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February 25, 2016: FinCEN, OCC assess penalties on Gibraltar Private Bank and...
The bank was first warned of having BSA/AML program deficiencies back in 2010 but did not remediate them by 2014, when the OCC placed them under a Consent Order. On February 25th, the bank was assessed...
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March 18, 2016: AUSTRAC news has a new format!
And it’s been renamed, too (no longer AUSTRAC e-news)… In this issue, we have news about changed CDD obligations under Australia’s AML/CFT Rules, enhanced due diligence and transaction reporting...
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Missed it by That Much: FinCEN re-imposes Special Measure 5 on FBME Bank
Issued March 24, 2016: FinCEN Issues Final Rule Imposing a Prohibition on the Opening or Maintaining of Correspondent Accounts for, or on Behalf of, FBME Bank Ltd. On July 29, 2015, FinCEN published in...
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March 21. 2016: FATF issues Advisory on FATF Deficient Jurisdictions
When FATF updates its lists of Deficient Jurisdictions, FinCEN issues an advisory to inform regulated firms of the changes in those lists, as well as to remind them of FinCEN’s guidance with regards...
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FinCEN Enforcement Action: Thriftway Food Mart & Owner/Compliance Officer...
The owner agreed to a civil monetary penalty of $10,000 for “willful and repeated” violations of the Bank Secrecy Act (BSA). As per the news release, this pattern persisted over a number of years,...
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Third Time’s the Charm: 3 FINTRAC Administrative Penalties
On April 5th, FINTRAC, the Canadian FIU, announced that it had levied administrative penalties on 3 firms for violations of PCMLTFA (Prevention of Crime (Money Laundering) and Terrorist Financing Act...
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Tails, You Lose: FinCEN Takes $1 Million of Sparks Nevada Chips
The casino “egregiously and willfully” violated its BSA/AML obligations: Sparks disregarded its compliance manager. It chose not to file rightfully prepared Suspicious Activity Reports (SARs) and it...
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April 25, 2016: Irish Financial Sanctions Update
Date: 25th April 2016 IMPORTANT Sanctions information email: PLEASE DO NOT REPLY TO THIS EMAIL NOTIFICATION Dear Subscriber, See the link below to the Central Bank website where you will find...
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Hong Kong SFC fines firm for Due Diligence Failures
The Securities and Futures Commission (SFC) has reprimanded and fined Guotai Junan Securities (Hong Kong) Limited (Guotai Junan) $1.3 million for non-compliance with the regulatory requirements in...
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FINMA lowers boom on BSI AG
FINMA took the following actions against BSI AG for significant AML program failures: Levied a 95 million CHF disgorgement Ordered the firm taken over by EFG Ordered the firm liquidated within 12...
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HK Securities and Futures Commission enforcement against Guotai Junan Securities
This is an AML enforcement action for failure to establish client identity, the really base activity of Customer Due Diligence: In July 2014, the SFC requested Guotai Junan to provide details of the...
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UAE publishes new AML/CTF & Sanctions Rulebook Module
The Dubai Financial Services Authority (DFSA) just reissued an amended version of the AML/.CTF & Sanctions section of their Rulebook. Here’s the section about sanctions: Anti-Money Laundering,...
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Who are you? FINTRAC wants to know
FINTRAC, the Canadian FIU (financial intelligence unit, responsible for AML enforcement), has issued a new guideline specifying how firms must establish the identity of their clients. The Guideline...
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Better late than never, FinCEN?
The Federal Civil Monetary Penalties Inflation Adjustment Act of 1990 said that federal agencies could adjust their penalties (i.e. the statutory maximum values) every three years. Problem is, few...
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July 11, 2016: HK SFC AML/CTF Circular
Circular to Licensed Corporations and Associated Entities Anti-Money Laundering / Counter-Terrorist Financing (1) FATF Statement on Democratic People’s Republic of Korea and Iran (2) FATF...
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July 27, 2016: FinCEN expands scope of Real Estate GTO
FOR IMMEDIATE RELEASE CONTACT: Steve Hudak July 27, 2016...
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July 28, 2016: FinCEN’s Section 311 Action Stayed
Notice Regarding Imposition of Fifth Special Measure against FBME Bank, Ltd. On March 31, 2016, following a voluntary remand ordered by the United States District Court for the District of...
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July 28, 2016: FINTRAC guidance on FATF statements
July 28, 2016 – FINTRAC Advisory: Financial transactions related to countries identified by the Financial Action Task Force (FATF) Financial transactions related to countries identified by the...
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HKMA Hosting 2 AML Seminars in Late September
Anti-Money Laundering and Financial Crime Risk Division Our Ref.: B10/1C B1/15C 26 August 2016 The Chief Executive All Authorized Institutions Dear Sir/Madam, Anti-Money Laundering Seminars 2016 I...
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August 18, 2016: Guidance from OSFI, from FINTRAC, from FATF & CFATF
On August 18th, OSFI sent out the following notice, which chronicle’s FINTRAC’s guidance on the guidances issued by FATF and CFATF about jurisdictions with strategic deficiencies in their AML/CTF...
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