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May 2020: NCA guidance on making better SARs

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 Enforcement Action: Commerzbank fined £37,805,400 for AML failures

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 […]

Spoofing the FCA?

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. […]

Estonia revokes 500 Crypto licenses

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, […]

Canada amends its AML regulations

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.

Finanstilsynet fraud notice

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 […]

MLROS.com is having a Regulatory Roundup webinar on Zoom…

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 […]