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FCA fines Barclays £40m for breaches of the Listing Rules, relating to the failure to disclose certain arrangements with Qatari entities

November 27, 2024

The FCA held that Barclays failed to take reasonable care to ensure that the information contained in the announcements and prospectuses was not misleading, false or deceptive and did not omit anything likely to affect its import. It said that the advisory agreements formed part of the basis on which the Qatari entities agreed to participate in the capital raisings…

FCA fines Metro Bank £16m for financial crime failings

November 26, 2024

Metro Bank failed to monitor over 60 million transactions worth £51 bn for ML risks due to flaws in its automated system. Despite staff raising concerns, the issue wasn’t fixed until 2019, and Metro lacked a consistent mechanism to check the system until December 2020. The FCA emphasized the importance of effective systems to prevent financial crime, and Metro has since taken steps to address…

FCA fines Macquarie Bank Limited £13m for serious failings that allowed one of its employees to record over 400 fictitious trades

November 26, 2024

Serious control failures allowed fictitious trades by a rogue trader, costing the firm $57.8M to unwind and leading to enhanced oversight lessons…

FCA fines Barclays £4om in total for its failure to disclose certain arrangements with Qatari entities in 2008

November 25, 2024

The action was based on findings which included that Barclays’ conduct in its October 2008 capital raising was reckless and lacked integrity

US DoJ announces the arrest of a high-ranking Mexican cartel leader on ML and drug trafficking charges after faking own death

November 19, 2024

Cristian Fernando Gutierrez-Ochoa — a high-ranking member of the Cártel de Jalisco Nueva Generación (CJNG) and the son-in-law of the CJNG’s leader, Nemesio Oseguera Cervantes, also known as El Mencho — is charged with conspiracy to distribute five kilograms or more of cocaine and 500 grams or more of methamphetamine

OFAC settles with American Life Insurance Company for $178,421, related to apparent violations of Iranian transactions and sanctions regulations

November 18, 2024

ALICO processed insurance policies and claims for entities linked to the Government of Iran (GOI) without proper screening, violating U.S. sanctions regulations. The violations occurred over an 18-month period, and despite the company’s efforts to rectify the situation, several premiums and claims continued to be processed for these blocked entities…

US DoJ sentences Operator of Helix Darknet Cryptocurrency “Mixer” in ML conspiracy and ordered to forfeit over $400M in assets

November 13, 2024

A dual Russian-Swedish national was sentenced today to 12 years and six months in prison for his operation of the longest-running bitcoin money laundering service on the darknet. According to court documents and evidence presented at trial, from 2011 through 2021, Roman Sterlingov, 36, was involved in operating Bitcoin Fog, the darknet’s longest-running cryptocurrency “mixer.” Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2 million bitcoin….

US DoJ slams TD Bank executives to escape accountability and bypass the “bank death penalty” through legal maneuvers

November 12, 2024

Senator Elizabeth Warren condemned the DOJ for letting TD Bank avoid severe penalties in a money laundering case while sparing top executives from accountability. She cited the bank’s role in ML over US $670 million and questioned the DOJ’s commitment to holding individuals responsible. Warren warned that without executive accountability, fines will merely be treated as a business expense rather than a deterrent…

FinCEN assesses $900,000 civil money penalty against Lake Elsinore Hotel and Casino for BSA violations

October 27, 2024

As part of its resolution with FinCEN, Lake Elsinore admitted to willful violations of the BSA, including failing to implement and maintain an effective AML program, failing to file currency transaction reports (CTRs) and suspicious activity reports (SARs), and certain recordkeeping failures. In addition to the civil money penalty, Lake Elsinore will also be subject to an AML program review….

Hong Kong Customs detects money laundering case involving about $1.6b

October 16, 2024

Hong Kong Customs mounted an operation codenamed “Spark II” resulting in the arrest of five local men, aged between 34 and 71, for conspiracy or aiding to “deal with property known or reasonably believed to represent proceeds of an indictable offence” (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO).

SEC charges Virginia-based RTX Corp. with violating the FCPA in connection with efforts to obtain contracts with the Qatari military

October 16, 2024

According to the SEC’s order, Raytheon used sham subcontracts with a supplier to pay bribes of nearly $2 million to Qatari military and other officials from 2011 to 2017 to obtain Qatari military defense contracts.

FinCEN has levied a record penalty of $1.3bn against TD Bank, while the U.S. DoJ has imposed an additional $1.8bn in fines for violations of the Bank Secrecy Act (BSA)

October 12, 2024

According to the settlements, TD Bank failed to implement and maintain an adequate AML program. The bank’s insufficient processing of Venmo and Zelle transactions, which are indicative of human trafficking, resulted in the bank not identifying and reporting these transactions timely to the government. They also allowed enormous backlogs of potentially suspicious activity to persist, and not adequately report the suspicious activity…

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