Top stories this week:
Singapore Passes AML Bill | ECB Revokes Banque Havilland’s Banking Licence |
UK Law Firm Receives Fine 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 passed a new AML bill, the ECB revoked Banque Havilland’s banking licence and a UK law firm was fined for AML failings.
In the fast-paced world of sanctions, the Swedish Foreign Minister called for new EU sanctions against Chinese companies and the EU imposed sanctions on 28 individuals accused of human rights violations in Belarus.
In the corruption space, Glencore was ordered to pay $152 million to resolve a bribery investigation.
We round off this week’s roundup with details of how KYC360 customers can register for the live stream of the Annual KYC360 Forum.
KYC & AML
Singapore passes AML bill
The bill gives law enforcement broader authority to manage seized assets without needing the consent of all parties, if specific conditions are met. It also enhances inter-agency data sharing, lowers the proof requirements for money laundering cases and imposes stricter regulations on gambling operators.
ECB revokes Banque Havilland’s banking licence
The European Central Bank (ECB) revoked the banking license of Luxembourg's Banque Havilland due to repeated regulatory violations and inadequate AML measures. The bank, which has faced scrutiny over links to various scandals, including allegations of attempting to manipulate Qatar’s currency, was also fined €4 million in 2018 for poor governance and inadequate AML controls.
UK Law firm receives fine for AML failings
The Solicitors Regulation Authority (SRA) fined Essex-based law firm Symons Gay & Leland over £12,000 for failing to comply with AML regulations. The firm lacked a compliant firm-wide risk assessment for over five years and failed to have proper policies, controls, and client risk assessments for six years.
Hong Kong fines insurance group AIA for AML failings
AIA Group was fined a record HK$23 million by Hong Kong’s Insurance Authority after an inspection found deficiencies in AIA's AML controls. This led to failures in screening politically exposed persons and delays in verifying their funds. The breaches occurred from March 2016 to October 2022.
Wells Fargo faces government scrutiny over AML and sanctions programme
Wells Fargo is currently under investigation by U.S. government authorities for potential deficiencies in its anti-money laundering (AML) and sanctions compliance programmes. The bank disclosed this in a regulatory filing but did not specify which agency is conducting the probe or the exact nature of the issues.
Sanctions
Swedish Foreign Minister calls for new EU sanctions against Chinese companies
Swedish Foreign Minister Tobias Billström has called for new sanctions on Chinese companies suspected of evading EU sanctions against Russia. These companies are believed to be exporting goods to Russia via third countries, undermining the EU's sanctions regime.
EU imposes sanctions on 28 individuals accused of human rights violations in Belarus
The European Union has imposed sanctions on 28 Belarusian officials for human rights abuses and their involvement in the crackdown on opposition to President Alexander Lukashenko. These measures, which include asset freezes and travel bans within the EU, target prosecutors, judges and top prison officials responsible for politically motivated sentences and repression.
Corruption
Glencore ordered to pay $152 million to resolve bribery investigation
Swiss-based commodities trading group Glencore has been ordered to pay $152 million to settle a Swiss bribery investigation linked to allegations of bribing a Congolese public official through a business partner in 2011.
KYC360 News
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