AML Weekly Insights and Recap | Week 8th -12th July 2024
Hello everyone!
We've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening!
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A lot of noteworthy events are on the agenda this week. Let’s take a Quick Look:
AUSTRAC, the Australian regulator for AML/CFT has published:
The reports provide details of Australia’s exposure to money laundering and terrorism financing threats and vulnerabilities.
The Hong Kong Unit of Singapore's DBS Group Holdings was fined HK$10 million for violating anti-money laundering (AML) and counter-terrorist financing regulations. The Hong Kong Monetary Authority (HKMA) found control failures between 2012-2019, including inadequate monitoring of business relationships and customer due diligence.
Canada's financial intelligence agency, FINTRAC, fined Metna General Trading Inc. (a money service business) $252,285 for failing to comply with anti-money laundering (AML) regulations. The company, committed several violations including inadequate compliance policies and procedures, risk assessments, compliance with directives, record-keeping and more.
The Financial Crimes Enforcement Network (FinCEN) issued a supplemental alert to highlight additional red flags for U.S. financial institutions to identify and report suspicious activity related to the financing of Israeli extremist settler violence against Palestinians in the West Bank.
Cryptocurrency exchange BitMEX pleaded guilty to violating the Bank Secrecy Act (BSA) by operating without “any meaningful” AML program from 2015-2020. As a result, the company was used for “large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system.”
The FATF published an updated on implementation of the FATF standards in the Virtual Asset (VA) sector. The report highlights that 75% of the jurisdictions are only partially or not compliant with the FATF’s requirements for VAs, i.e. the Travel Rule. Even for countries implementing the Travel Rule, supervision and enforcement remains low.
Read this week’s LinkedIn news and insights (FREE):
Ever wondered what constitutes the International AML/CFT framework? Learn the various elements of the global AML/CFT landscape. (1 min read)
AML News and Updates Newsletter July 2024: In case you missed it, our discussion of the month is “Balancing Customer Experience with Compliance: Is this possible?” (8mins read)
Are Your Children Safe Online? Or you just hope they are safe online? (2 mins read)
AML News: 3 FATF Members Score 0% in Regulating Gatekeepers. Learn who are “Gatekeepers” and which countries, according a recent FATF report, do not regulate them in terms of AML/CFT. (1 min read)
Friday Career Tips: What it takes to climb the ladder? Experience, certificates, or a master’s degree? (2 mins read)
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Wishing you a very best weekend, get some rest, and see you next week!
Anna Stylianou
Founder, AML Cube Consulting and Education