All anti-money laundering articles – Page 2
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Article
National Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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Article
BitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
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Article
Report: Financial crime fines down in 2021; AML penalties drop 78 percent
Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.
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Article
Mishcon de Reya fined $316K for AML failings
The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, announced British law firm Mishcon de Reya has agreed to pay a financial penalty of £232,500 (U.S. $316,000) for AML compliance violations.
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Article
Germany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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Article
FATF urges Japan to enhance AML/CFT measures
Japanese authorities have a good understanding of money laundering and terrorism financing risks, but certain areas of their AML/CFT framework could be further improved, according to a Financial Action Task Force evaluation report.
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Article
Pandemic not slowing rising AML fine totals, report says
Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.
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Resource
White paper: AML Compliance Guide
Read this AML Compliance Guide to learn the five ways you can modernize your AML program to meet regulatory requirements and protect your institution and its customers from financial crime.
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Article
Westpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
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Article
Crypto platform BitMEX to pay $100M for registration, AML violations
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
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Article
EU guidance seeks to clarify role of AML/CFT compliance officers
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
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New agency Europe’s latest hope to curb AML struggles
The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.
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Robinhood Crypto anticipates $10M penalty for cyber, AML failures
Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.
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Article
U.K. AML expert convicted of aiding money launderers
A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
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Australia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws
Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
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Article
AML culture is in need of a revamp
Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.
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Deutsche Bank names new group AML officer amid enhanced scrutiny
Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.
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Deutsche Bank’s continued AML struggles worth questioning
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?
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Article
German finance regulator orders N26 to improve AML controls
BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
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Article
Combating terrorist financing: Coordination and the ‘human element’
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.