Sanctions world first ~ US imposes sanctions against North Koreans for private sector and over cyberhack incident

Tweet Economic sanctions ordered Today, the US announced it is imposing economic sanctions against certain individuals  and entities in North Korea over the Sony cyberhack. The so-called Sony sanctions appears to represent the first time in history that sanctions have been imposed (a) solely in response for, or over a, private sector dispute / issue; […]

Another Australian Bank De-Risks and Exits Remittance Business Over Terrorist Financing Regulatory Risks; Financial Inclusion and Shadow Banking Seen As Repercussion

Tweet Fourth banks closes remittances businesses Another bank in Australia, the Westpac Bank, has announced it will close its remittance business division next week over the difficulty of complying with counter-terrorism laws. By de-risking and closing its remittance division, the Bank is terminating the bank accounts of all of its business customers who operate money […]

Islamic State – ISIS funded by sales of oil, captured women and taxes Christians must pay to stay alive; and how banks are used to finance terrorism

Tweet Terrorist groups are not a financial island This article has been updated and replaced with the White Paper on ISIS’ Terrorist Financing available here.

PwC settles with New York bank regulator over anti-money laundering and sanctions advice

Tweet The New York Department of Financial Services (“NYDFS“) has announced that it has entered into a settlement with the advisory firm of PricewaterhouseCoopers Regulatory Advisory Services (“PwC“) over anti-money laundering and sanctions compliance advice it provided to the Bank of Tokyo Mitsubishi (“Bank of Tokyo“). PwC is suspended for two years from accepting consulting […]

UK issues guidance for MSBs imposing personal liability on directors / officers for terrorist financing and money laundering compliance failures

Tweet Unlimited monetary fines at stake for compliance failures The UK HM Revenue and Customs (“HMRC“) has issued revised guidance (the “Guidance“) for money services businesses (“MSBs“) that renders directors, officers, partners, managers, secretaries and members of the management committee of a MSB personally liable for money laundering and terrorist financing compliance failures. On conviction, directors and […]

Standard Chartered Plc completing massive “look back” program

Tweet Months of Look Backs Required By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime According to this article in Reuters, as a result of non-functioning anti-money laundering software, Standard Chartered Plc will be undertaking the monumental task of reviewing millions of processed transactions to determine if such transactions should have […]

Aligning FATCA with the AML compliance regime

Tweet It has been noted by US officials that the Foreign Account Tax Compliance Act (“FATCA“), 26 USC Ch. 4, is not only one of the most significant pieces of US legislation for financial institutions, asset managers and foreign residents, it is also one of the most legally complex and technical that “will spawn significant enforcement activity […]

2nd Annual ACAMS Conference in Toronto on Anti-Money Laundering

Tweet The ACAMS 2nd Annual AML & Financial Crime Conference Canada in Toronto on June 9-10, 2014 has an interesting and exciting list of speakers and topics. Highlights of this year’s program include: Corruption Presentation – Interpol’s Michel Girodo. Critical Guidance on Anti-Money Laundering Laws – Jamal El-Hindi, Associate Director, Policy Division, FinCEN.  Anti-Bribery Update […]

10th Annual National Money Laundering Symposium at Osgoode Hall Law School

Tweet The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gerald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money […]

Canadian arrested for money laundering after allegedly transporting hundreds of millions by private jet to US & tax havens through lawyer

Tweet Private jets of cash According to an article in La Presse, Martin Grenier, a Canadian from Repentigny, Québec, was arrested in Detroit and charged on February 13, 2014, with money laundering along with two Americans, including a lawyer.  Grenier is alleged to have facilitated the laundering of so much cash, that private jets were used to […]