Analysts Predict Stable US
AML Framework After Election Photo by the Associated Press
Enforcement Actions
The Solicitors Regulation Authority announced a settlement with the Sittingbourne, U.K.-based sole practitioner law firm to resolve violations of the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.
November 6, 2024
On Oct. 7, 2024, the Guernsey Financial Services Commission fined Zedra Trust, Co. £90,000 pounds and its former executive director, Colin Andrew Borman, £15,000 pounds for failing to ensure compliance with the regulatory requirements and to meet the minimum criteria for licensing.
October 14, 2024
Legs & Regs
OFAC Adds One Individual, One Entity to SDN List
The Office of Foreign Assets Control of the U.S. Treasury Department issued a notice concerning the addition of one individual and one entity to the Specially Designated Nationals List with respect to Balkans-related sanctions regulations.
November 6, 2024
US Treasury Expands Sanctions on Corrupt Republika Srpska Network
The U.S. Treasury Department announced sanctions targeting one individual and one entity who support a corrupt network in Bosnia-Herzegovina that is attempting to evade U.S. sanctions.
November 6, 2024
OFAC Amends Balkans-Related General License on Water Pumps Manufactured by Sanctioned Entities
The Office of Foreign Assets Control of the U.S. Treasury Department issued General License No. 5A under the Western Balkans Stabilization Regulations to authorize certain transactions involving water pumps manufactured or distributed by two sanctioned entities.
November 6, 2024
RBI Updates KYC Master Direction to Enhance Compliance with AML Regulations
The Reserve Bank of India issued amendments to its Master Direction on Know Your Customer protocols to align the guidelines with recent updates to India’s Prevention of Money Laundering (Maintenance of Records) Rules and the Unlawful Activities (Prevention) Act.
November 6, 2024
October 29, 2024
In this episode of Financial Crime Matters: Industry Leaders, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Jason Somrak of software provider Oracle, discuss artificial intelligence, data management and AML-related false positives.
October 16, 2024
In the latest episode of Sanctions Space, Justine is joined by Jessica Bartlett, managing director and head of Global Financial Crime Legal at Barclays. They discuss how the global sanctions landscape has changed over the past decade, the interlinkage between sanctions and export controls and how financial institutions need to undertake a mindset shift to strengthen sanctions compliance.
More News
Nearly a year has passed since the European Commission updated the EU's list of "high-risk third countries."
November 6, 2024
Analysts Predict Stable US AML Framework After Election
By Chelsea Carrick
Project 2025, a controversial, 920-page "roadmap to a conservative presidency," would hamstring U.S. banking agencies and scrap the Corporate Transparency Act, but only if followed to the letter.
November 4, 2024
U.S. casinos face insider threat, Lebanon's ex-central bank chief faces new charges, and more, in the weekly roundup.
November 1, 2024
Insider Threat Challenges Casino Compliance
By Chelsea Carrick
Unscrupulous marketing hosts and other inadequately vetted employees pose as large a financial crime-related threat to casinos as external parties wagering illicitly obtained funds, compliance officers warned attendees of a recent industry event in Las Vegas.
October 31, 2024
Bank of America faces U.S. enforcement, Fintrac fines realtor, and more, in the midweek roundup.
October 30, 2024
Enforcement Actions
The Solicitors Regulation Authority announced a settlement with the Sittingbourne, U.K.-based sole practitioner law firm to resolve violations of the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.
November 6, 2024
On Oct. 7, 2024, the Guernsey Financial Services Commission fined Zedra Trust, Co. £90,000 pounds and its former executive director, Colin Andrew Borman, £15,000 pounds for failing to ensure compliance with the regulatory requirements and to meet the minimum criteria for licensing.
October 14, 2024