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FCA secures Confiscation Order against convicted money launderer
On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds.
Federal Reserve Board announces two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates
The Board found that Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank.
FCA fines Bastion Capital London Limited £2.5m for serious financial control failings
Bastion executed trading to the value of approximately £49bn in Danish equities and £22.5bn in Belgian equities on behalf of Solo Group clients. The purported trades were carried out in a way that was highly suggestive of financial crime.
Federal Court of Australia orders Crown Melbourne and Crown Perth to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them AML offences
As part of the settlement, Crown admitted that it operated in contravention of the AML/CTF Act, including that Crown Melbourne and Crown Perth’s AML/CTF programs were not based on appropriate risk assessments, did not have appropriate systems and controls to manage…
SEC charges HSBC and Scotia for recordkeeping failures
Both firms were charged for widespread and longstanding failures to maintain and preserve electronic communications. To settle the charges, HSBC and Scotia acknowledged that their conduct violated recordkeeping provisions of the federal securities laws and agreed…
OFAC & BIS fines Microsoft for violations of US export controls and sanctions laws
Microsoft agreed to pay $2,980,265.86 for illegal exports of services and software to sanctioned jurisdictions and Specially Designated Nationals (“SDNs”) in violation of OFAC’s Cuba, Iran, Syria, and Ukraine-/Russia-Related sanctions programs…
Gambling Commission fines 32Red and Platinum Gaming for AML failures
Two online operators 32Red Limited and Platinum Gaming Limited, both part of Kindred Group plc, will pay a £7.1 million penalty for social responsibility and anti-money laundering failures. 32Red Limited, which runs 32red.com, will pay £4,195,655 whilst Platinum…
US DoJ fines Swedish telecoms provider, Ericsson, for breaches of 2019 DPA
Ericsson breached the DPA by violating the agreement’s cooperation and disclosure provisions. Ericsson will plead guilty to engaging in a long-running scheme to violate the FCPA by paying bribes, falsifying books and records, and failing to implement reasonable internal…
Gambling Commission fines Blue Star Planet Ltd for AML control failings
Blue Star Planet Limited, trading as 10Bet, will pay £620,000 after a Commission investigation revealed social responsibility and anti-money laundering failures. The operator – which runs 10bet.co.uk – will pay the money as part of a settlement with the Commission…
HKSFC fines Jinrui Futures Ltd HK$4.8m for breaching AML regulations
The HKSFC found that Jinrui Futures failed to perform adequate due diligence on the customer supplied systems used by clients for placing orders, and assess and manage the associated ML/TF and other risks; conduct proper due diligence on clients before account opening…
Gambling Commission fines In Touch Games for AML and compliance failures
The AML failures included not adequately taking account of the risk of a customer being a beneficiary of a life insurance policy ; having links to high-risk jurisdictions; or being a politically exposed person (“PEP”), family member of a PEP or known close associates…
FCA penalises Al Rayan Bank PLC for anti-money laundering failures
The FCA has fined the UK unit of Qatar’s Al Rayan Bank for failing to put in place adequate AML controls. The firm failed to adequately check its customers’ Source of Wealth and Source of Funds when it was required to make sure the money was not connected to financial crime…