FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says
3rd March 2021
FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says
The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More
FATF Seeks Financial Sector Input on Proliferation Financing Guidance
3rd March 2021
FATF Seeks Financial Sector Input on Proliferation Financing Guidance
The Financial Action Task Force (FATF) launched a public consultation on Monday seeking public- and private-sector feedback on pending guidance that would task financial institutions with doing more to stop the proliferation of weapons of mass destruction. The consultation marks the second such call by the intergovernmental organization, which in… Read More
More AUSTRAC bumper fines on the way, PwC warns
2nd March 2021
More AUSTRAC bumper fines on the way, PwC warns
PwC’s financial crimes specialist Peter Forwood says AUSTRAC-regulated entities should brace themselves for more billion-dollar fines as eye-watering penalties now form a central part of the enforcement strategy. Mr Forwood said he expected AUSTRAC to continue the strategy that forced two Australian banks to cough up $2 billion in penalties. Read More
EBA Revises Guidelines on Money Laundering, Terror Financing Risk Factors
2nd March 2021
EBA Revises Guidelines on Money Laundering, Terror Financing Risk Factors
The European Banking Authority (EBA) on Monday published revised guidelines for money-laundering and terrorist-financing risk factors, including guidance on related risk assessments and customer due diligence (CDD) for beneficial owners. The guidelines, which are addressed to both financial institutions and supervisory authorities, separately incorporate sectoral guidance on crowdfunding platforms, corporate… Read More
Philippines: AMLC eases registration of POGOs, realtors
1st March 2021
Philippines: AMLC eases registration of POGOs, realtors
The Anti-Money Laundering Council (AMLC) has relaxed the registration guidelines for Philippine offshore gaming operators (POGOs) as well as real estate developers and brokers. The guidelines were eased as real estate developers and brokers as well as POGOs only have until March 16 to register with the AMLC. These entities… Read More
FED President Classifies Digital Dollar as High-Priority Project
1st March 2021
FED President Classifies Digital Dollar as High-Priority Project
Jerome Powell, the Federal Reserve (FED) president, treats the digital dollar as a “high priority project.” Powell confirmed in a hearing before the Senate Banking Committee that there is a high chance for the United States to issue its central bank digital currency (CBDC). Several nations worldwide are also considering… Read More
Raimbek Matraimov’s Mysterious Shopping Spree
26th February 2021
Raimbek Matraimov’s Mysterious Shopping Spree
At long last, Raimbek Matraimov was going to be giving instead of taking. The former Kyrgyz customs official, nicknamed Raim-Million for his immense wealth, agreed in October to repay 2 billion soms (US$24 million) to compensate his government for years of corruption. His admission of guilt and repayment of a… Read More
Checking the Bitcoin Box
25th February 2021
Checking the Bitcoin Box
On December 20, 2020, the Financial Crimes Enforcement Network (FinCEN), the U.S. Financial Intelligence Unit (FIU) and primary anti-money laundering (AML) regulator, published a Notice of Proposed Rulemaking (NPRM) that sought to impose new recordkeeping and reporting requirements on virtual currency transactions. The NPRM was met with a torrent of… Read More
How Akingbola Bypassed Protocols to Transfer About $12million, £9million Offshore – Witness
23rd February 2021
How Akingbola Bypassed Protocols to Transfer About $12million, £9million Offshore – Witness
A witness for the Economic and Financial Crimes Commission, EFCC, Babatunde Aro, has narrated how Erastus Akingbola, a former Group Managing Director of the defunct Intercontinental Bank, allegedly bypassed banking protocols to transfer $11.8 million and £8.54million offshore without recourse to the bank’s standard procedures. The EFCC witness reportedly disclosed… Read More
Pakistan Looks to FATF Plenary for Grey-List Decision
23rd February 2021
Pakistan Looks to FATF Plenary for Grey-List Decision
With its plenary beginning on Monday (today), Pakistan may remain in the grey list of the Financial Action Task Force (FATF) though the authorities assert that the country qualifies to be moved out on merit. Background discussions with key officials and foreign diplomats suggest that the jury is divided —… Read More
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