Dublin emerges as industry’s favourite for AMLA, commodities broker fined ￡6.5M for AML failings and Revolut is back in the regulatory wars

DUBLIN has emerged as the favourite of Anti-Financial Crime (AFC) professionals to host Europe’s new AML Authority (AMLA). The Irish capital came out top when AFC professionals were asked which city was the best location to host the authority, securing 25pc of votes. It was followed by Madrid (20pc) and then Luxembourg (13.2pc). The poll of 2,256 people was conducted over one week by AML Intelligence and gave participants the choice of 10 bidding cities.

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The results come as the European Commission formally launched the six-week bidding process for AMLA but the final decision on who gets to decide the location – European Council (governments) or the European Parliament has still not been agreed. This is despite a European Court of Justice (ECJ) ruling that parliament should have the final say. If the situation remains as it is and MEPs don’t have the final say, Germany, Spain and France giving their influence at government level remain the frontrunners.

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In Singapore, authorities on Tuesday said they were expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion).?Meanwhile the city-state is looking at subjecting?luxury assets, including cars, watches and handbags, to #AML controls and increase scrutiny of single family offices as the financial hub reels from the scandal. In parliament Tuesday the government said it would examine extending AML requirements, such as tougher #KYC due diligence checks, to expensive cars, handbags and alcohol. Such items are not currently regulated, unlike precious stones or metals. Family offices serving single families, which are exempt from certain licensing requirements, could also face stiffer rules. In particular focus are the 1,000+ family offices in the city, which have increased threefold from 2020 to 2022. At the same time, the government cautioned against “knee-jerk” reactions that make the city-state a harder place to do business.?We have the full story, below.

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In Britain Treasury Secretary Jeremy Hunt told his party conference this week he would tighten banking rules to make sure customers could not have their accounts closed just because others disagree with their political views.

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#Revolut was also back in the news with the revelation that the Financial Conduct Authority (FCA) and National Crime Agency (NCA) are probing how the fintech released ￡1.7M from a red-flagged account. We await with interest the results of that inquiry and have the story, below.

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Still in the UK the FCA said on Monday it had fined commodities broker ADM Investor Services International Limited ￡6.47M ($7.9M) for "inadequate" AML systems and controls. The FCA said the nature of the company's business and client base presented potentially high levels of money laundering risk because of its global spread of activities and clients that included higher risk so-called politically exposed persons (PEPs).

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Meanwhile in Germany, regulator #BaFin has appointed a special monitor to #Deutsche Bank to oversee the lender's handling of consumer service problems at its #Postbank unit, a blow to the reputation of the nation's top bank. The head of the regulator BaFin has termed as "unacceptable" the disruptions experienced in Postbank's online offerings, the difficulty clients had in reaching its customer service and in long processing times. The issue has been a setback for Deutsche Bank's effort to restore credibility after fines for lapses in money laundering controls, raids by authorities and other penalties.

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Your news updates so far this week:

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DUBLIN IS FAVOURITE AMONGST AFC PROFESSIONALS TO HOST AMLA: DUBLIN has emerged the favourite city amongst Anti-Financial Crime (AFC) professionals to host Europe’s new AML Authority (AMLA). In a poll the Irish capital received almost 25pc (24.5pc) of votes when asked which city would make the best location for the Authority. Voters were given the choice of ten bidding cities to choose from and 2,256 people participated. The poll was conducted by?AML Intelligence?on our Linkedin page over the period of one week. Check out the story here: Dublin is the favourite of Anti-Financial Crime (AFC) professionals to host new EU AML Authority (AMLA)

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$2BN IN ASSETS SEIZED IN SINGAPORE MONEY LAUNDERING CASE:?Singapore said it was?expecting?more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion). Simultaneous raids in mid-August by authorities of the city state known for its low crime rate led to the arrest of 10 foreigners and the seizure of luxury properties, cars, gold bars, designer handbags and jewellery worth S$1 billion. "This case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals," Josephine Teo, the second minister for home affairs, told parliament on Tuesday. Read the story here:?Singapore says $2 billion in assets seized in money laundering case

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UK'S HUNT ATTEMPTS TO STOP POLITICAL 'DE-BANKING':?British finance?minister?Jeremy Hunt said on Monday he would tighten banking rules to make sure customers could not have their accounts closed just because others disagree with their political views. The practice known as "debanking" became a political issue after former Brexit Party leader Nigel Farage said his account at private bank #Coutts, part of #NatWest, had been closed due to his political positions.

An internal bank document unearthed by Farage later showed the decision was partly taken over his views, alongside commercial considerations. Read the full story here:??UK’s Hunt says will change law to stop political ‘debanking’

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COMMODITIES BROKER FINED BY FCA:?Britain's Financial Conduct Authority (FCA) said on Monday it had fined?commodities?services broker ADM Investor Services International Limited ￡6.47 ($7.9 million) for "inadequate" anti-money laundering systems and controls. The FCA said the nature of the company's business and client base presented potentially high levels of money laundering risk because of its global spread of activities and clients that included higher risk so-called politically exposed persons. The watchdog said it raised concerns at ADM in 2014, but there were still significant failings when it visited the company two years later when it found no firm-wide money laundering risk assessment, and policies referring to repealed legislation. You can catch this breaking news-story here:?Commodities broker ADM Investor Services fined ￡6.5M by FCA for AML failures

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GERMAN REGULATOR INSTALLS MONITOR AT DEUTSCHE BANK:?Germany's top financial regulator is?appointing?a special monitor to Deutsche Bank to oversee the lender's handling of consumer service problems at its Postbank unit, a blow to the reputation of the nation's top bank. The head of the regulator BaFin has termed as "unacceptable" the disruptions experienced in Postbank's online offerings, the difficulty clients had in reaching its customer service and in long processing times. The issue has been a setback for Deutsche Bank's effort to restore credibility after fines for lapses in money laundering controls, raids by authorities and other penalties. Find the full report here:?German regulator installs monitor at Deutsche Bank for Postbank complaints

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REVOLUT PROBE:?BRITAIN's Financial Conduct Authority (FCA) and National Crime Agency (NCA) are?reviewing?how up to ￡1.7M was released by Revolut from flagged accounts.?The money obtained from accounts flagged by the NCA as suspicious, it's reported. The FCA is now engaging with the fintech, with support from crime agency over the alleged process failings between July and August, the Financial Times has reported. Read the story here:?FCA and NCA probe how Revolut paid out up to ￡1.7M from flagged accounts over summer

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DIGITAL EURO USE:?Tougher privacy safeguards are?needed?for using a digital euro online, consumer lobby Finance Watch said on Tuesday, in the latest sign of mounting "Big Brother" concerns policymakers are having to confront. The European Central Bank is due this month to say if it will push ahead with a digital euro, one of many central banks across the world, including the Federal Reserve and Bank of England, seeking to keep ahead of technological advances in payments. Find the story here:?Consumer finance group seeks more privacy in digital euro use

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COINBASE GETS SINGAPORE PAYMENTS LICENCE:?The Singapore arm of cryptocurrency exchange #Coinbase said on Monday it had?obtained?a Major Payment Institution (MPI) licence from the city-state's central bank. The licence, granted by the Monetary Authority of Singapore (MAS), will allow the largest U.S. crypto exchange to offer digital payment token services to individuals and institutions in Singapore. Coinbase, the world's largest listed crypto exchange, was granted initial approval in October last year. Read the story here:?Crypto exchange Coinbase gets Singapore payments licence

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Stephen?and the team at AMlintelligence.