Industry reacts to AML Intelligence's campaign, EU's latest sanctions plans and crypto a hot topic at next week's IMF-World Bank meetings

From Elizabeth Hearst and Alisha Houlihan at AML Intelligence

FinCrime leaders echo calls for more female representation; EU takes harsh stance against Russian crypto users & McGuinness says crypto will be top of the agenda in US talks

There have been calls for more women to be represented in top tier roles at global FinCrime agencies, following last week's campaign launched by AML Intelligence to bolster female visibility in the AML, AFC and Compliance space.?

Their demands follow a financial crime summit meeting of INTERPOL and FATF in Singapore last month, and the now?infamous?event picture.?

AML Intelligence Digital Editor Elizabeth Hearst argued that “honestly, this photograph could have been taken 50 years ago”, something which has struck a chord with some of the top female leaders in the AML/AFC and Compliance space.?

Global Head of FinCrime and Compliance Business Control & Oversight at Deutsche Bank, Patricia Sullivan?quipped that if you gathered the top Global Heads of FinCrime at the major banks, the picture would be near identical.?

It shows more definitely needs to be done.?

Now read the global reaction from Women In FinCrime leaders to our column?here :?

The EU has taken steps to block Russian persons in the bloc availing of crypto-service providers in its latest sanctions package.?

Announced yesterday, the Council of the EU mandated a “full ban” on the provision of crypto-asset wallet, account or custody services to Russian persons and residents, “regardless of the total value of those crypto-assets.”

It comes amid the bloc’s eighth sanctions package against the Kremlin following its recent annexation of four Ukrainian regions.

European Commissioner for Financial Services Mairead McGuinness this week revealed that crypto legislation would be a hot topic with US regulators at next week’s IMF-World Bank meetings.?

Speaking at a media roundtable, Commissioner McGuinness said that she was “sure” US reps would “want to hear what we’ve done, how it went and what the problems were”, with the bloc’s MiCA and crypto proposals.?

Her remarks come as many central bankers have called for a further harmonisation between global powers when it comes to crypto.?

Last week we launched the AML Intelligence ‘Financial Intelligence Specialist’ Certificate in partnership with Manchester CF – a globally recognised AFC qualification delivered online which is best value in the market!

We are delighted to offer the globally recognised online education programme with our partners ManchesterCF.

The acclaimed Financial Intelligence Specialist (FIS) Certificate sets a new standard in the world of compliance and AFC education.

We understand that as busy executives your time is precious, but you still wish to attain the best possible education and professional development to succeed in your career.

That is why this course is specifically designed for you – and it all takes place online.

The Certificate is acquired upon completion of 12 of the 18 FIU Connect modules over a one-year period. All the modules are relevant to AFC professionals in banks, financial institutions, Financial Intelligence Units (FIUs) and law enforcement agencies dealing with financial crime compliance on a daily basis.

Students receive announcements and participate in events and webinars that provide insight into the complex world of financial intelligence.

Those who successfully complete 12 of the modules will receive their Certificate, issued by ManchesterCF and the University of New Haven, Connecticut.

Graduates will be able to post the FIS Certificate on their LinkedIn profiles demonstrating to peers that they have acquired the FIS designation.

With our introductory offer you can avail of an AML Intelligence Annual Membership membership PLUS a one-year subscription to the ManchesterCF Financial Intelligence Specialist Certificate training programme.

If you a corporate or an individual find out more here on the best and the best value AFC qualification in the market:?https://www.amlintelligence.com/financial-intelligence-specialist/

NOW HERE’S YOUR NEWSFEED ON ALL MATTERS AFC AND AML THIS WEEK:

WHAT THEY SAID:?FinCrime leaders react to AMLi call-out on improving gender diversity.

Demands?grew ?this week for women to be represented in the top echelons of global FinCrime agencies and strategy in the wake of a campaign launched by AML Intelligence.

The campaign follows the financial crime summit in Singapore last month in which women were barely visible.

AML Intelligence writer and Digital Editor Elizabeth Hearst said photographs from the conference showed how badly represented women were at the top table in the Anti-Financial Crime (AFC) sector.?

“Honestly this photograph could have been taken 50 years ago,” Elizabeth wrote of the conference image which showed ranks of suited men on the summit staircase.

Find the story here:?FinCrime leaders react to AMLi call-out on improving gender diversity

CRYPTO BAN:?The Council of the EU has today agreed to?implement ?a full ban on the provision of crypto services to Russian persons and residents.?

It comes amid the bloc’s eighth sanctions package against Russia following its most recent annexation of Donetsk, Luhansk, Zaporizhzhia and Kherson regions in Ukraine.

In a statement, the Council of the EU announced it would implement a “full ban on the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets.”

