ACAMS Insights: free resources on topical issues

TOP STORY

Sep

Despite Fanfare, Iran, EU Have Used Sanctions-Safe Payment Channel One Time

In a letter published Tuesday, Sept. 27, 2022, German officials told the Bundestag that the EU’s clearinghouse for shielding European banks from exposure to U.S. sanctions against Iran has handled only one transaction since launching in January 2019. (Alamy)

Legs & Regs

OFAC Adds Three Entries to SDN List

The Office of Foreign Assets Control of the U.S. Treasury Department issued a notice concerning the addition of two individuals and one entity to the Specially Designated Nationals List with respect to the Balkans.

October 3, 2022

US Treasury Announces Sanctions Targeting Individuals, Entity in Bosnia-Herzegovina

The U.S. Treasury Department announced new sanctions targeting two individuals and one business entity in Bosnia-Herzegovina pursuant to Executive Order 14033 for their roles in undermining democratic processes and facilitating corruption in the Western Balkans.

October 3, 2022

FFIEC Updates Cybersecurity Resource Guide for Financial Institutions

The Federal Financial Institutions Examination Council published an updated version of its Cybersecurity Resource Guide for Financial Institution, which now includes new resources to address the ongoing threat of ransomware incidents.

October 3, 2022

OFAC Announces Changes Made to SDN List in 2022

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2022, and Oct. 3, 2022.

October 3, 2022

Financial Crime Matters: Crowdfunding in Canada

May 9, 2022

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Jessica Davis of Insight Threat Intelligence discuss how COVID-19-related protests in Canada led to the extension of AML rules on crowdfunding websites.

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: US Treasury Finalizes Beneficial Ownership Rule, Russian Central Bank Chief Blacklisted, and More

Bankers cast doubt over U.K. anti-financial crime legislation, U.S. securities regulator adopts new penalty policy, and more, in the weekly roundup.

September 30, 2022

Questions Swirl Around Britain’s Latest Anti-Financial Crime Bill

By : Koos Couvée

Legislation published on Sept. 22 aims to newly empower British banks, payment platforms, cryptocurrency exchanges and other companies regulated for anti-money laundering purposes to share data on suspicious clients and transactions with each other.

September 30, 2022

One Down, Two to Go: FinCEN Publishes Final Beneficial Ownership Rule

By : Fred Williams and Colby Adams

U.S. officials finalized a rule Thursday crafted to prevent criminals from using legal entities to disguise themselves from financial institutions and transfer funds anonymously, launder their profits into real estate and exercise control over legitimate companies for nefarious purposes.

September 29, 2022

French Regulators Issue First Ban on Cryptocurrency Platform

By : Gabriel Vedrenne

French regulators have withdrawn a Paris-based virtual asset service provider’s, or VASP’s, authorization to operate after just 19 months following an inspection that unearthed "serious" anti-money laundering failures and other compliance-related shortcomings.

September 29, 2022

Breaking September 29, 2022: 10:59 am ET

FinCEN Finalizes Beneficial Ownership Rule

Enforcement Actions

Luxembourg Regulator Reprimands Banque J. Safra Sarasin for AML Violations

Luxembourg's Commission de Surveillance du Secteur Financier issued an administrative penalty against Banque J. Safra Sarasin (Luxembourg) S.A. for noncompliance with the amended version of Law of 12 November 2004 on the fight against money laundering and terrorist financing.

September 30, 2022

FDIC Issues Consent Order to The Bank of Holly Springs for BSA Deficiencies

The Federal Deposit Insurance Corporation entered into a consent order with the Holly Springs, MI-based financial institution for inadequate Bank Secrecy Act compliance.

August 16, 2022