US ‘largely compliant’ on BOs says FATF, Wolfsberg’s audit in fincrime report, EU’s new environmental crime laws, Germany uncovers gold laundering...
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The United States has been upgraded to “largely compliant” with FATF's Recommendation 24 on beneficial ownership transparency for legal persons. We have the full story, here:?FATF upgrades US to ‘largely compliant’ on beneficial ownership; move welcomed by Yellen
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Global identity verification solution ID-Pal has been announced as the headline sponsor of the ‘European Anti-Financial Crime Summit (EAFCS) 2024’. The summit will address the evolving threats of financial crime and allow for open engagement with leaders in the sector. This unmissable summit in Dublin on May 16 is the go-to gathering of AML experts and AFC leaders across the globe. On the announcement, Colum Lyons - CEO and Founder, ID-Pal shares: “It’s a period of rapid change in how we detect and prevent fraud, so the European Anti-Financial Crime Summit?comes at the most crucial time in being able to help the sector navigate the challenges posed by Artificial Intelligence (AI).”?Book your or your organisation’s tickets here:?EAFCS2024
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The Wolfsberg Group this week published its principles for auditing effectiveness. The banking group said it believes internal audit can assist the fight against financial crime. It believes internal audit can promote effective Financial Crime Risk Management and support how supervisors may also seek to assess the effectiveness of their regulated entities. The report is the result of a joint exercise between member banks’ second and third lines of defence, to provide financial institutions with a framework for such an assessment.
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One commentator however has criticized the approach taken. The leading AFC advocate told AML Intelligence: “This is of no practical, operational impact. Zero. We have to do better. Enough with the formality and 10k ft repeat of what is already out there. We need high-impact, this is what to do/look for/etc, indicators of ineffectiveness, how to dig deeper,” they said.
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In Brussels this week, the European Council formally adopted a directive on the protection of the environment through criminal law. The law will improve the investigation and prosecution of environmental crime offences.
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A major investigation in Germany is looking into a money laundering scheme involving several million euros in gold transactions - following red flags raised by the FIU. ?This is another example of the fundamental work carried out by the bloc’s FIUs – and units across the globe.
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When you thought things could not get any worse, Switzerland has turned up a real curved ball. A catalogue of the most serious AML violations was revealed this week by Swiss regulator, #FINMA at Banque Audi (Suisse) SA. The watchdog reported how the bank ignored advice from its own auditor, bypassed its MLRO, avoided PEPs protocols and is still banking high-risk clients. It’s the cluster of AML-bypass.
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Blackstone-owned BX.N Crown Resorts can keep its licence to operate its flagship Melbourne casino, a gambling regulator said on Tuesday, more than two years after the casino was put under government supervision for breaking anti-money laundering laws.?
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***On April 17 next we are hosting a special webinar on ‘How to implement AI to combat top AML typologies.’ The event is for FCC, AFC and AML leaders in banking and financial services. We will hear from expert Dr Janet Bastiman of NapierAI.? Register your place here:?How to implement AI to combat top AML typologies
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Meanwhile, Europol has been convulsed by the disappearance of highly sensitive files with the personal information of its top officers, including chief Catherine De Bolle . According to an internal agency note, the hardcopy personnel files of Executive Director De Bolle and other senior officials were leaked last summer. "On Sep. 6, 2023, the #Europol Directorate was informed that personal paper files of several Europol staff members had disappeared," read the note. When officials checked all the agency's records, it discovered "additional missing files," it added. “Given Europol's role as law enforcement authority, the disappearance of personal files of staff members constitutes a serious security and personal data breach incident," the note, shared on its internal message board system and dated Sep. 18, revealed.
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The US Treasury on Monday said it imposed sanctions on Russian financial services and technology firms and individuals for developing or offering services in virtual assets aimed at evading US sanctions on Russia over its invasion of Ukraine.
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After announcing new sanctions on a Sinaloa Cartel fentanyl network in Phoenix, Arizona, Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on countering fentanyl hosted by the Financial Crimes Enforcement Network (FinCEN) and IRS - Criminal Investigation, members of Treasury’s Counter Fentanyl Strike Force.?
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Now for your mid-week news blast:
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FATF UPGRADES US:?THE United States has been?upgraded?to “largely compliant” with FATF's Recommendation 24 on beneficial ownership transparency for legal persons, it was announced.?FATF published its updated rating in the Seventh Enhanced Follow-Up Report on the United States, which was a win for the Treasury’s efforts to increase beneficial ownership transparency and address key vulnerabilities.
