The U.S. Congress began a series of hearings on Tuesday to consider ways to reform money laundering and illicit finance laws applied to casinos, as a president of a payments company argued the current system is broken and driven by perverse incentives. “Our current anti-money laundering (AML) and countering the finance of terrorism (CTF) is […]

While most solicitors endeavour to comply with their anti-money laundering (AML) obligations and avoid being used as a conduit for offences such as mortgage fraud, there are some whose conduct falls significantly below expected standards. The disciplinary digest covers Solicitors Disciplinary Tribunal (SDT) cases where AML compliance failings or involvement in mortgage fraud have been […]

If you compare Guernsey and Jersey enforcement action, it is clear that the GFSC is winning the Murratti of enforcement (so far). With over £1 million in fines and numerous public statements and prohibited from performing functions under the relevant regulatory laws Guernsey are living up to their promise to be enforcement led. The enforcement […]

On Saturday 4 November, news broke that at least 11 members of the Saudi Royal Family, in addition to dozens of senior officials and prominent people in business, had been arrested as part of an anti-corruption probe by the Saudi anti-corruption committee. The committee had been created earlier that day by royal decree from King […]

On 27 June 2017, the Joint Committee of the three European Supervisory Authorities (“The ESAs”) – namely the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets authorities – has issued Joint Final Guidelines (the “Guidelines”) under the 4th Anti-Money Laundering Directive (“4AMLD”). It focuses on customer due […]

US and UK regulators continue to focus on enforcement actions against institutions and individuals for violations of anti-money laundering (AML) laws and regulations, and the trend is intensifying. A review of recent US and UK enforcement cases reveals common themes financial institutions might consider when establishing or assessing the effectiveness of AML programs. Specifically, regulators […]

On 9 May 2017, the Joint Money Laundering Steering Group (JMLSG) published the following for consultation: A revised version of Part II of its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance (dated 10 May 2017). This Part consists of industry-specific chapters dealing with particular issues faced by a range of sub-sectors of the financial […]

The Criminal Finances Bill, which was introduced to the House of Commons in October 2017, has received Royal Assent. The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism It […]