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 [...]

The FIFA scandal and why banks may be facing regulatory issues over KYC failures

FIFA Indictment against PEPs The 47-count Indictment against 14 persons employed or engaged by FIFA by the US District Court for the Eastern District of New York (“EDNY“), and their arrest may do more than shake up international soccer – it also has the potential to result in significant fines against many global banks who processed [...]

Credit union fined over anti-money laundering controls of its money services business clients

The question every credit union has been asking for the past five years – namely, do we have anti-money laundering law obligations over the financial transactions of business clients that are money services businesses (“MSB“) – was just answered by FinCEN with a $300,000 fine. Last week, FinCEN assessed the fine against the North Dade [...]

Casino employee fined by FinCEN over anti-money laundering compliance issues

The Financial Crimes Enforcement Network (“FinCEN“) has fined a former manger of a US casino over anti-money laundering compliance violations. According to the Wall Street Journal, George Que, a former manger of VIP services at Tinian Dynasty Hotel & Casino, assisted high rollers at the casino to gamble outside of the Bank Secrecy Act reporting [...]

World record in money laundering sentencing

A Malaysian Court has set a world record in money laundering law by sentencing a business executive to a term of imprisonment of 1,942 years for laundering proceeds of crime. Lim Long Yew, the CEO of Asia Ceramic Marketing Sdn Bhd, was convicted of accepting and holding proceeds of crime in the corporate bank account over [...]

The $10 million AML compliance plan that cost a hedge fund $1.8 billion

Largest insider trading settlement ever SAC Capital Advisors has reached a global settlement (the “Settlement“) with the U.S. Department of Justice to plead guilty to insider trading, pay a record US$1.8 billion penalty, and agree to a term of probation of five years. The Settlement is the largest financial penalty in history for insider trading. [...]

Singapore takes action against 69 financial institutions over lax money laundering compliance

Singapore’s Monetary Authority of Singapore has issued a number of fines, warnings, reprimands and compliance orders to 69 financial institutions for multiple failures to comply with anti-money laundering and counter terrorist financing requirements. The move is Singapore’s effort to appear to be strengthening its anti-money laundering laws to preserve its reputation as the hub of [...]

New York’s most expensive escort pleads guilty to money laundering

Former escort admits to money laundering Natalia McLennan, once touted as New York’s most expensive escort at $2,000 per hour, pleaded guilty to money laundering in New York City in connection with the operation of  the New York escort agency, New York Confidential where she worked as a prostitute. McLennan, who is from Montreal, moved [...]

Spanish lawyer convicted of money laundering in one of Europe’s biggest money laundering rings

Spanish lawyer Fernando del Valle, whom we wrote about here, was convicted of money laundering and sentenced to six years in prison and ordered to pay €3.4 million in fines. Authorities believe del Valle laundered up to €250 million through his law firm in Spain’s exclusive Marbella region. The case was one of the largest [...]

FINTRAC fines two money services businesses for anti-money laundering failures

FINTRAC, Canada’s financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; and [...]