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Question master - Europe, de-risking, effectiveness
After the summer, the new term and there’s a lot on the curriculum: in Europe, ink barely dry on the Fourth ML Directive, the text is set for amendment before implementation in June 2017; meanwhile institutions and puzzled authorities continue..
Online Published Date:
11 October 2016
Appeared in issue:
238 - 11 October 2016
Fintech - held on the launchpad
Fintech is in a bind – promising new ways to move money and allocate capital, injecting fresh thinking and impetus into a market-place long dominated by large institutions, the innovators struggle to open and keep bank accounts. Is it ML/CF..
Online Published Date:
11 October 2016
Appeared in issue:
238 - 11 October 2016
FATF commits to ensure beneficial ownership standards met
By Keith Nuthall
Online Published Date:
11 October 2016
Appeared in issue:
238 - 11 October 2016
US OCC guidance counsels caution in de-risking correspondent banks
By Keith Nuthall
Online Published Date:
11 October 2016
Appeared in issue:
238 - 11 October 2016
Sonali Bank pays £3.25m and deposits block for extensive AML failings; ex-MLRO ban & fine
Sonali Bank (UK) Ltd (SBUK), UK subsidiary of the Bangladesh state-owned group, must pay a £3.25m penalty and will not be able to accept new customer deposits for 168 days after the UK Financial Conduct Authority (FCA) found “serious and..
Online Published Date:
19 October 2016
Appeared in issue:
238 - 11 October 2016
Change of pace: the Criminal Finances Bill
Susannah Cogman (+44 (0)20 7466 2580, susannah.cogman@hsf.com) and Dan Hudson (+44 (0)20 7466 2470, daniel.hudson@hsf.com) are partners and Kate Meakin (+44 20 7466 2169, kate.meakin@hsf.com) is of counsel at Herbert Smith Freehills in London.
Online Published Date:
19 October 2016
Appeared in issue:
238 - 11 October 2016
UK lawmakers target unexplained wealth & failure to prevent tax evasion, foster information sharing
By Keith Nuthall
Online Published Date:
19 October 2016
Appeared in issue:
238 - 11 October 2016
Singapore orders Falcon Bank closure, fines DBS and UBS
Investigation into embezzlement involving 1MDB Malaysian sovereign wealth fund flows has led the Monetary Authority of Singapore (MAS) to sanction three more banks.On 11 October 2016 MAS withdrew Zurich-headquartered Falcon Private Bank Ltd’s..
Online Published Date:
19 October 2016
Appeared in issue:
238 - 11 October 2016
Implementation over revision – FATF executive secretary sets his sights
The word from David Lewis, Executive Secretary of the Financial Action Task Force (FATF), is that the UK’s impending ‘Brexit’ departure from the European Union (EU) should not immediately compromise the global fight against money..
Online Published Date:
26 October 2016
Appeared in issue:
239 - 27 October 2016
FATF sets out steps to correspondent banking compliance
There
is “no expectation, intention or requirement” for banks to conduct due
diligence on their customers’ customers, the Financial Action Task Force (FATF),
confirms at the start of its ‘Guidance on Correspondent Banking..
Online Published Date:
27 October 2016
Appeared in issue:
239 - 27 October 2016
The Fourth amendments - a view from Brussels
Dr Krišjānis Kariņš MEP, co-rapporteur on the Fourth EU Money Laundering Directive, who piloted the act through the European legislative process, is now hard at work on the amendments – the so-called ‘Fifth..
Online Published Date:
27 October 2016
Appeared in issue:
239 - 27 October 2016