Woman who bought Bitcoin with $300,000 in cash in grocery bags, going to jail for one year

A woman in California, who admitted operating an unlicensed in-person digital currency exchange where she traded cash for Bitcoin,  was sentenced today to 12 months in federal prison, three years of supervised release, and a fine of US$20,000. Theresa Tetley pled guilty to conducting an illegal business and engaging in unlawful monetary transactions involving Bitcoin, and laundering [...]

US Issues sanctions against Venezuela’s ICO – the Petro Coin

Executive Order  President Trump issued an Executive Order imposing economic sanction on the initial coin offering (“ICO“) by the Government of Venezuela, called the Petro coin (the “Petro ICO“). The Executive Order makes it illegal to engage in transactions, dealings or financings in connection with the Petro ICO, which would include buying, selling, trading, marketing, [...]

How the US Alien Tort Statute might expose Canadian financial institutions

The US Supreme Court this term is ruling on a case that may impact Canadian banks and other financial institutions. The case, Jesner v. Arab Bank, involves over 6,000 petitioners from Israel who were victims of terrorism in the Middle East who filed a tort claim against a corporation in New York, the Arab Bank, [...]

Issues in Financial Crime, Technology, RegTech, Artificial Intelligence & Machine Learning

3rd Annual Vancouver FinTech Conference The 3rd Annual Financial Technology Conference in Vancouver takes place on May 3, 2017, which we co-sponsor. This year’s Conference focuses on “FinTech, RegTech and Financial Crime” and will cover the nexus between technology solutions to address regulation (RegTech), law, money laundering, terrorist financing, compliance, fraud, identity management, corruption, real [...]

World Check being sued over database of personal information

A number of persons and organizations are allegedly preparing to sue Thomson Reuters, the organization that runs World Check for wrongly listing them in a database as a financial crime risk. World Check created (apparently without informed consent at least under Canadian law), an online global database that purports to provide anti-money laundering, sanctions and [...]

2016 in Review

Every year, we like to give a summary of the most popular stories on our website measured by analytics of visits because it gives a sense of what issues are of interest to the anti-money laundering and counter-terrorist financing community globally and future trends. Here are some of our statistics for 2016: Most popular story –> [...]

UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines; and “public shaming” for enabling offshore tax evasion

Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments introduce [...]

Does privilege really prevent lawyers from reporting money laundering?

In Canada and the US, lawyers are not subject to anti-money laundering reporting obligations like they are in most other countries. One of the most frequent reasons given for this by lawyers is that to require us to report certain financial transactions to a financial intelligence unit is inconsistent with, and would undermine, legal privilege. [...]