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News >> Anti-Money Laundering

The United States (US) Department of Justice (DoJ) has made available the testimony (8 April 2014) of Attorney General Eric Holder before the House of Representatives Committee on the Judiciary. Mr Holder discusses, among other things, the emergence of virtual currencies such as Bitcoin, commenting that they "pose challenges for law enforcement given the appeal they have among those seeking to conceal illegal activity".

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The United States (US) Financial Industry Regulatory Authority (FINRA) has made available Letter of acceptance, waiver and consent (28 February 2014) submitted by Gilford Securities and accepted by FINRA on 3 April 2014.

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The United Kingdom (UK) Office of Fair Trading (OFT) has announced that it has fined three estate agency businesses a total of £246,665 for breaching The Money Laundering Regulations 2007 No. 2157.

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The United States (US) Department of the Treasury has released Enforcement information for March 6, 2014 (undated) announcing that Ubiquiti Networks Inc (Ubiquiti) has agreed to pay US$504,225 to settle apparent breaches of the Iranian Transactions and Sanctions Regulations (the ITSR).

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The Office of the Attorney General of Switzerland (OAG) has announced that it has completed its investigation into the "investment fraud perpetrated by [United States (US)] investment broker Allen Stanford" and fined Stanford Group (Suisse) AG CHF1 million (approximately €820,000/US$1.1 million) for aggravated money laundering.

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Citigroup has reduced the remuneration of its co-president and Mexico chairperson Manual Medina-Mora from US$11 million in 2012 to US$9.5 million in 2013. The reduction is reportedly part of Citigroup's response to regulators' inquiries into Mexico-based Citigroup subsidiary Banamex's compliance with Bank Secrecy Act and anti-money laundering requirements.

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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.

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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.

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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).

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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).

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