Here are the top Anti-Financial Crime and AML stories so far this week:
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From Alisha H. at AML Intelligence
Europe’s new AML Authority (AMLA) is on the final stretch of the way to being a legal entity.
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The next weeks and months will now decide the final shape and form of the authority as the European Commission , the European Council and the European Parliament negotiate where it will be based and its precise AFC policing duties.
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One thing it will not be however is a sanctions enforcement agency.?AML Intelligence?has learned Member State governments and the Commission itself are set to reject Parliament recommendations that AMLA take on a sanctions role.
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“It would be setting AMLA up for failure,” said one senior source in Brussels of the extra role.
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This is likely to be one of the topics up for discussion at the ‘European Anti-Financial Crime Summit taking place in Dublin on May 25 next.
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Have you booked your place yet? We have a special 30pc discount code for Newsletter Subscribers. It’s EAFCS30OFF and you can use it here:?SECURE YOUR PLACE
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Now here’s your midweek news round-up:
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EXCLUSIVE - AMLA WILL NOT POLICE SANCTIONS:?EUROPEAN governments are?set?to veto calls by MEPs for the new AML Authority (AMLA) to oversee EU sanctions enforcement.??"At a technical level of course AMLA could take on the role of the sanctions. However, it would place an inordinate level of pressure on the organisation. In many ways it would be setting AMLA up for failure," a senior official told?AMLi.?Find the story here:?EU governments to veto sanctions role for AML Authority (AMLA); ‘would set the body up for failure’
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SENATE COMMITTEE CALL OUT:?Germany's accounting watchdog?fined?Wirecard auditor, #ey a €500,000 fine and banned the Big Four firm from taking on new audits for companies of public interest for two years.?EY said in an email that it had been informed by watchdog APAS that an investigation into the company had been completed, but that it had not been briefed on the details of the decision. APAS said in a statement that it had imposed sanctions on Wirecard's auditing company and five individual auditors, without referring to EY by name.?Read the story here:?EY fined, banned from public audits in Germany for two years over its role in the Wirecard scandal
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COMPLIANCE FAILURES:?Wells Fargo & Co (WFC.N) will pay fines of about $97.8M for inadequate oversight of its?compliance?risks, enabling the apparent violation of US sanctions against Iran, Syria and Sudan, federal authorities said. The Federal Reserve and the Treasury Department's Office of Foreign Assets Control (#OFAC) said the bank's deficient oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532M in prohibited transactions. The Fed fined 富国银行 $67.8 million, while OFAC fined the bank $30 million for inadequate oversight of its compliance risks from 2010 to 2015. Find the story here:?Wells Fargo to pay $97M for sanctions compliance failures
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RAISING CONCERNS:?A COURT JUDGMENT in Malta has?raised?concerns about the island's ability to enforce penalties for AML breaches.?It follows a ruling in which a judge found the administrative penalties imposed by the Financial Intelligence and Analysis Unit (#FIAU) were unconstitutional and annulled the watchdog's decision. Significantly for the work of the FIAU, the court also ruled the penalties were in breach of the rights of subject persons to be tried by an independent court. Read the full story here:?Court ruling in Malta raises concerns about island’s ability to enforce AML penalties as fine ruled unconstitutional
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***Message from the ‘European Anti-Financial Crime Summit,’ Dublin, May 25 organised by AML Intelligence.
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Have you booked your place for yourself or your AFC department(s) yet? Excitement is growing apace ahead of the much-anticipated ‘European AFC Summit’ in Dublin featuring the biggest names in world AML and Anti-Financial Crime.
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The summit’s Opening Address will be delivered by Eurogroup President?Paschal Donohoe TD, Minister for Public Expenditure, Ireland.
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The conference to be held in the historic RDS convention centre near central Dublin will be attended by some 250 AFC professionals from across the EU, UK and US.
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Confirmed Speakers include:
Topics to be discussed at the summit, organised by?AML Intelligence,?are:
Have you booked your place yet? We have a special 30pc discount code for Newsletter Subscribers. It’s EAFCS30OFF and you can use it here:?SECURE YOUR PLACE
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DEFRAUDING SUSPECT:?A Briton charged with?defrauding?Danish tax authorities, Sanjay Shah, will be extradited to Denmark from the United Arab Emirates, authorities on both sides said. Shah is suspected of running a scheme that involved submitting applications to the Danish Treasury on behalf of investors and companies from around the world for dividend tax refunds worth more than 9 billion Danish crowns ($1.32 billion). Read the story here:?British suspect in Danish fraud case to be extradited from UAE
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Have a great Wednesday??
Alisha and the team at AMlintelligence.