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Regulatory Update

13th December 2019

U.S. imposes sanctions on son of Nicaragua’s president

The United States imposed sanctions on another son of Nicaraguan President Daniel Ortega, Rafael, on Thursday, accusing him of money laundering and corruption, in the latest effort by Washington to put pressure on the leftist government. The Trump administration has accused the current Nicaraguan government of concentrating power in the… Read More

13th December 2019

Malaysia to implement beneficial ownership register

Malaysia is set to introduce new guidelines requiring all registered companies to submit information on their beneficial owners. The Companies Commission Malaysia (CCM) regulatory development and services division director, Norhaiza Jemon, said the commission intends to implement the new requirements in early 2020 as local media reported. Norhaiza had… Read More

13th December 2019

Federal Reserve Lifts Consent Orders Against JPMorgan, U.S. Bancorp

The Federal Reserve on Thursday lifted consent orders against JPMorgan Chase & Co. and U.S. Bancorp stemming from what the central bank identified as weak anti-money laundering controls. The Fed’s order against JPMorgan, issued in January 2013, directed the bank to strengthen its board oversight of anti-money laundering… Read More

12th December 2019

EU’s anti-money laundering body finally takes shape

The European Union is finally moving to seal a gaping chasm in the internal market’s institutional makeup, with a new anti-money laundering authority, and a common structure for financial intelligence-gathering. In a sign of the political tests the new powers will face, the EU has already stopped short of what… Read More

12th December 2019

U.S. Turns Up Pressure on Iran With Sanctions on Transportation Firms

Secretary of State Mike Pompeo announced Wednesday that the United States plans to impose new sanctions on Iran’s largest shipping company and a major airline for what he said were their roles in transporting material for the country’s ballistic missile and nuclear programs. “Today’s designations put the world… Read More

12th December 2019

Russia says its money laundering crackdown has halved suspicious cash operations

Russia has considerably reduced suspicious cash operations in the last nine months, preventing 886 billion roubles ($14 billion) from being taken into the shadow economy, the head of Russia’s financial monitoring agency said on Wednesday. Suspicious cash withdrawals in Russia have fallen 52% in the last nine months, said Rosfinmonitoring… Read More

11th December 2019

‘Less action plans, more action’: EU Commission under fire over money-laundering overhaul

The European Commission said it would only consider money-laundering reforms after it completes a thorough assessment of the issue, dashing hopes the EU executive would act rapidly to crack down on dirty money flowing through the continent. Last week, EU governments backed a plan to strengthen the bloc’s powers to… Read More

11th December 2019

Trump unveils slew of sanctions over human rights abuses overseas

The Trump administration is imposing sanctions on at least 20 more people accused of human rights abuses, targeting government officials, businessmen and others in countries from Myanmar to Pakistan — but still avoiding penalizing some world leaders deemed critical partners. The new sanctions, announced Tuesday, are the latest in a… Read More

11th December 2019

Regulators warn about fraudsters creating synthetic borrowers

The financial technology industry that’s upending consumer finance could be the solution to a kind of identity fraud that’s dogging traditional banks and fintech companies alike. It’s called synthetic identity fraud, where instead of stealing one person’s information, criminals synthesize a false identity using information from many people — usually those… Read More

10th December 2019

U.S. sanctions Latvian oligarch charged with corruption

The United States on Monday sanctioned Aivars Lembergs, the suspended mayor of Latvia’s seaport city of Ventspils and an oligarch with substantial influence in the country’s politics, over alleged corruption, the U.S. Treasury said in a statement. According to the Treasury’s Office of Foreign Assets Control (OFAC), Lembergs controls “entities… Read More

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