i-law

Financial Crime

Money Laundering Bulletin

City National Bank pays OCC US$65m, in part for AML control & risk assessment deficiencies

"Unsafe and unsound" practices in strategic and operational risk management, including around anti-money laundering, as well as in investment management, at City National Bank, California, a subsidiary of Royal Bank of Canada, have brought down a fine of UK$65 million from the US Office of the Comptroller of the Currency (OCC).
Online Published Date:  14 Feb 2024
Appeared in issue:  311 - 14 Feb 2024

Ashfords Solicitors fined £101,357 in UK after sanctions risk fail

Exeter-based law firm Ashfords LLP will pay a UK£101,357 penalty after the Solicitors Regulation Authority (SRA) found it had breached the Money Laundering Regulations 2017 in respect of three property transactions between October 2017 and March 2018.
Online Published Date:  29 Nov 2023
Appeared in issue:  6530 - 26 Feb 2024

Money Laundering Bulletin Twitter Feed

Fraud Intelligence

EU institutions - a hard look in the corruption mirror

A year on from 'Qatargate' - the investigation and arrest of MEPs for allegedly taking payments from governments of non-European Union countries to influence bloc policies - Sara Lewis looks at how much attitudes to and control of graft in the corridors of power have changed in Brussels.
Online Published Date:  24 Nov 2023
Appeared in issue:  6505 - 22 Jan 2024

Opportunity in threat - prospects for pursuers

Hard economic times make for more exposure of and, arguably, to corporate fraud: there should be a silver lining for those with the skills to investigate and defend against it. Keith Nuthall and Andreia Nogueirago looking.
Online Published Date:  24 Nov 2023
Appeared in issue:  6505 - 22 Jan 2024

Fraud Intelligence Twitter Feed

Compliance Monitor highlights

Managing ESG risk for financial institutions

With ESG concerns now at the forefront of public and industry agendas, firms that slip up find themselves exposed to potential reputational, stakeholder, litigation and regulatory fallout.
 

 

In for a penny in for a digital pound?

A proposed retail UK central bank digital currency would be a new form of sterling, similar to a digital banknote, issued by the Bank of England for everyday use by households and businesses.


 

What’s ahead for consumer finance?

Once again, 2023 promises to be a year of regulatory change. 

Compliance Monitor Twitter Feed

Financial Crime Search

LLR: Financial Crime

R v ANDREWES

[2023] Lloyd's Rep. FC 35
Confiscation orders - CV fraud - Benefit from particular criminal conduct - Recoverable amount - Disproportionality.

FINANCIAL CONDUCT AUTHORITY v PAPADIMITRAKOPOULOS AND ANOTHER

[2023] Lloyd's Rep. FC 48
Preliminary issue - Financial services - Statutory interpretation of section 9 of the Crime (International Co-Operation) Act 2003 - Use of material obtained through mutual legal assistance - Whether claim should be struck out as an abuse of process.

SERIOUS FRAUD OFFICE v GLENCORE ENERGY UK LTD

[2023] Lloyd's Rep. FC 72
Crime - Corporate offending - Corruption - Guilty plea - Bribery Act - Bribery - Failure to prevent - Sentencing - Compensation - Confiscation - Cooperation.

LLR: Financial Crime Plus

NATIONAL CRIME AGENCY v WESTMINSTER MAGISTRATES' COURT, (INGLISTON MANAGEMENT LTD, LODGE SECURITY TEAM LTD, PETR OLEGOVICH AVEN, INTERESTED PARTIES) R (INGLISTON MANAGEMENT LTD AND LODGE SECURITY TEAM LTD) v WESTMINSTER MAGISTRATES' COURT (NATIONAL CRIME AGENCY, PETR OLEGOVICH AVEN, INTERESTED PARTIES)

[2023] Lloyd's Rep. FC Plus 7
Sanctions - Russian sanctions - Proceeds of Crime Act 2002 - The Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) - National Crime Agency - Account Freezing Orders - Ex parte application - Judicial Review - AFO variation - OFSI licenses - Application to set aside AFO.

PJSC NATIONAL BANK TRUST, PJSC BANK OTKRITIE FINANCIAL CORPORATION v BORIS MINTS AND OTHERS

[2023] Lloyd's Rep. FC Plus 8
Sanctions - Russian sanctions - Effect of designation - Licensing - Stay of civil litigation - Ownership and control.

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