Crypto hits the headlines, EU's instant payments proposals promises more efficient screening and a surprising new career move for a senior banker!
AMLintelligence.com
The global platform for Anti-Financial Crime leaders > Leadership | Insight | Network
Crypto hits the headlines again as Santander to ban transfers to virtual exchanges while countries who fail to implement AML guidelines may face FATF ‘grey list’
There never seems to be a quiet week for crypto these days.?
Global lender Santander is to ban customers in the UK from sending instant payments to crypto exchanges next year.?
The bank reportedly plans to block phone, in-branch, online and mobile payments to crypto exchanges made using telephone banking as early as 2023.?
Santander has said the move was intended to protect customers against scams.
In other cryptocurrency news, countries may be hit with inclusion on FATF’s grey list, if they fail to improve their crypto AML regulations, according to media reports.?
FATF is reportedly preparing to conduct annual checks to ensure countries are enforcing AML regulations on crypto providers, giving nations less time to pull up their socks or face potential grey listing.
And finally, one senior banker has decided to pack in his role as Chief Risk Officer at UBS to follow his passion and become a photographer!
Christian Bluhm will resign his senior position in May to focus on his business and other academic pursuits, and will open a studio and gallery near his former employers headquarters in Zurich!
Meanwhile, it’s all systems go for the second?AML Intelligence?Women in FinCrime summit?of 2022 which brings?together some of the industry’s top?female?decision makers and leaders in the AML, AFC and Compliance space.?
The summit will place on November 30?and we are delighted to announce today, we will also be joined by?Nana Heider, Head, Financial Crime Intelligence Unit, Deutsche Bank who will be sharing her insights.?
?Other confirmed speakers include:
The theme of the November 30 Summit is ‘Emerging Technology in the Fight Against Financial Crime.’
More speakers will be announced shortly. Get your discounted tickets,?avoid disappointment and?secure your place today
?
If you’d like to be one of our sponsors, contact James Treacy on?[email protected]
Here are the top Anti-Financial Crime and AML stories so far this week:
CRYPTO BAN:?Global lender, Santander will reportedly?ban?customers in the United Kingdom (UK) from sending instant payments to cryptocurrency exchanges next year.
The bank plans to block phone, in-branch, online and mobile payments to cryptocurrency exchanges made using telephone banking, as early as 2023 reports Reuters.
In an emailed statement issued on Friday, the bank said the move was intended to protect customers against scams.
Read the story here:?Santander to ban UK transfers to crypto exchanges
?
SAY CHEESE:?The chief risk officer at global lender UBS has made a?surprising?career move.??
In a statement released on Tuesday, UBS announced that?Christian Bluhm would be resigning his senior position to become a full-time professional photographer.?
The shock move comes as Mr Bluhm plans to open a studio and gallery near the UBS headquarters, in Zurich's historic centre, reports The Financial Times.
READ the story here:?UBS Chief risk officer resigns to become a professional photographer
?
PROMISED INSTANT PAYMENTS:?European Commissioner for Financial Services Mairead McGuinness has?promised?that newly unveiled instant payment plans for the bloc will make sanctions screening “more efficient”.?
Commissioner McGuinness explained: “At the moment the vast majority of cross-border payments that are flagged during screening are false positives.”
“Under this new legislation, providers will be responsible for screening their clients against the latest EU sanctions list,” she added.?
Find the story here:?Commissioner McGuinness promises new instant payment rules will make sanctions screening ‘more efficient’
INSIGHT:?CEO?and Founder of?Elucidate, Shane Riedel writes an?exclusive?piece with AML Intelligence on adopting a risk-based pricing approach to correspondent banking is key to curbing financial crime.
He argues that by adopting new "data-driven" solutions, we can "incentivise better financial crime controls, support at-risk financial institutions and meaningfully work to eliminate financial crime."
Read the story here:?Adopting a risk-based pricing approach to correspondent banking is key to curbing financial crime
FALLING CROWN:?Melbourne’s Crown Casino has been?hit?with an AUD$120M (€77.6M) fine for “systemic failures” in its social responsibility mechanisms.?
In a statement, the Victorian Gambling and Casino Control Commission (VGCCC) said it had taken disciplinary action against Crown Melbourne for failing its Responsible Service of Gambling obligations.?
The Commission found that Crown had breached its code of conduct for the gambling obligations over a prolonged period by “consistently failing to intervene” to prevent gambling harm.
Find the story here:?Crown Melbourne hit with AUD$120M (€77.6M) fine for ‘systemic failures’ of gambling regulatory framework
BAFIN WARNING:?Germany’s financial regulator BaFin has?threatened?to fine Deutsche Bank unless it fixes AML processes by a mid-2023 deadline.
In a statement late Friday, Bonn-based BaFin said it had ordered Deutsche Bank to take “specific measures” to prevent money laundering and terrorist financing.?
In the notice BaFin warned Deutsche Bank to take measures to implement orders issued in 2018 and 2019 against the bank.?
Read the story here:?Friday evening warning from BaFin that it will fine Deutsche Bank if lender fails to improve long-standing AML issues by 2023 deadline
?
AMLinfluencers:?The co-founders of AML Intelligence have been?named?in the ‘Top 20 Most Influential Professionals in the AML Industry’.?
Co-founders Stephen Rae and James Treacy were recognised amongst some of the AML and AFC sector’s top influencers by Newsinterpretation.?
In a statement, Editor & Publisher of Newsinterpretation Mohit Kumar revealed that their team had researched thousands of LinkedIn profiles to understand the “true influencers” of the AML domain.?
Find the story here:?AML Intelligence co-founders named in Top 20 Most Influential Professionals in AML
?
'SILVER NOTICE':?Australia will lend its?support?to international policing body Interpol’s new “silver notice” proposals aimed at tracking criminal assets.?
Speaking at a Senate estimates hearing on Tuesday, Australian Federal Police Commissioner Reece Kershaw confirmed that Interpol was looking to add the notice to its suite of powers, reports the Australian Associated Press.
READ the story here:?Australia to back Interpol’s ‘silver notice’ plans to track criminal assets
MOVERS & SHAKERS: Check out our jobs portal for the latest roles in Compliance, FinCrime and AML.?
?? We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at?[email protected]?for further information.
?
Join the world’s fastest-growing FinCrime community and?become an?AML Intelligence?member.
Have a great Wednesday??
Elizabeth, Alisha and the team at AMlintelligence.