On 8 May 2019, the Central Bank of Ireland found Campbell O’Connor & Company, a private client stockbroker, guilty of five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010) between July 2010 and November 2016. These breaches comprised of failings in the firm’s anti-money laundering and combating the financing […]

By way of background “Thematic examinations” allows the JFSC to better understand particular thematic risks that cut across a range of firms in a specific sector or affect a sector as a whole.  In conductiong these thematic reviews the JFSC, address thematic risks using a range of tools including questionnaires, on-site visits and guidance. For […]

Overview International and domestic scrutiny of AML safeguards is increasing. High-profile prosecutions and regulatory action are becoming more frequent. Cross-border coordination means that businesses face an increased likelihood of enforcement actions in multiple jurisdictions when those safeguards fail. The use of AML systems to prevent tax evasion is of increasing importance to governments and regulators globally. […]

Example of good and poor practices, which provide guidance that is helpful. Also, this is to a reminder of supervisory expectations. The FCA has published TR18/3 presenting a outcome from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) system and controls in thirteen Electronic Money Institutions (EMIs). Also the overview, just […]

ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service ([NPPS]). The NPPS has accused ING in the Netherlands of having violated the Anti-Money Laundering and Counter-Terrorism Financing Act for many years and on a structural basis; AND failed to prevent bank accounts […]

Catch up on anti-money laundering and counter-terrorist financing news, both in the UK and internationally, covering the period from February 2018 to June 2018. Within this period, the Fifth Money Laundering Directive has been published in the Official Journal of the EU, while in the UK, the SRA published its money laundering thematic review and […]

SYDNEY (Reuters) – Commonwealth Bank of Australia (CBA) (CBA.AX) agreed to pay a record penalty of A$700 million ($529.3 million) to settle explosive money laundering charges brought by Australia’s financial intelligence agency. The biggest financial penalty in Australian corporate history was almost double the amount CBA had set aside, signaling the tougher regulatory framework Australian […]

The international community’s anti-money laundering watchdog is on UK soil putting the country through its paces specialist Anti-Money Laundering and Big Data firm Fortytwo Data can reveal.   Inspections of Britain’s defences against terrorists and money launderers by the Financial Action Task Force (FATF) are relatively rare but hugely important. The last evaluation was in […]