?? KYC/AML/CFT news ?? week 10/2024 (4-8 March)
Here is the most important KYC/AML/CTF information for the week of March 4-8, 2024.
?? Latest developments from authorities
?? 1/ UK FCA warns firms about anti-money laundering failures?? in famous "Dear CEO" letter. Key common failings: 1?? weaknesses in Business Wide Risk Assessments and Customer Risk Assessments 2?? lack of detail in policies creating ambiguity around actions staff should take to comply with their obligations under the MLRs 3?? lack of resources for Financial Crime, inadequate Financial Crime training and absence of a clear audit trail for Financial Crime related decision-making.
?? 2/ US DOJ, BIS & OFAC issued a joint compliance note focusing on the obligations foreign-based individuals and entities?? have to comply with U.S. sanctions and export control laws and the risks of exposure that they face for non-compliance.
?? 3/ FBI published 2023 Internet Crime Report??. 880,000 complaints and $12.5B lost to online fraud, a 22% increase over the previous year. ? Investment fraud caused the most losses reaching $4.57B, 38% more than previous year. Of this amount, ?? $3.94 billion was linked to cryptocurrency investment fraud.
?? Media roundup
??4/ Boeing reaches $51M settlement US-ITAR (export) violations??. This is the largest administrative penalty imposed for ITAR violations since $79M penalty against BAE Systems in 2011.
领英推è
??5/ A top U.S. sanctions official warns Austria and Raiffeisen Bank International of the dangers of doing business in Russia??, piling pressure on the biggest Western bank there
??6/ The French banking watchdog has alerted prosecutors to possible money laundering and financial fraud?? linked to Swiss-listed Leonteq, related to shortcomings in suspicious transactions monitoring and insufficient checks linked to accounts and transactions of clients in high-risk countries.
??7/ Australia's financial crime watchdog has launched an investigation into UK online gambling firm Bet365 over its compliance with anti-money laundering and counter-terrorism financing laws??.
??8/ A ￡50M London property empire was bought by an Azeri tycoon and his wife using money brought into Britain via an “extraordinarily complex†money laundering operation?? involving payments for “nutritious baby food†and fake and fictitious invoices.