AML weekly update over the week 11 - 17 Aug 2014

Senior managers ‘personally liable’ for anti-money laundering check failings at money service businesses, says HMRC

Aug 17, 2014 12:59 pm | Posted in: AML News

 

In new guidance on its supervision of money services businesses under anti-money laundering rules , HMRC said that senior managers at those businesses, which read more

 

       

 

 

Regulators pushing banks to rid casinos of money-laundering

Aug 17, 2014 12:48 pm | Posted in: AML News

 

Large global banks are facing increased pressure from U.S. regulators to clamp down on casino money-laundering as the government pushes the industry to police read more

 

       

 

 

Owner of Local Payroll Services Company Pleads Guilty to Fraud and Money Laundering Charges

Aug 13, 2014 09:31 pm | Posted in: AML News

 

Bradley Ferguson, owner of Fenton based Paymaster Business Solutions, Inc., pled guilty to mail fraud and money laundering charges involving his failure read more

 

       

 

 

Trade misinvoicing constitutes $35.4BN illicit outflows from Africa

Aug 13, 2014 09:20 pm | Posted in: AML News

 

Most of the illicit outflows from Africa to United States of America (USA) occurred through the fraudulent technique known as “trade misinvoicing”, read more

 

       

 

 

Astrus insights KPMG’S analysis of third-partyintegrity risks

Aug 13, 2014 09:12 pm | Posted in: AML Case studies / Reports

 

Global transactions and regulatory scrutiny increasingly require firms to examine their business relationships in order to assess risk, undertake informed negotiations, and read more

 

       

 

 

Pakistan: Government declares tax evasion as money laundering

Aug 12, 2014 10:42 pm | Posted in: AML News

 

The government has decided to declare tax evasion as money laundering. Sources disclosed that tax evasion would be declared money laundering through amendment read more

 

       

 

 

Petrobras-Linked Money Laundering Probe Spreads to Banks

Aug 12, 2014 10:37 pm | Posted in: AML News

 

A $4.4 billion money-laundering probe linked to state-run Petroleo Brasileiro SA is spreading to financial institutions as prosecutors investigate whether they met read more

 

       

 

 

Search of Valio Russian Offices Part of Money-Laundering Probe

Aug 12, 2014 10:16 pm | Posted in: AML News

 

Russian police searched the St. Petersburg offices of Finnish dairy-products exporter Valio on Tuesday morning in a probe unrelated to Valio’s operations read more

 

       

 

 

FinCEN Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance

Aug 12, 2014 08:21 pm | Posted in: AML News

 

Shortcomings identified in recent Anti-Money Laundering (AML) enforcement actions confirm that the culture of an organization is critical to its compliance. Although read more

 

       

 

 

FinCEN SAR Review Team Discovers Doctor Structuring Deposits

Aug 11, 2014 09:29 pm | Posted in: AML News

 

Suspicious Activity Reports (SARs) played a critical role in the indictment and guilty plea of a weight-loss doctor. The doctor ostensibly ran read more

 

       

 

 

Australia: Online dating scams to be targeted by money laundering agency and ACCC

Aug 11, 2014 09:05 pm | Posted in: AML News

 

The consumer watchdog is joining forces with government anti-money laundering agents to crack down on internet dating scams. The Australian transactions reports and read more