AML Weekly Insights and Recap | Week 26th – 30th August 2024
Hello everyone!
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We've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening this week!
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Man allegedly bought gold bars with $1.5b in ill-gotten gains, hid 23,000 of them in shipments: Between 2014 and 2017, the man allegedly smuggled cash from South Korea and Japan into Singapore by hiding it in shipments of tools. He failed to declare the cash, which exceeded the $20,000 threshold, violating Singaporean law. He used over $31 million of this money to purchase 628 gold bars and deceived logistics companies, including Pantos Logistics and DHL, by falsely declaring shipments as containing only air-powered tools. He also tricked Singapore Customs into approving clearance for these shipments.
New York Department of Financial Services announced that Nordea Bank Abp (“Nordea” or the “Bank”) has agreed to pay $35 million in penalties for significant compliance failures. The investigation, conducted following the Panama Papers leak, revealed that Nordea's AML controls were weak, its transaction monitoring system was inadequate, and it engaged with high-risk banking partners, exposing the bank to substantial financial crime risks. These lapses allowed illicit funds to flow through Nordea’s financial channels, impacting the New York financial system.
The Dubai Financial Services Authority (DFSA) fined a former private banker, Peter Georgiou, USD 980,020 (AED 3,599,613) for misleading and deceptive conduct. Georgiou provided false information about a client to bypass his employer's anti-money laundering controls. He also sent a forged email to a client, and tried to mislead the DFSA during an interview. In addition, the DFSA prohibited him from holding office or being an employee of a DFSA authorised firm.
Seven individuals were jailed for operating a £55 million money-laundering ring targeting international university students trying to bypass China’s capital transfer limits. These individuals facilitated illegal transfers by using the Chinese "underground banking" methods. Sentences ranged from 11 months to 12 years, with the offenders convicted of various money-laundering offenses. Learn how the “Chinese Underground Banking” works in a previous post I wrote here.
In case you missed this week’s LinkedIn posts:
Monday 26th August (2 min read):
Tuesday 27th August (1 min read):
Thursday 29th August (2 min read)
Friday 29th August (1 min read):
Friday Career Tips: You don’t have to like everyone, and they don’t have to like you. But...
If you are not a paid subscriber, here’s what you’ve missed on Substack this week!
TD Bank's Money Laundering Penalty: A Lesson for Compliance Culture
Case Study: The Russian Laundromat – Lessons for Compliance Officers
Integrity in Compliance: Upholding Principles in a Complex World
Behind the Bets: The Threat of Money Laundering in Online Gambling
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Wishing you a great weekend, get some rest, and see you next week!
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Anna Stylianou
Founder, AML Cube Consulting and Education
