Top stories this week:
Singapore Charges Two Ex-Bankers for Aiding Money Laundering Ring | UK Law Firm Fined £22k for AML Failings
Welcome to this week's edition of the KYC Roundup, your gateway to the most impactful developments in the world of Anti-Money Laundering and financial crime. In the AML arena, Singapore charged two ex-bankers for aiding a money laundering ring, a UK law firm was fined £22k for AML failings and Indian government sources reported that the FATF demands tougher checks on PEPs in the country.
In the fast-paced world of sanctions, a Reuters report showed that billions of euro and dollar notes have reached Russia despite sanctions, while the UK announced fresh sanctions against individuals and entities in Belarus.
In the corruption space, Ukraine arrested a deputy energy minister accused of taking half a million dollars of bribes, while China uncovered widespread corruption in its funeral services industry.
We round off this week’s roundup with details of a new KYC360 innovation.
KYC & AML
Singapore charges two ex-bankers for aiding money laundering ring
Two former bankers in Singapore have been charged for their involvement in facilitating a $2.2 billion money laundering ring. The accused individuals allegedly helped launder funds through complex financial transactions.
UK Law firm fined £22k for AML failings
Manchester-based GD Legal is the latest law firm to be hit with a fine from the Solicitors Regulation Authority (SRA) for deficiencies in AML controls. The authority stated, “From March 2019 until October 2022, the firm failed to have in place a documented assessment of the risks of money laundering and terrorist financing.”
FATF calls on India to impose tougher checks on PEPs according to government sources
According to government sources, the Financial Action Task Force (FATF) has urged India to strengthen its scrutiny of Politically Exposed Persons (PEPs) as part of its AML measures. This comes amid concerns over heightened money laundering risks associated with PEPs.
Customers Bancorp appoints Allen Love as Chief Compliance Officer
Customers Bancorp has appointed Allen Love as its new Chief Compliance Officer. With over 20 years of experience in financial crime risk management, Love will focus on enhancing the bank's compliance protocols, particularly in its digital assets sector.
Banque Havilland fined €5 million for AML failings
Banque Havilland has been fined €5 million by the Luxembourg regulator CSSF for significant AML deficiencies. The bank failed to adequately identify and report suspicious activities, leading to the hefty penalty and the loss of its ECB license.
Dutch lender Volksbank faces second fine for inadequate AML controls
Volksbank is facing its second fine for inadequate AML controls. The Dutch Central Bank may impose the penalty due to persistent failures in the bank's risk management processes.
Moldova arrests 8 individuals accused of financial scams
Moldovan authorities, in coordination with Eurojust, have arrested 8 individuals involved in a €3 million scam using fake celebrity endorsements. The arrests are part of a broader crackdown on financial crimes in the region.
Sanctions
Billions of euro and dollar notes reach Russia despite sanctions
Despite extensive international sanctions, billions of euro and dollar banknotes have reportedly entered Russia, according to a Reuters investigation. The flow of foreign currency highlights the challenges in fully isolating Russia's financial system.
U.S. Lawmakers call for sanctions against Bangladeshi officials
Some U.S. lawmakers have called for sanctions on Bangladeshi officials involved in rights abuses under former Prime Minister Sheikh Hasina, who fled after violent protests demanding her removal. Nobel laureate Muhammad Yunus has been appointed to lead an interim government tasked with holding new elections. The U.S. has backed the appointment of Yunus and has condemned the crackdown that resulted in over 300 deaths, with calls for sanctions against key figures from Hasina's regime.
UK announces new sanctions on 4 individuals and 3 entities in Belarus
The UK has imposed new sanctions on four individuals and three entities in Belarus to mark the anniversary of the 2020 "sham" election. These sanctions target those linked to human rights abuses and electoral fraud.
Corruption
Ukraine arrests Deputy Energy Minister for alleged corruption
Ukraine has arrested Deputy Energy Minister Oleksandr Kheil on charges of accepting bribes totalling $500,000. The arrest is part of Ukraine's broader anti-corruption campaign, which has intensified amid ongoing conflict and efforts to align with European Union standards.
China uncovers widespread corruption in funeral services industry
Investigations across multiple provinces have uncovered widespread corruption across funeral services industry with long-time managers and officials involved in illegal fees, cemetery operations and corpse-related scandals. These investigations are part of a broader anti-corruption campaign initiated by President Xi Jinping.
KYC360 News
KYC360 announces Networked KYC solution
We are excited to announce the development of Networked KYC (nKYC). This innovative solution streamlines the onboarding process between multiple parties and decreases time to revenue. By facilitating secure data sharing between different parties in the onboarding chain, nKYC removes friction and eliminates the need for manual rekeying of data.
Learn more
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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