?? KYC/AML/CFT news -> ???week 11/2024 (11-15 March)
Here is the most important KYC/AML/CTF information for the week of March 11-15, 2024.
?? Latest developments from authorities
??1/ The new EU Directive on criminalizing violations of Union restrictive measures has been approved by EU-MEPs??. ?? Main punishable offenses: 1?? breaching financial restrictions (directly or indirectly making funds available OR failing to freeze) 2?? providing prohibited financial services 3?? engaging in prohibited trade (trading in goods banned under sanctions OR conducting financial transactions with sanctioned countries or entities) 4?? providing misleading information to conceal assets that should be frozen.
??2/ FATF published Guidance on Beneficial Ownership and Transparency of Legal Arrangements??.The guidance complements the existing guidance on Recommendation 24 on legal persons and sets out ?? practical guidance on how to understand and assess the money laundering and terrorist financing risks associated with trusts and similar legal arrangements.
??3/ OFAC announced a settlement with EFG International AG, a Switzerland-based global private banking group that pay $3,740,442?? to settle its potential civil liability for processing 873 securities transactions in apparent violation of the Cuban Asset Control Regulations.
???Media roundup
??4/ Toronto-Dominion Bank CEO took a pay cut last year over the lender’s scuttled acquisition of First Horizon Corp. and the United States probe it faces over anti-money-laundering controls. A fine between $500M and $1 B is estimated, and TD has already said it is spending hundreds of millions of dollars to improve its risk and control infrastructure??.
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??5/ The terrorist group ISIS is leveraging stablecoins such as Tether for fundraising and global financial transactions??. While traditional methods like cash couriers remain predominant, there’s a notable shift towards using cryptocurrencies, particularly by IS affiliates in West Africa.
??6/ The central bank of the Netherlands fined Crypto.com 2.85 million euros for providing crypto services without registration??.
??7/ Munich’s state prosecutor is looking into allegations of money laundering at the Signa Group, René Benko’s collapsed luxury property empire. The investigation is looking at property developments by Signa in Bavaria, and the way in which large sums of money were transferred in relation to the developments??. Signa’s main holding companies are all domiciled in Austria.