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Luxembourg Times: The CSSF has fined BGL BNP Paribas €3m for lapses in its AML compliance
The €3m fine, issued in May followed an inspection at BGL BNP Paribas from May to November 2021. It is among the largest penalties by the CSSF, which fined Banque Internationale a Luxembourg €4.6m in 2020 for similar breaches. The bank also breached laws by terminating some business relationships, allowing clients to transfer assets without notifying authorities despite suspicions of ML…
The Guardian: DWP algorithm identifies 200,000 individuals for potential fraud and error
The Guardian found out that more than 200,000 individuals underwent unnecessary investigations for housing benefit fraud and error due to major flaws in a government algorithm. Data obtained under freedom of information laws shows that two-thirds of claims flagged as high risk by the DWP’s automated system over the past three years were legitimate…
Reuters: Bank of Italy detects suspicious transfers from Italian accounts to Russia indicating potential illegality
The 2023 report from the Bank of Italy’s Financial Intelligence Unit noted the discovery of unusual financial flows, without specifying details of the suspected transfers or the countries involved, particularly those heading to Russia. Each year, the report gathers data on possible instances of AML / CFT, determining whether to forward this information to investigative agencies…
Business Times: Singapore enhances AML regulations for corporate service providers and companies mandating providers to arrange nominee directorships
Parliament passed two Bills amending laws governing CSPs and entities, following a debate where Second Finance Minister Indranee Rajah addressed queries from MPs, particularly regarding the new nominee directorship requirements. Under the new rules, only a corporate service provider or a sole proprietor of a registered CSP can arrange a nominee directorship with violators facing fines of up to US$10,000…
Finextra: Crypto bank Silvergate pays $63m to settle regulator charges for misleading investors about the strength of their AML program and the losses sustained during the collapse of FTX
The SEC charged Silvergate and its executives with misleading investors about the company’s losses from expected securities sales and its dire financial condition during a liquidity crisis and bank run following FTX’s collapse. Silvergate and Martino misrepresented the situation leading the firm to announce the winding down of its banking operations last year. Consequently, the company’s stock plummeted to nearly zero…
NBC News: China removes two ex-defence ministers on corruption charges
Recently, Chinese state media reported that Li and another former defense minister, Wei Fenghe, were expelled from the CCP for alleged serious violations, including accepting gifts and money, and facilitating improper benefits, following a thorough investigation by the central military commission…
Reuters: India’s FIU imposes $2.25 million penalty on crypto exchange Binance
Binance classified as a Virtual Digital Asset Service Provider is obligated to maintain transaction records and implement stringent AML measures. Despite this classification, the FIU’s investigation revealed Binance’s non-compliance with these requirements in its dealings with Indian clients…
Reuters: Police conducted search at Thales offices across three countries as part of a corruption investigation
French, Spanish, and Dutch authorities conducted office searches at Thales, a French military equipment provider in a corruption investigation. The first investigation, focuses on suspected corruption of a foreign official, criminal association, and ML related to submarine sales and naval base construction in Brazil. The second involves similar offenses tied to the sale of military and civilian equipment overseas…
Reuters: Panama’s court has acquitted individuals accused of ML connected to the Panama Papers and “Operation Car Wash” scandals
Judge Marquinez also imposed fines on witnesses who failed to comply with summonses and noted that evidence from Mossack Fonseca’s servers lacked proper chain of custody. In relation to Operation Car Wash, a large-scale corruption investigation originating in Brazil, Marquinez concluded that it couldn’t be proven funds from illicit sources entered Panama to conceal crimes…
Financial Times: U.S. federal law enforcement officials stated that suspects chose Citigroup ATMs for ML due to operational advantages
US prosecutors revealed that drug traffickers chose Citigroup for ML due to its perceived weaker fraud controls. In January 2021, two California residents deposited nearly $36,000 in illicit cash at Citi ATMs by splitting the amount into smaller transactions to avoid detection. The Drug Enforcement Administration reported that the duo, allegedly part of a network laundered at least $50m, chose Citi after evaluating several banks…
Compliance Week: Credit Suisse AG New York Branch to address deficiencies in the Branch’s compliance related to the Bank Secrecy Act and other AML laws and regulations
The branch has struck a formal agreement with the Department’s Office of the Comptroller of the Currency (OCC) to remedy deficiencies in its compliance with AML obligations…
The Guardian: HSBC Switzerland breached money-laundering rules, says Swiss watchdog
Finma, which opened enforcement proceedings against HSBC in December 2021, said it had “breached its obligations in the prevention of money laundering in connection with two politically exposed persons and thereby seriously violated financial market law”…