Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.
AML
Posted inEurope
Swedbank Estonia named suspect in money laundering investigation
The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.
Posted inEurope
Learning points from HSBC’s fine for AML failings
Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
Posted inRisk Management
Biden executive order seeks to study crypto, evaluate Fed-backed digital currency
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
Posted inRisk Management
FinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
Posted inRisk Management
FATF adds United Arab Emirates to AML/CFT watchlist
The Financial Action Task Force added the United Arab Emirates to its “grey list” of countries subject to increased monitoring due to deficiencies in fighting financial crime.
Posted inRisk Management
Source of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
Posted inRisk Management
Treasury reports examine persistent and emerging AML/CFT risks
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
Posted inInternal Controls
MoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
Posted inRisk Management
How compliance can help prevent illegal wildlife trade
Developing a reasonable understanding of the supply chain is the first step in ascertaining whether corporate entities might inadvertently participate or facilitate illegal trading in wildlife.