AML Weekly Insights and Recap | Week 12th - 16th August 2024
Hello everyone!
This week’s Substack is brought to you from my new live-online KYC and CDD Masterclass, carefully designed to guide and inspire you through the complexities of Anti-Money Laundering (AML)!
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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Weekly News Feed
My Daily LinkedIn Insights
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Singapore charges two bankers for helping $2.2 billion money laundering ring: The bankers are Chinese nationals and were employed by Citibank and Julius Baer (a Swiss private bank). They were charged for forging loan documents to help persons who were convicted for money laundering.
A two-year investigation has uncovered a complex money laundering scheme by a mafia family from Palermo, with profits exceeding EUR 500 million. The group laundered money through companies in Brazil, using real estate and construction projects as fronts. A coordinated operation on August 13, involving Italian, Brazilian, and Swiss authorities, led to the arrest of a key mafia member in Brazil and the freezing of EUR 50 million in assets across three countries.
The SEC charged OTC Link LLC, a New York-based broker-dealer, for failing to file Suspicious Activity Reports (SARs) over a three-year period. OTC Link, which operates three alternative trading system platforms, agreed to pay $1.19 million to settle the charges. The firm neglected to implement proper anti-money laundering policies, resulting in no SARs being filed from March 2020 to May 2023.
In case you missed this week’s LinkedIn posts:
Monday 12th August:
AML News: The UAE has suspended 32 local gold refineries (1-min read)
Wednesday 14th August:
Where can you find guidance for your company's AML measures? (1-min read)
Friday 16th August:
Friday Career Tips: Overthinking - the enemy, not only of content creation but also for any career advancement! (1-min read)
If you are not a paid subscriber, here’s what you’ve missed on Substack this week!
What is real-time transaction monitoring and how it can benefit your business
Deep dive: Money Laundering Methods through Insurance Companies
Understanding the FATF’s Approach to High-Risk Jurisdictions
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KYC and CDD articles and deep dives
Money Laundering Methods and Trends
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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