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EAFCS HEADLINE SPONSOR REVEALED:?Global identity verification solution ID-Pal is thrilled to?announce?its headline sponsorship of the exclusive European Anti-Financial Crime Summit (EAFCS) 2024, by AML Intelligence. The partnership underscores ID-Pal’s place at the core of the financial services ecosystem, with its award-winning platform for robust anti-money laundering (AML) screening and customer onboarding. Find this story here:?ID-Pal revealed as Headline Sponsor of the European Anti-Financial Crime Summit 2024
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*** It’s set to be the stand-out Anti-Financial Crime event of the year. Have you booked your or your department’s place at the ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16? The summit will hear from the top global leaders on AML and AFC for a banking, fintech, finreg and gaming audience. Topics being covered are:
Delegates from across the globe are preparing for the #EAFCS24 - have you secured your ticket? Book your or your organisation’s tickets here:?EAFCS2024
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EUROPE’’s NEW ENVIRONMENTAL CRIME LAWS:?The European Council formally adopted a directive on the?protection?of the environment through criminal law. The law will improve the investigation and prosecution of environmental crime offences. The directive establishes EU-wide minimum rules on the definition of criminal offences and penalties. It replaces the previous law which dates back to 2008.
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GOLD ?LAUNDERING RACKET IN GERMAY:?A MAJOR investigation in Germany is looking into a money laundering scheme?involving?several million euros in gold transactions - following red flags raised by the FIU.?The probe centres on gold of unknown origin "in the value of a mid-double-digit million amount" purchased in Germany, carried to Turkikye and then re-imported back as gold jewellery.
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BLATANT AML VIOLATIONS IN SWITZERLAND:??A CATALOGUE of the most serious AML?violations?has been uncovered by Swiss regulator, FINMA at Banque Audi (Suisse) SA, the agency revealed.? The bank was found to have hidden information from FINMA, kept its MLRO in the dark, ignored adverse press reports and wilfully bypassed PEP protocols.
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CROWN RESORTS RETAINS LICENSE:??Blackstone-owned BX.N Crown Resorts can keep its?licence?to operate its flagship Melbourne casino, a gambling regulator said on Tuesday, more than two years after the casino was put under government supervision for breaking anti-money laundering laws.
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***?On April 17 next we are hosting a special webinar on ‘How to implement AI to combat top AML typologies.’ The event is for FCC, AFC and AML leaders in banking and financial services. We will hear from expert Dr Janet Bastiman of NapierAI. We will be looking at screening customers during, after onboarding, and throughout the client lifecycle. The applications of AI for FCC are game-changing, freeing operational efficiencies and transforming compliance. In this webinar, we will discuss AI implementation and the regulatory landscape its use. Interest is high, so if you are a leader in this sector, don’t miss out. Book your place now.?REGISTER?HERE:
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US TARGETS RUSSIAN OPERATORS:??The US Treasury on Monday said it imposed sanctions on Russian?financial?services and technology firms and individuals for developing or offering services in virtual assets aimed at evading US sanctions on Russia over its invasion of Ukraine. The Treasury said its Office of Foreign Assets Control (OFAC) designated 13 entities and two individuals in the latest round of Russian sanctions targeting Russia's core financial infrastructure to block its use of the international financial system to further its Ukraine war aims.
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COMBATTING FENTANYL:?After announcing new?sanctions?on a Sinaloa Cartel fentanyl network in Phoenix, Arizona, Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on countering fentanyl hosted by the Financial Crimes Enforcement Network (FinCEN) and IRS - Criminal Investigation, members of Treasury’s Counter Fentanyl Strike Force.
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US CHARGES KUCOIN CRYPTO EXCHANGE:?Federal prosecutors in Manhattan charged cryptocurrency exchange KuCoin on Tuesday with violating US anti-money laundering laws, allowing billions of dollars in illicit funds to be transferred since its founding in 2017. Seychelles-based KuCoin is one of the world's largest cryptocurrency exchanges. Prosecutors said the exchange sought business from US customers without registering with the US Treasury Department and putting in place procedures to verify clients' identities as required by US law.
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EMBEZZLED MINING MONEY: The US is seeking to forfeit two New York City apartments a former Mongolian prime minister bought with stolen mining funds, prosecutors said on Tuesday, as U.S. officials crack down on money laundering in high-end real estate. Federal prosecutors in Brooklyn said former Prime Minister Sukhbaatar Batbold and his family bought the two midtown Manhattan apartments for a total of $14 million in 2012 and 2015.
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