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Binance founder sentenced to 4 months in US prison for flawed AML programme
Changpeng Zhao, founder and ex-CEO of leading cryptocurrency exchange Binance, was given a four-month jail term, on 30 April, after pleading guilty to one charge of failing to maintain an effective anti-money laundering programme; he was also fined US$50 million.
Online Published Date:
01 May 2024
Appeared in issue:
314 - 03 June 2024
Up and down - UK AML/CFT supervision findings
In the introduction to its AML/CFT Supervision Report 2022-23, HM Treasury asserts that the UK government approach to economic crime is "robust and holistic", with "sustained action to improve the response" and regulatory oversight a "critical component". Does the evidence match the rhetoric? Partly.
Online Published Date:
02 May 2024
Appeared in issue:
314 - 03 June 2024
Spending patterns - the rise and risks of CBDCs
If wild swings in price and criminal use have tarnished the image of digital currencies, the blockchain technology on which they rest offers scope for state-backed variants, which could just make life harder for the money launderer. Keith Nuthalllooks at developments in central bank digital currencies (CBDCs).
Online Published Date:
02 May 2024
Appeared in issue:
314 - 03 June 2024
Toronto-Dominion Bank pays Can$9.2m for reporting, risk rating, record keeping breaches
Five violations of Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) mean that Toronto-Dominion Bank (TD), headquartered in Toronto, paid a Can$9,185,000 (US$6,712,350) penalty, levied on 9 April, according to a FINTRAC notice.
Online Published Date:
05 May 2024
Appeared in issue:
314 - 03 June 2024
First Citizens Bank of Butte reaches agreement with US Fed on BSA/AML remediation
Montana, USA-based First Citizens Bank of Butte undertakes to rework its Bank Secrecy Act/anti-money laundering (BSA/AML) model in a written commitment made to the US Federal Reserve Bank of Minneapolis and the Montana Division of Financial Institutions, signed on 2 May.
Online Published Date:
08 May 2024
Appeared in issue:
314 - 03 June 2024
FinCEN shows how Iran funds militant allies
USA financial intelligence unit the Financial Crimes Enforcement Network (FinCEN) has released detailed guidance on how Iran funds Middle East allies labelled as terrorist groups by Washington, such as Hamas, Hezbollah, Palestinian Islamic Jihad, Yemen's Houthis and militias in Iraq and Syria.
Online Published Date:
09 May 2024
Appeared in issue:
314 - 03 June 2024
Binance fined Can$6m for registration and reporting breaches
Cryptocurrency exchange Binance was issued with a Can$6,002,000 (US$4,386,350) financial penalty by FINTRAC, the Canadian financial intelligence unit, on 9 May, for anti-money laundering breaches before it ceased operations in the country on 25 September 2023.
Online Published Date:
10 May 2024
Appeared in issue:
314 - 03 June 2024
Suspicion - it's a skill
At the core of anti-money laundering is what might be termed 'confident doubt', a 'more than merely fanciful' sense that something's not quite right and warrants investigation, but can such discernment be learned? Keith Nuthallfinds out.
Online Published Date:
13 May 2024
Appeared in issue:
314 - 03 June 2024
Dubai property register leaks expose scores of alleged criminal owners - OCCRP
'Dubai Unlocked', an investigation of leaked Dubai property records by 75 international media outlets, coordinated by the Organised Crime and Corruption Reporting Project (OCCRP), has identified among foreign owners multiple criminal suspects, sanctioned individuals and politically exposed persons (PEPs) accused of corruption.
Online Published Date:
15 May 2024
Appeared in issue:
315 - 01 July 2024
Write right - impactful SARs
The suspicious activity report is AML's end product so content, structure and clarity are critical if it is to deliver in combating crime. Paul Cochraneseeks advice on how to compose reports that will be closely read and used.
Online Published Date:
16 May 2024
Appeared in issue:
315 - 01 July 2024
Great expectations - EU AML
Cross-border supervision of the banks highest rated for ML riskoperating in the European Union, closer coordination of national financial intelligence units and tightened rules through a regulation, alongside a new AML directive - the major overhaul of EU machinery to combat illicit finance is set to become law: so, will it make a substantive difference, reduce money laundering? Sara Lewis, in Brussels, tests opinion.
Online Published Date:
17 May 2024
Appeared in issue:
315 - 01 July 2024
On the record - UK Companies House redux
It has long been cheap and easy to incorporate in the UK, which explains why so many criminals do so. But wholesale reform of the registry aims both to strengthen the perimeter and clean up the population of extant companies. Sara Lewis looks for signs of change.
Online Published Date:
23 May 2024
Appeared in issue:
315 - 01 July 2024
N26 fined €9.2m in Germany for late report filings
German digital bank N26 must pay a €9.2 million (US$10 million) penalty after BaFin, the financial services regulator, found it had systematically filed suspicious activity reports (SARs) late in 2022.
Online Published Date:
24 May 2024
Appeared in issue:
315 - 01 July 2024
Dubai: paradise for the world's rogues
The "Dubai Unlocked" investigation, led by the Organised Crime and Corruption Reporting Project (OCCRP), details how criminals and corrupt public officials from around the world have bought and continue to own, and live, in luxury real estate in the UAE. Tom Vidovic explores the findings and their reputational impact.
Online Published Date:
27 May 2024
Appeared in issue:
315 - 01 July 2024
Virtual IBAN variance creates money laundering risk, EBA warns
The European Banking Authority (EBA) is warning that differences in the way virtual bank account numbers (vIBANs) are regulated, and even defined, is creating gaps that criminals can exploit for money laundering and terrorist financing.
Online Published Date:
30 May 2024
Appeared in issue:
315 - 01 July 2024