AML Weekly Recap and Insights | Get Your FREE Gift | Week 30th December 2024 - 3rd January 2025
Dear AML Community,
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Important Note: This guide is not a substitute for your national AML requirements or internal procedures. However, it's designed to enhance your CDD capabilities and ensure you're effectively mitigating risks.
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Former Mauritius Central Bank Governor Arrested: The former governor of the central bank in Mauritius, Harvesh Kumar Seegolam, was arrested upon his return to the country. He is facing charges of conspiracy to defraud, according to an investigation by the anti-money laundering unit. The current government says that the previous government “falsified the country's gross domestic product, budget deficit and public debt figures for years”.
Police Service of Northern Ireland arrested a man and seized drugs: The Police Service of Northern Ireland arrested a 44-year-old man in Belfast in connection with a series of drug seizures over the past ten months. He is suspected of being a key figure in an organized crime gang involved in the large-scale purchase and supply of cannabis to other drug gangs. The seizures involved significant quantities of drugs, with street values ranging from £225,000 to £500,000. The investigation also involves allegations of human trafficking and money laundering, indicating the criminal network's involvement in broader illicit activities.
The Bermuda Monetary Authority (BMA) penalized Meritus Trust Company with $600,000 in civil penalties: The BMA found that Meritus failed to adequately address anti-money laundering regulations, such as insufficiently risk-rating its products and services, conducting inappropriate customer risk assessments, and having inadequate documentation of policies and procedures among others. Furthermore, the company failed to meet certain minimum criteria for licensing requirements under the Trusts Act and the Corporate Service Provider Business Act.
The 5 Largest AML Penalties of 2024 (2 min read)
Read a further analysis on our blog: The 5 Largest AML Penalties of 2024: How to Prevent Similar Violations (4 min read)
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
Regards
Anna Stylianou
Founder, AML Cube Consulting and Education