05.25.17

Singapore Convicts Fifth Person Involved in 1MDB-Related Cases

Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations. Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday.



05.25.17

District Court Upholds FinCEN Rule Imposing Special Measures on Tanzanian Bank FBME

The court’s ruling allows the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to proceed with implementing a final rule that prohibits U.S. banks from maintaining correspondent accounts for FBME, and thereby effectively bars it from the U.S. financial system.



05.25.17

Still Following the Money: FinCEN, Money Laundering, and the Bank Secrecy Act

Late last week, Congressional intelligence committees reportedly received some information from the U.S. Financial Crimes Enforcement Network (FinCEN) related to investigations into Russia’s attack on the 2016 U.S. Presidential election and the allegation of collusion with members of the Trump campaign.



05.25.17

AML affecting Bitcoin in Japan

Japan and South Korea, the third and fourth largest bitcoin exchange markets, have seen premium prices ever since the launch of local bitcoin exchanges and markets. Analysts suggest that such arbitrage opportunities exist in Asia’s largest bitcoin exchange markets due to the two countries’ strict Anti-Money Laundering (AML) policies.



05.25.17

Former Barcelona president Sandro Rosell arrested on money laundering charges

Rosell, who was Barcelona president between July 2010 and January 2014, before being forced to resign over irregularities in the signing of Brazilian striker Neymar, has been arrested along with four other people in a police operation named 'Rimet', reports Xinhua news agency.



05.24.17

A major Russian money-laundering case was unexpectedly settled in New York

A major money-laundering case set to go to trial last week in New York was suddenly settled three days earlier, with both the US government and the defendant, the Russian firm Prevezon Holdings, claiming victory.



05.24.17

Corporate Crime Experts Rip Citigroup Non Prosecution Agreement

Banamex USA, a Mexican unit of Citigroup, will pay $97.44 million and enter into a non prosecution agreement to settle allegations the company violated the Bank Secrecy Act. Banamex and Citigroup were represented by Brad Karp and Susanna Buergel of Paul Weiss in New York.



05.24.17

Brazilian Scholar Warns That Temer's Permanence Worsens Corruption

Brasilia, May 23 (Prensa Latina) President Michel Temer''s permanence is a factor that it may worsen corruption in Congress, of which it is a hostage, according to Roberto Romano, a scholar from Universidade Estadual de Campinas (Unicamp). Temer may deepen his relationship with the lawmakers on promiscuous bases



05.24.17

Korean gambler: What that smell like?

When a Korean high roller handed over AU$3.6 million ($2.7 million) at the VIP cage of the Star Casino in Brisbane, Australia, at the beginning of May, staff were almost certain something wasn’t quite right. Something about the situation just smelled funny



05.24.17

Qatar calls for measures to curb organised crime, money laundering

Qatar has called for making use of all capabilities in confronting and curbing organised crime, corruption, drugs, money laundering and terrorism. This came in a speech delivered by Major General Dr Abdullah Yusuf al-Mal.



05.23.17

Citigroup may have enabled money laundering

Citigroup will pay nearly $100 million to federal authorities to settle claims that a lack of internal controls and negligence in the bank's Mexican subsidiary may have allowed customers to commit money laundering.



05.23.17

Denmark: New requirements to the registration of real owners

On 23 May 2017, new rules on the registration of real owners of Danish companies will enter into force. Companies must register information on their real owners as well as the real owners' rights with the Danish Business Authority.



05.23.17

New AML Act for Germany - impact on gambling operators

The financial committee of the Federal Parliament agreed on amendments to the new German Anti Money Laundering (AML) Act (Geldwäschegesetz, GwG) yesterday. The new law will bring important changes for gambling operators.



05.23.17

Yet Another Presidential Corruption Scandal in Brazil

It seems like just last August that Brazil’s previous president, Dilma Rousseff, was impeached among corruption allegations. And that’s because it was just last August. Less than a year later, Brazil is gearing up for another presidential corruption scandal, this one focused on Michel Temer, Dilma’s vice president before succeeding her.



05.23.17

Taiwan Drops Money-Laundering Case Against Mega Fin

Taiwanese prosecutors said on Monday they will not indict Mega Financial Holding Co Ltd for violating anti-money laundering rules, after allegations were brought against it by U.S. authorities. Prosecutors said that while Mega Financial, one of Taiwan's five-biggest financial firms, may have violated U.S. rules out of ignorance, there was no evidence of intentional wrongdoing.



05.22.17

Trending: Increased RegTech spending and the Weekly Roundup

As financial institutions (FI’s) continue to place a premium on financial security and subsequently a reduction of reputational risk and other repercussions, no distinct area of compliance has grown as exponentially in recent years as regulatory technology.



05.22.17

Individual Accountability in AML Cases

This post discusses individual liability in AML/BSA enforcement, which is an area of increasing attention. Indeed, according to public statements by the government, individual liability is the focus of enhanced scrutiny across the enforcement table.



05.22.17

FATF Blacklisting Bodes Ill for Banks

Lack of compliance to Financial Action Task Force regulations has impeded international banking relations, a deputy head of the Monetary and Banking Research Institute said.



05.22.17

'The Wolf of Brooks Street': Former Vann's CEO sentenced to prison

George Manlove, the former CEO of defunct Montana appliance and electronics retailer Vann’s, was sentenced to five years and three months in federal prison on Friday after being found guilty earlier this year on 170 felony counts related to defrauding the company.



05.22.17

Charity conman linked to developer accused of laundering money for drugs gang

Charity conman Tony Freeman has been linked to a developer accused of laundering money for drugs gangs. He was a consultant to property firm Pinnacle Alliance, who had planned to build 344 luxury flats in Manchester.