The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.
AML
Posted inEurope
Danske Bank CCO to depart in 2024
Satnam Lehal, chief compliance officer of Danske Bank, announced he will leave the bank in early 2024 after playing a pivotal role in helping steer it through the aftermath of one of the world’s largest money laundering scandals.
Posted inAML
FinCEN projects $22.7B for beneficial ownership reporting Year 1 costs
The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.
Posted inEurope
FCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses
The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.
Posted inEurope
FCA fines Al Rayan Bank nearly $5M for AML failings
The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
Posted inRisk Management
FINRA focuses on financial crime in annual exam report
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring indicated a new emphasis for the regulator on combating financial crime, particularly cybercrime.
Posted inInternal Controls
Coinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
Posted inRisk Management
FinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
Posted inEurope
Lessons in preventing AML failures
Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
Posted inRisk Management
AML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.