AML weekly update over the week 30Jun - 6 Jul, 2014

(FATF) Virtual Currencies: Key Definitions and Potential AML/CFT Risks

Jul 01, 2014 10:12 pm | Posted in: AML Case studies / Reports

 

In a short period of time, virtual currencies, such as Bitcoin, have developed into a powerful payment method with ever growing global acceptance. Virtual currencies offer an innovative, cheap and flexible method of payment. At the same time, the unique and often unfamiliar business model of virtual currencies poses a challenge to regulators around the […] read more

 

       

 

 

FATF: Risk of terrorist abuse in non-profit organisations

Jul 01, 2014 10:09 pm | Posted in: AML Case studies / Reports

 

Terrorist organisations and non-profit organisations have very different objectives, but often rely on similar logistical capabilities:  Funds, material, personnel and public influence are key resources for non-profit organisations (NPOs).  Terrorist organisations seek the same resources to further their cause, which makes NPOs vulnerable for abuse by terrorists or terrorist networks. FATF Recommendation 8 requires that […] read more

 

       

 

 

BNP Paribas Agrees to Plead Guilty and to Pay $8.9 Billion for Illegally Processing Financial Transactions for Countries Subject to U.S. Economic Sanctions

Jul 01, 2014 07:43 pm | Posted in: Sanctions and Fines

 

According to court documents submitted today, BNP Paribas S.A. (BNPP), a global financial institution headquartered in Paris, agreed to enter a guilty plea to conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) by processing billions of dollars of transactions through the U.S. financial system on […] read more