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News >> Anti-Money Laundering

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has made available public notices (both dated 28 July 2014) regarding administrative monetary penalties against the following Ontario-based money services businesses (MSBs) for breaching the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations:

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United States treasury bureau the Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (23 July 2014) (the NPRM) on customer due diligence (CDD) requirements for financial institutions.

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The United States Department of the Treasury foreign assets control office (OFAC) has announced that the following companies have resolved breaches or alleged breaches of sanctions regulations:

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The United States District Court for the Southern District of New York has made available US Magistrate Judge Gabriel Gorenstein's Memorandum Opinion (18 July 2014) in the matter of an application seeking a warrant to obtain emails from a Google-hosted "Gmail" webmail account. The application also sought to permit a search of those emails as part of an investigation into possible money laundering-related and similar offences.

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The New York State Department of Financial Services (NYDFS) has released Proposed New York Codes, Rules and Regulations on virtual currencies (undated) (the Proposed Rules) for public comment.

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United States treasury bureau the Financial Crimes Enforcement Network (FinCEN) has announced its decision to name FBME Bank Ltd (FBME) "a foreign financial institution of primary money laundering concern pursuant to [s.] 311 of [the USA PATRIOT Act]".

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The Hong Kong Securities and Futures Commission (SFC) has made available a statement (undated) of disciplinary action against Ping An of China Securities (Hong Kong) Co Ltd (Ping An). The SFC has reprimanded Ping An and fined it HK$6 million for "serious internal control deficiencies".

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The United Kingdom Gambling Commission has released Public Statement - Shortcomings in anti-money laundering and social responsibility controls: Hillside (New Media) Limited (bet365) (25 June 2014). The commission has conducted its own investigation (the Investigation) into bet365 following a West Yorkshire Police investigation that resulted in an individual being convicted for theft and money laundering offences.

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The United States Department of Justice (DoJ) and the US Attorney's Office for the Southern District of New York (SDNY) have jointly announced that France-based bank BNP Paribas has agreed to plead guilty to conspiring to breach US economic sanctions laws by processing billions of US dollars' worth of transactions through the US financial system on behalf of sanctioned Sudanese, Iranian, and Cuban entities.

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Europol has announced that "[more than] 70 law enforcement officials from 21 countries" convened at its headquarters during 16 - 17 June 2014 to "coordinate investigations into the criminal exploitation of virtual currencies, including Bitcoin".

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