Topic: Anti-money laundering

The US Treasury’s Financial Crimes Enforcement Network has released an advance notice of proposed rulemaking for its “vast” new beneficial ownership reporting requirements, as its director Kenneth Blanco announces his departure to head Citi’s new financial crimes unit.

06 April 2021

Thomas Cattee, white-collar crime specialist at Gherson in London, examines the Financial Conduct Authority’s recently-launched criminal proceedings against NatWest – the first case it has brought against a bank under the Money Laundering Regulations 2007.

01 April 2021

The Dutch government has hired the head of the European Union’s securities regulator to lead its banking supervision department.

25 March 2021

Switzerland’s banking regulator has told crypto broker Bitcoin Suisse its application for a banking licence is “ineligible for approval”, after it uncovered weaknesses in its money laundering defence mechanisms.

18 March 2021

The Financial Action Task Force has proposed tightening banks’ risk indicators for financing the proliferation of weapons of mass destruction, a week after it announced Pakistan would remain on its “greylist” for persistent terrorist financing issues.

08 March 2021

Nigeria’s securities regulator has put on hold its recently-unveiled plans for a new regulatory framework for crypto-assets, after the central bank published a blanket ban on their use.

22 February 2021

US enforcement agency FinCEN has extended the comment period for its proposal to subject cryptocurrency wallet owners to Bank Secrecy Act rules, after receiving an overwhelming number of responses from industry stakeholders requesting more time.

28 January 2021

Latvian bank ABLV, whose licence was withdrawn in 2018 after US regulators designated it “of primary money laundering concern” over transactions allegedly linked to North Korea’s weapons programme, has lost its fight for its Single Resolution Fund contributions for that year to be repaid.

27 January 2021

US enforcement agency FinCEN is proposing to subject cryptocurrency wallet owners to Bank Secrecy Act rules, requiring them to gather and store an increased amount of user data from crypto transactions.

21 December 2020

The United States is set to reform its 50-year-old anti-money laundering framework, introducing a new beneficial ownership registration regime for shell companies, after both houses of Congress passed a bill including the measures by a veto-proof margin.

14 December 2020