The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined Brown Brothers Harriman & Co (BBH) a record sum of US$8 million for "substantial [anti-money laundering (AML)] failures", as well as fining former BBH global AML compliance officer Harold Crawford US$25,000 and suspending him for one month.
The United States (US) Department of the Treasury bureau the Financial Crimes Enforcement Network (FinCEN) has released the following administrative rulings (both dated 30 January 2014) that address whether a person's conduct related to convertible virtual currency brings them within the US Bank Secrecy Act's (the BSA) definition of a money transmitter.
The United States (US) Department of the Treasury has released Enforcement information for January 27, 2014 (undated), advising that joint-stock commercial bank Bank of Moscow (BoM) has agreed to pay US$9,492,525 to settle allegations that it breached Executive Order 13382 - Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters (2005) by sending funds transfers totalling US$41,306,113 through the USA for or on behalf of the designated entity Bank Melli Iran ZAO Moscow Russia (BMI Russia).
The United Kingdom Financial Conduct Authority (FCA) has made available Decision Notice (22 January 2014), announcing that it has fined Standard Bank Plc (Standard Bank) £7,640,400 for failings in its AML controls, specifically its failure to ensure that its anti-money laundering (AML) policies and procedures were properly applied to corporate customers connected to politically exposed persons (PEPs).
The following United States (US) federal and state authorities have announced penalties totalling US$100 million against Royal Bank of Scotland Group (RBS Group) and Royal Bank of Scotland (RBS) in relation to alleged supervisory failures
The Isle of Man Department of Economic Development (DED) has announced that the Isle of Man recently hosted delegates from the European Business Register and the company registries of a number of jurisdictions, including the United Kingdom (UK) and Crown dependencies, at the recent Common Law Companies Registry Workshop that was themed "Transparency and Trust".
The United States (US) Senate Committee on Homeland Security and Governmental Affairs (HSGAC) held the hearing Beyond Silk Road - Potential Risks, Threats and Promises of Virtual Currencies on 18 November 2013. HSGAC chairperson Thomas Carper says in his opening statement (18 November 2013) that the HSGAC has been investigating issues and potential risks and threats posed by virtual currencies.
The United Kingdom (UK) Financial Conduct Authority (FCA) has made available Ensuring the UK remains open for business - requirements for foreign-owned firms (13 November 2013), a speech delivered by FCA supervision director Clive Adamson at the Association of Foreign Banks, London.
United Kingdom (UK) Prime Minister David Cameron has made available his speech delivered at the Open Government Partnership Summit 2013 on 31 October 2013, in which he states that the UK government intends to create a publicly accessible central registry of information on beneficial ownership.
The United States (US) Department of Justice (DoJ) has announced that Costa Rica-registered digital currency company Liberty Reserve SA (Liberty Reserve) co-founder Vladimir Kats has pleaded guilty to "money laundering and operating an unlicensed money transmitting business".
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