DLA Piper’s Financial Services Regulatory team has issued there Spring 2017 edition of its Anti-Money Laundering (AML) Bulletin. In this issue, they provide updates on AML developments and enforcement actions in the UK and internationally, including: UK News and enforcement action HM Treasury updates advisory notice on money laundering and terrorist financing controls in overseas […]

The UK government will set up a new regulator to shut down legal loopholes used by criminals and terrorists to launder money in the UK. Called the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), the watchdog will launch next year. It will enforce updated money laundering rules and coordinate with other bodies and supervisors […]

HM Treasury has published: a consultation on the Money Laundering Regulations 2017, which (i) outlines responses submitted and the UK Government’s policy positions following its previous consultation on the transposition of the Fourth Money Laundering Directive and Fund Transfer Regulation (see daily news 16 September 2016); and (ii) is accompanied by a draft of the […]

In this issue, we provide updates on anti-money laundering and counter-terrorist financing news, both in the UK and internationally. Highlights from this month’s issue include: – HM TREASURY PUBLISHES ADVISORY NOTE ON MONEY LAUNDERING AND TERRORIST FINANCING CONTROLS IN OVERSEAS JURISDICTIONS HM Treasury has published an advisory note on money laundering and terrorist financing controls in overseas […]

Agricultural Bank of China Ltd will pay a $215 million penalty for violating New York state’s anti-money laundering law, the state’s financial regulator said on Friday. Bank officials engaged in “intentional wrongdoing,” including masking possibly suspicious transactions at its New York branch. Some transactions involved parties which are subject to U.S. sanctions, the New York State […]

THE 8 SHARED BUSINES RISK The Jersey Financial Services Commission (JFSC) and Industry agree that the following pose the most severe of the different risks facing companies in Jersey with financial crime risks being the most severe risks. Terrorist funding and Secondarily financial crime more generally Other risks cited included Financial failure, loss of confidential […]

Officials from the Russian Ministry of Internal Affairs said more than 700 billion rubles (US$ 10.5 billion) were transferred illegally from Russia into offshore accounts in 2015, TASS News Agency reported. Andrei Kurnosenko, head of the Department for Economic Security, along with the deputy chief of the General Directorate of Economic Security and Anti-Corruption, Police […]

The Financial Industry Regulatory Authority Inc. slapped two units of Raymond James Financial Inc. with a record $17 million in fines for widespread compliance failures in the brokerage firm’s anti-money laundering programs. Raymond James & Associates and Raymond James Financial Services failed to set up systems to properly prevent, detect and investigate suspicious activity for […]