If you did not see Comsures updates on 3 recent AML fines here is a refresher….. Deutsche Bank & Western Union Company & Coutts & Co. Ltd ALL FINED

Deutsche Bank fined by U.S. and UK for alleged AML breaches;

1. A European bank has been fined more than US$630 million by both UK and U.S. regulators for allowing clients to illegally move the equivalent of US$10 billion out of Russia through the bank’s Russia, New York and London offices.
2. The alleged breaches of AML legislation reportedly occurred between 2011 and 2015. In addition to the financial penalties, the bank is also required to hire an outside monitor to review its internal compliance measures. The bank is reportedly cooperating fully with the regulators.
3. Source:  http://bit.ly/2kbdGbd

AML Violations Cost Western Union $586 Million;

1. The Western Union Company (Western Union), a U.S.-based global MSB, has been fined US$586 million following an admission of anti-money laundering, wire fraud and consumer fraud violations.

2. Also, the MSB by its agreement with the U.S. Department of Justice must enhance compliance obligations to prevent a repeat of the charged conduct, including creating policies and procedures.

3. According to the statement accompanying the agreement, the MSB violated U.S. laws—the Bank Secrecy Act (BSA) and anti-fraud statutes—by processing hundreds of thousands of transactions for its agents and others involved in an international consumer fraud scheme between 2004 and 2012. Source: U.S. Department of Justice, 19 January 2017.
4. Source:  http://bit.ly/2k7A7fO

Ex-RBS Unit Coutts Fined $6.6M In Money Laundering Case;

1. Swiss regulators said Thursday that Coutts & Co. Ltd., a London-based private bank, is to pay a penalty of 6.5 million Swiss francs ($6.6 million) over breaches in its anti-money laundering processes and its failure to screen clients associated with Malaysia’s sovereign wealth fund.

2. The Swiss Financial Market Supervisory Authority, known as Finma, said that the fine reflects the unlawfully generated profits the bank made on funds funnelled through the Malaysian sovereign fund 1Malaysia Development Bhd without conducting proper due diligence procedures.

3. “The bank failed to adequately clarify the circumstances surrounding some business relationships and unusually large, high-risk transactions,” Finma said. “also, it did not follow up on relevant internal information and, despite the existence of substantive evidence, failed to report any suspicions to the Swiss authorities until the spring of 2015.”

4. In total, $2.4 billion worth of assets related to the Malaysian fund were transferred through Coutts accounts in Switzerland, the Swiss markets authority said.

5. Source:  http://bit.ly/2kZ1iyh