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News >> Anti-Money Laundering

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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Anti-money laundering (AML) bureau in the United States Department of the Treasury the Financial Crime Enforcement Network (FinCEN) has made available FinCEN director Jennifer Shasky Calvery's remarks (12 June 2014) at a recent conference held in Las Vegas on the Bank Secrecy Act (the BSA), sponsored by the gaming industry and the gaming law section of the State Bar of Nevada.

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Belgian Judge Michel Claise has launched an investigation into Switzerland-based bank UBS over allegations of money laundering and organised crime. According to M... Belgique, a number of UBS employees are alleged to have encouraged some Belgian taxpayers to open undeclared bank accounts in Switzerland before arranging for them the transfer of large sums of money to Switzerland.

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The Central Bank of Russia (CBR) has announced that it has revoked the banking licence of Moscow-based credit institution Navigator Bank for failing to comply with Russian federal banking laws and CBR regulations.

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The Spanish government has announced its intention to collect data on the country's 34 million bank accounts as part of its efforts to combat money laundering and terrorist financing. The measure will reportedly require banks to provide the Secretary of State for the Economy with details of all the personal and business accounts that they hold, which will then be stored in a data archive.

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United States (US)-based bank JPMorgan Chase & Co (JPMorgan) has imposed measures affecting 3,500 accounts in an effort to manage compliance costs. Reportedly, JPMorgan has closed the accounts and stopped the credit cards of all current and former non-US senior government officials on the basis that they are politically exposed persons, whose transactions require added scrutiny under anti-money laundering (AML) regulations.

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Suspicious transaction reports reached a 12-year high of 33,000 in 2013, a 40% increase on the figure for 2012. Narcotics Bureau financial investigations division superintendent Gloria Yu Yin-ching reportedly attributed the increase to enhanced awareness, the enactment of new anti-money laundering and counter-terrorist financing legislation in 2012 and requests from foreign law enforcement agencies.

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