture Order Against Member of Al-Assad Family

The National Crime Agency issued a press release announcing that a member of Syria’s ruling Assad family, Aniseh Chawkat, who had received funds while studying in London, had forfeited the contents of her U.K. bank account following an NCA investigation.
May 21 2019

United Kingdom Publishes Guidance to Simplify Whistleblowing

May 21 2019

Australian Regulator Publishes Latest Edition of Consolidated Sanctions List

May 20 2019

OSCE Supports Conference on Countering Terrorist Financing

May 20 2019
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Enforcement Actions

SEC: Wilson-Davis & Co. Inc. to Pay $300,000 for SARs Failures

The U.S. Securities and Exchange Commission issued a cease-and-desist order against Wilson-Davis & Co. Inc. a Utah-based brokerage firm, for failing to monitor customers’ trading for suspicious activity and failing to thereafter file Suspicious Activity Reports on numerous transactions.
May 15 2019

UK Gambling Commission: InTouch Games Limited to Pay Over £2.2 Million for AML Failures

The United Kingdom's Gambling Commission issued a payment in lieu of a financial penalty of £2.2 million in settlement with the West Midlands, England-based online casino for its failure to meet anti-money laundering and social responsibility requirements.
May 15 2019

UK Gambling Commission: Betit Operations Limited Agrees to Pay Over £1.4 Million for AML, Social Responsibility Violations

May 15 2019

UK Gambling Commission Settles with MT SecureTrade Limited for Over £700,000 for AML, Other Failures

May 15 2019

UK Gambling Commission Settles with Bestbet Limited for Over $230,000 for Social Responsibility, AML Failures

May 15 2019