Call for input on ‘de-risking’ and its impact on access to financial services The call for input on “de-risking” forms part of the EBA’s work to lead, coordinate and monitor the EU financial sector’s AML/CFT efforts. Its objective is primarily to understand why financial institutions choose to de-risk instead of […]
There’s much more in this document, but I thought I’d highlight Section 6 (“good practice tips): Always identify as clearly as possible the suspected benefit from criminal conduct (the ‘criminal property’) including, where possible, the amount of benefit identify the reason(s) for suspecting that property is criminal property […]
FCA fines Commerzbank London £37,805,400 over anti-money laundering failures Press Releases Published: 17/06/2020 Last updated: 17/06/2020 The FCA has today fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these weaknesses and failed […]
The UK National Crime Agency’s “Money laundering and illicit finance” page has a list of record publications, including a guidance document on making better Suspicious Activity Reports (SARs), and multiple documents of red flags indicating possible human trafficking or slavery in various professions. But, in May, they published the 5th […]
Enforcement Actions Published Date: 19 March 2020 MAS Imposes Composition Penalty of $400,000 on TMF Trustees Singapore Limited for AML/CFT Failures Singapore, 16 March 2020 … The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $400,000 on TMF Trustees Singapore Limited (TTSL) for failure to comply with […]
Fake Financial Services Register link Statements Published: 11/06/2020 Last updated: 12/06/2020 We are aware that there has been an attempt to reproduce our Financial Services Register on a non-FCA website. We are currently working to get the page taken down and have alerted members of the public through our website and social media channels. […]
As part of an AML crackdown, Estonia’s action apparently is shuttering about 30% of the country’s crypto businesses. The head of their FIU says this is a “pre-emotive strike” against the industry, and that the goal is to tamp down money laundering risk in the industry through tighter regulation. Curiously, […]
From FINTRAC, Canada’s FIU: Amendments to the Regulations under the PCMLTFA On June 10, amendments to the Regulations under the PCMLTFA were published in theCanada Gazette. Among the changes, all reporting entity sectors will have obligations regarding politically exposed persons and beneficial ownership.
Warning against typosquatting attemptsThe FSA wants to make users of our website and mail subscribers aware that a so-called typosquatting domain,http: // company register [.] finanstilsynet [.] dk-en [.] eu / company-supervised-en [.] html, claims to be a site under finanstilsynet. This is most likely a phishing campaign with the […]
Regulatory Round-Up June 2020We’re now online! Register HereEric, MLROs.com is Back! We are pleased to present our next Regulatory Round-Up Briefing on Tuesday 9th June 2020 at 10am hosted via Zoom. This event is run in association with our friends at Womble Bond Dickinson. In this session, Emma Radmore will provide us with an in-depth look at the regulatory landscape […]
