FinCEN in Congress’ crosshairs, major ML bank scandal in India and Iran sanctions nightmare for two leading UK banks
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TRICKY days for FinCEN in the US which does not appear to be managing its public affairs so well. The fincrime agency is getting it from sides in Congress – which clearly is not good. Now bipartisan senators are demanding explanations from the Financial Crimes Enforcement Network for delays in implementing whistleblower awards for reporting money laundering and sanctions violations.?We have the latest story.
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India’s financial crime compliance is front and centre for the last week as it’s been revaled?Paytm?Bank did not CDD on 100,000s of customers. Its chief executive met the Indian finance minister on Tuesday?days after the banking regulator ordered its payment bank to halt business, leading to a share price rout.?This is set to be a long drawn out affair with a massive money laundering probe getting underway. We report on the scandal engulfing Paytm.
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Iran sanctions evasion is every bank’s nightmare. Now it’s been reported two of Britain's biggest banks were used by Iran to covertly evade sanctions and move money around the world.?Lloyds and Santander UK provided accounts to British front companies set up by Iranian intelligence. Will they face US Treasury Department investigation? Intriguingly the front man for Iran shared an address near Buckingham Palace with an Iranian government entity but this did not raise alarm bells. We report.
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Have you booked your place for the ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16 next? Raluca Prun?, Head of the Financial Crime Unit at the European Commission will speak at the summit. Raluca works at the Commission’s DG FISMA, the financial services directorate, which has been shaping the EU’s new AML laws and paving the way for the bloc’s new AML Authority (AMLA).?INVOICING OPTION AVAILABLE ALSO. Contact [email protected]
The stellar line-up of speakers are drawn from across the EU, UK and US. The summit will discuss the most topical issues facing Chief Compliance Officers, #MLROs, #FCC and #AFC teams in #Banking, #Fintech, #FSIs and #Gaming.
The four Plenary sessions at EAFCS2024 will discuss:
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#FinCEN UNDER PRESSURE:?Bipartisan senators are demanding explanations from the Financial Crimes Enforcement Network (FinCEN) for delays in implementing?whistleblower?awards for reporting money laundering and sanctions violations. In a letter to the US Treasury Department's AML bureau three years after the bill mandating it was enacted, Senators Chuck Grassley (R. Iowa), Elizabeth Warren (D, Mass.) and Raphael Warnock (D. Ga.) expressed concern over the lack of progress in implementing the program. The 2021 national defence bill included the establishment of FinCEN's AML whistleblower program, according to the Wall Street Journal.
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PAYTM?CDD SCANDAL: Paytm's chief executive met the Indian finance minister on Tuesday, according to two sources who were aware of the development, days after the banking regulator ordered its payment bank to halt business, leading to a share price rout. Earlier in the day, #Reuters had reported that CEO Vijay Shekhar Sharma and a few #Paytm officials had met the Reserve Bank of India (RBI) on Monday to discuss regulatory concerns. The meetings come after the RBI asked Paytm Payments Bank last Wednesday to stop accepting new deposits in its accounts and its popular digital wallets from March, citing supervisory concerns and non-compliance with rules.
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BRITISH BANKS IN?IRAN SANCTIONS EVASION?SPOTLIGHT:?TWO of Britain's biggest banks were used by Iran to covertly evade?sanctions?and move money around the world, it's been claimed. #Lloyds and #Santander UK provided accounts to British front companies set up by Iranian intelligence, the Financial Times reported. The media outlet claimed the accounts were ultimately owned by an Iranian petrochemicals company which used an address in London.
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EAFCS2024?ANNOUNCEMENT:?RALUCA Prun?, Head of the Financial Crime Unit at the European Commission will?speak?at ‘European Anti-Financial Crime Summit 2024’, it was announced today.?One of the top minds in AML and Anti-Financial Crime in Europe, she will be speaking at #EAFCS2024 in Dublin on May 16 next. Raluca works at the Commission’s DG FISMA, the financial services directorate, which has been shaping the EU’s new AML laws and paving the new way for the bloc’s new AML Authority (AMLA). Read this here:?EU Commission’s Head of FinCrime Raluca Prun? to speak at ‘European Anti-Financial Crime Summit 2024’ in Dublin, May 16?
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Have a great Wednesday ??
Stephen?and the team at AMlintelligence.
Navigating complex situations often calls for wisdom - Aristotle once said - We are what we repeatedly do. Excellence, then, is not an act, but a habit ??. In moments like these, transparency and swift action can build trust. Every challenge is an opportunity to excel ?? #ethics #transparency #leadershipgrowth
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