TOP STORY

Dec

11

In Global Evaluation, Israel Receives High Marks from FATF

Pedestrians cross a rain-slicked Jaffra Road in Jerusalem on Monday, Nov. 30, 2015. An intergovernmental group gave Israel high marks in a report on the country’s efforts against financial crime published Monday, Dec. 10, 2018. (Alamy)

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MORE NEWS

December 17 2018

FinCEN, Securities Regulators Assess AML Penalty Against UBS Trading Firm

By : Daniel Bethencourt

U.S. regulators disclosed a $14.5 million penalty Monday against the New Jersey-based broker-dealer of Swiss bank UBS for not capturing “critical information” on billions of dollars-worth of wire transfers made in foreign currencies, among other violations.

December 14 2018

Humanitarian Groups, Other Nonprofits Still Hobbled by Diminished Banking Services

By : Valentina Pasquali

Rightly or wrongly, the perception that charitable organizations pose unmanageable compliance problems persists within the global banking industry despite mounting efforts to keep the vital nonprofit sector plugged-in to the global financial system.

December 14 2018

Weekly Roundup: Democrats Push for Deutsche Bank Investigation, US Prosecutors Scrutinize Trump Inauguration Funds, and More

Iranian hackers targeted U.S. Treasury officials’ email accounts, Venezuelan bribes flowed through HSBC, and more, in this week’s roundup.

December 14 2018

Foreign Fighters Place First Among Canada’s Terrorist-Financing Risks

By : Daniel Bethencourt

Dozens of extremist fighters have returned to Canada from conflict zones as of 2017, and the country’s financial institutions should consider pinpointing and tracking funds tied to their arrival as well as new departures, according to Canada’s financial intelligence unit.

From the Editor: Banks in Europe Can Expect More, Larger Enforcement Actions in 2018

January 26 2018

The European Parliament in Strasbourg is pictured in this Shutterstock photo. Recent investigations in Europe and the United Kingdom indicate that enforcement and prosecution against financial crime will increase in 2018, a panel of attorneys said during an ACAMS webinar.

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Legs & Regs

EU Amends Libya Sanctions Regulation

The European Union issued Council Regulation (EU) 2018/2004, amending the sanctions measures against Libya following updates made by the United Nations Security Council on Nov. 5, 2018.
December 18 2018

GAO Releases Report Rating Information Security Systems at 23 Agencies

Inspectors General concluded that information security programs are not being effectively implemented at 17 out of 23 U.S. government agencies and, 17 out of 23 agencies have also failed to meet the government's cybersecurity performance goals.
December 18 2018

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

December 17 2018

HM Treasury Renews Entry on Terrorist Sanctions List

December 17 2018

Malaysia’s Attorney General Announces Charges Against Goldman Sachs Subsidiaries, Employees in 1MDB Case

December 17 2018
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Enforcement Actions

Finra Fines UBS Financial Services, Inc., Affiliated Company $5 Million for BSA/AML Deficiencies

The Financial Industry Regulatory Authority issued a letter of acceptance, waiver and consent requiring the Weehawken, NJ-based firm and UBS Securities LLC, its New York-NY, based affiliated company, to pay the $5 million fine for violations of the Bank Secrecy Act and money laundering rules.
December 17 2018

SEC: UBS Financial Services, Inc. to Pay $5 Million for BSA/AML Failures

The U.S. Securities and Exchange Commission issued a cease and desist order against the Weehawken, NJ-based firm requiring it to pay the fine for its failure to implement proper anti-money laundering and Bank Secrecy Act procedures.
December 17 2018

OFAC Fines Yantai Jereh Oilfield Services Group Co. Ltd. $2,774,972 for Apparent Sanctions Violations

December 12 2018

FinCEN Fines UBS Financial Services, Inc. $14.5 Million for AML/BSA Violations

December 11 2018

Gibraltar Fines Wave Crest Holdings Limited, Company Executives £250,000 for AML Violations

December 10 2018