TOP STORY

Jun

German Supervisor Tightens Rules on Correspondent Payments and AML Outsourcing

Ahead of a global review of their country’s defenses against financial crime, German authorities are scrambling to eliminate gaps in anti-money laundering supervision revealed by the Wirecard scandal and Deutsche Bank’s struggles with compliance. (Getty Images)

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 21, 2021

Luxembourg Regulator Publishes FAQ on AML/CTF Market Entry Form

Luxembourg’s Commission de Surveillance du Secteur Financier published a series of 13 frequently asked questions concerning the completion and submission of the anti-money laundering and counterterrorist financing Market Entry Form using the eDesk system.

June 21, 2021

US to Co-Host Upcoming Ministerial Meeting of Global Coalition to Defeat ISIS

The U.S. State Department highlighted the upcoming Ministerial Meeting of the Global Coalition to Defeat ISIS, which will focus on countering the terrorist organization’s financing and other networks.

June 21, 2021

OFAC Adds 21 Entries to Belarus Sanctions List, Issues Related General License

The Office of Foreign Assets Control of the U.S. Treasury Department notified financial institutions regarding updates to the Specially Designated Nationals List with respect to Belarus.

June 21, 2021

Financial Crime Matters: Terrorist Financing Analyst Addresses Rise in Illicit Trade Finance

March 25, 2021

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Louise Shelley, head of the Terrorism, Transnational Crime and Corruption Center at George Mason University, discuss the use of trade finance by terrorists.

According to the United Nations, Moldova should implement the following recommendations to improve its campaign against illicit finance:

A. Implement mechanisms to improve efficiency of asset seizures.
B. Implement a stronger sanctions regime against money laundering offenses.
C. Improve due diligence controls over politically exposed persons.
D. All of the above.

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More News

Illegal Cryptocurrency Bets Spike in Belgium

By : Gabriel Vedrenne

Belgian authorities suspect illegal wagers made in cryptocurrencies have boomed after learning that individuals tied to match-fixing and unlicensed-gambling operations are increasingly converting bitcoins and other digital assets into government-issued banknotes.

June 21, 2021

Legal Brief: Canada Tackles Beneficial Ownership, Money Laundering in Real Estate

By : Laura Cruz, Legal Editor

Editor's Note: In the latest installment of our series, the moneylaundering.com legal team covers illicit finance in Canadian real estate and the push for publicly available beneficial-ownership information.

June 21, 2021

Weekly Roundup: Latvia Assesses Record AML Fine, Germany Failed to Probe Wirecard SAR, and More

U.K. lawmakers propose AML carveout for certain fintechs, U.S. banks reminded to vet cryptocurrency companies, and more, in the weekly roundup.

June 18, 2021

Latvia Imposes Record AML Penalty

By : Koos Couvée

June 17, 2021

US, Canadian AML Regulators Seek ‘Technology-Neutral’ Approach

June 17, 2021

Enforcement Actions

RBI Imposes Monetary Penalty of 12 Lakh Rupees Against Mogaveera Co-operative Bank Limited for KYC Failures

The Reserve Bank of India issued a monetary penalty of 12 lakh rupees against the Mumbai, India-based financial institution for violating know-your-customer rules.

June 21, 2021

RBI: Indapur Urban Cooperative Bank Ltd. to Pay 10 Lakh Rupees for KYC Deficiencies

The Reserve Bank of India issued a monetary penalty of 10 lakh rupees against the Maharashtra, India-based bank for not adhering to the know-your-customer requirements.

June 21, 2021