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2nd November 2020

Malta: Lombard Bank fined €340,000 by FIAU over money laundering shortcomings

Lombard Bank has been fined €340,058 for breaching anti-money laundering obligations by the Financial Intelligence Analysis Unit. The breaches were identified by the FIAU in an inspection on the bank carried out in September and October 2019. The bank said they did not relate to suspicions or evidence of money… Read More

30th October 2020

Criminals use real estate transactions in PH to wash dirty money — anti-money laundering body

Criminals are using real estate transactions to launder dirty money in the Philippines, a top official of the Anti-Money Laundering Council revealed. AMLC Executive Director Atty. Mel Racela confirmed this during a Senate hearing on Wednesday after lawmakers asked him why real estate developers and brokers should report cash transactions… Read More

28th October 2020

Company ownership secrecy prevails in Southeast Asia, UN report says

Southeast Asian countries are lagging behind in the adoption of registries with information on companies’ true owners, a tool deemed crucial to fight corruption, money laundering and terrorism financing, according to a report by the United Nations Office on Drugs and Crime. “While transparency in the banking sector is… Read More

28th October 2020

Feds seek at least 6 months in prison for SARs leak to BuzzFeed

Federal prosecutors are recommending a prison sentence of six months or more for a Treasury Department official who admitted leaking more than 2,000 highly confidential bank reports to BuzzFeed, which used the information for stories about special counsel Robert Mueller’s probe into alleged Russian interference in the 2016 presidential campaign. Read More

28th October 2020

Philippines: Senate to tackle proposals to amend AMLA

The Senate will start hearing the proposals to amend the Anti-Money Laundering Act (AMLA) to help boost the government’s efforts against the entry and flow of illegal money in the Philippines. “We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and… Read More

27th October 2020

Fed and Treasury asks public for comment on new travel rule for crypto

The Federal Reserve, along with the Financial Crimes Enforcement Agency (FinCEN), an agency of the U.S. Treasury, have invited comment on a proposed rule that lowers the threshold on reporting under the Bank Secrecy Act (BSA) from $3,000 to $250 for transactions outside of the United States in what is… Read More

27th October 2020

U.S. Sanctions Iran Oil Minister as Trump Ramps Up Pressure

The U.S. sanctioned Iran’s minister of petroleum and some related entities as tensions between the two nations continue to rise in the days before the American presidential election. The Treasury Department announced sanctions against Minister Bijan Namdar Zanganeh in a statement on Monday, saying Iran uses its oil industry to… Read More

26th October 2020

Global dirty money watchdog revamps rules to battle weapons financing – U.S.

A global dirty money watchdog on Friday agreed to revamp its standards to beef up monitoring of financing aimed at evading U.S. and United Nations sanctions and proliferating weapons of mass destruction, the U.S. Treasury Department said. Endorsement of the new standards by the Financial Action Task Force (FATF) at… Read More

26th October 2020

Anti-money laundering agency keeps Pakistan on watch list

A global anti-money laundering watchdog kept Pakistan on its monitoring list asking the South Asian nation to improve controls on terrorist financing while lauding authorities for recent progress. The Financial Action Task Force strongly urged Pakistan to complete its action plan by February, following a three-day meeting. Pakistan has largely… Read More

26th October 2020

Westpac flags $1.2b hit to earnings on misconduct costs, write-downs

Westpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches. The big four bank said on Monday its life insurance business would be written down by… Read More

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