Royal Bank of Canada was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) in November by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
AML
Posted inRisk Management
Book review: Demythologizing money laundering, demystifying AML compliance
Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.
Posted inAML
FinCEN adopts beneficial ownership reporting extension for 2024 companies
The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
Posted inRegulatory Enforcement
Binance’s compliance past, future detailed
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.
Posted inRisk Management
Singapore banks say money laundering risks up after $2B scandal
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
Posted inEurope
All eyes on Companies House in U.K. corporate transparency efforts
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
Posted inRegulatory Enforcement
Binance pleads guilty, fined $4.3B over widespread U.S. law violations
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
Posted inEurope
French high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
Posted inEthics & Culture
Merged UBS, AI on FINMA’s risk radar
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
Posted inRegulatory Enforcement
Ex-OneCoin compliance head pleads guilty to fraud role
The former head of legal and compliance at OneCoin pleaded guilty to fraud charges regarding her role in a cryptocurrency marketing scheme that generated more than $4 billion in sales and revenue.