Read the story here:?EU implements full ban on provision of crypto services to Russian persons in sweeping sanctions package

HARMONISED LEGISLATION:?EU representatives will reportedly?broach ?the need for a more coordinated global crypto regulatory framework with US officials at next week’s IMF-World Bank annual meetings.?

The bloc’s Commissioner for Financial Services, Mairead McGuinness revealed there was a “crowded agenda” for the US next week.?

Speaking at a media roundtable hosted by Bloomberg, Commissioner McGuinness added: “One of the items that won’t be bottom of the list, it will be in there right around the top is crypto.”

Read the full piece here:?EU to discuss crypto legislation with US officials at upcoming IMF-World Bank meetings

SWEDBANK TRIAL:?The former Chief Executive Officer (CEO) of Swedbank, Birgitte Bonnesen has gone on trial in Sweden, after she was?charged ?with fraud in connection with the lender’s anti-money laundering framework in Estonia.?

Ms Bonnesen, who served as CEO from 2016 to 2019, is accused of giving misleading information on several occasions with the intent to cover-up deficiencies in its AML protocols at its Estonian branch, reports Reuters.?

However, Ms Bonnesen has denied all charges according to her lawyer Per Samuelsson. She risks facing up to six years in prison if found guilty.?

Find the story here:?Former Swedbank CEO goes on trial for fraud over lender’s AML protocols

TAX HAVEN BLACKLIST:?The Council of the European Union has?added ?the Bahamas and Turks & Caicos Islands to its list of “non-cooperative” tax jurisdictions.

In its latest publication, the Council of the European Union has also placed Anguilla back on the list, just one year after it was removed.

Read the story here:?Council of the European Union adds Bahamas and Turks & Caicos to its Tax Haven blacklist

AUDIT FINE: The Dubai Financial Services Authority (DFSA) has?fined ?accounting firm, KPMG and former audit chief Milind Navalkar for failures in its audit of Abraaj Capital Limited (ACLD).??

Accounting firm KPMG was hit with an AED$1.5M (€412K) fine, while KPMG auditor Milind Navalkar was penalised?AED$500K (€137K).??

Find the story here:?KPMG’s UAE arm hit with AED$1.5M (€412K) fine over audit

?

ORACLE'S SEC FINE:?The US Securities and Exchange Commission (SEC) has?fined ?technology corporation Oracle Corp, $23M (€23.2M) to settle claims its units in Turkey, the United Arab Emirates and India were using funds set aside to bribe foreign officials.

As part of the investigation, Oracle was accused of violating the Foreign Corrupt Practices Act ("FCPA") between 2014 and 2019.

Find the story?here:?US SEC fines Oracle $23M (€23.3M) in ‘slush funds’ bribery investigation

'MOST SOPHISTICATED EVER':?POLICE in Spain have?seized ?€4M of the most authentic-looking forged €500 notes discovered to date.

"The print shop produced one the most sophisticated euro counterfeits ever detected in the EU," police said today (Thursday).?

Read the story here:?‘Most sophisticated ever’ forged €500 notes with a face value of €4M discovered at Spanish printing press

FBI BRIBERY CASE:?A former Federal Bureau of Investigation (FBI) agent specialising in national security has been?convicted ?of accepting at least $150K (€151.7K) in gifts and bribes to provide confidential information to a man linked to an organised criminal gang.??

The US Department of Justice said in a statement that Babak Broumand, was convicted in Los Angeles of “conspiring, bribing a public official and dealing in property derived from unlawful activity.”?

Find the story?here:?Ex-FBI agent received $150K in bribes for confidential information

?

LONDON?CALLING:?We’re?hosting our next ‘Financial Crime Intelligence Network?(FCIN)’ Roundtable in London on November 10.

The theme of the evening is: ‘Optimising the Downturn – Where Tech and Ethical AI Play.’

We will be discussing how to improve AFC and AML efforts using Ethical AI and digital transformation to reduce human workload and false positives, while improving productivity in KYC, onboarding and transaction monitoring.

Also on the agenda will be the eternal debate on Ethical AI and data privacy!

The evening will be moderated by?AML Intelligence?publisher and co-founder Stephen Rae and hosted in association with SymphonyAI, NetReveal.

This is an invitation-only event for senior AFC leaders in UK banking.

DON’T MISS OUT: Are you or your company?AML Intelligence?Members yet?

Ensure?you and your colleagues don’t miss out on what’s happening in the world of Anti-Financial Crime. Join the world’s top banks, government agencies and policy groups and become a Member today, allowing you full access to our premium content, our Regulatory Watch database of fines and regs – and of course complimentary access to our award-winning conferences.

?

Join here today:?Become a member

?? We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at?[email protected] ?for further information.

?

Join the world’s fastest-growing FinCrime community and?become an?AML Intelligence?member.