Newsletter (11 Nov – 17 Nov 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Metro Bank Faces $20M Fine Over AML Control Failures
The Financial Conduct Authority (FCA) has fined Metro Bank £16 million ($20.51 million) for significant lapses in its anti-money laundering (AML) controls. Between 2016 and 2020, Metro Bank failed to monitor over 60 million transactions, worth £51 billion, for potential money laundering risks.
This penalty highlights ongoing challenges in the UK banking sector, especially for mid-sized lenders, and emphasizes the FCA’s commitment to enforcing stringent compliance standards.
U.S. Investigates UBS Over Russian Accounts From Credit Suisse
The U.S. Office of Foreign Assets Control (OFAC) is investigating Russian accounts UBS inherited through its acquisition of Credit Suisse. Discussions between the Swiss bank and OFAC have been ongoing, focusing on compliance with U.S. sanctions. This inquiry underscores the heightened scrutiny facing global wealth managers regarding their obligations under international sanctions regimes.
EBA Tightens Crypto Oversight Across Europe
The European Banking Authority (EBA) has issued new guidelines for Crypto-Asset Service Providers (CASPs) and Payment Service Providers (PSPs). These directives call for:
– Rigorous due diligence and risk assessment for all registrations.
– Enhanced compliance measures to align with EU regulations on restrictive measures.
The initiative aims to safeguard consumer interests and bolster trust in Europe’s burgeoning digital asset market.
Oman and Syria Collaborate to Combat Financial Crimes
Oman’s National Centre for Financial Information (NCFI) and Syria’s Anti-Money Laundering and Terrorism Financing Authority have signed a Memorandum of Understanding (MoU). This partnership will facilitate the exchange of information and strengthen regional efforts to combat money laundering and terrorism financing. The agreement was formalized during the MENAFATF Plenary in Riyadh, Saudi Arabia.
€21M Money Laundering Scheme Uncovered in Dublin
A Chinese couple in Dublin, Jixu Wang and Ye Wang, have been charged with laundering €21 million through online banks and cryptocurrency accounts. Arrested following a Europol-assisted investigation, the couple allegedly used money mules to transfer crime proceeds. The case highlights the growing use of digital currencies in international money laundering operations.
Former Detroit CFO Pleads Guilty to $44.3M Fraud Scheme
William Smith, the former CFO of the Detroit Riverfront Conservancy, has admitted to wire fraud and money laundering, misappropriating $44.3 million from the nonprofit over a decade. Smith faces a potential 20-year prison sentence, marking one of Detroit’s most significant financial crimes. His actions funded a lavish lifestyle, as revealed in court proceedings.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
Subscribe to our weekly Newsletter – Click Here
Empower your organization with ZIGRAM’s integrated RegTech solutions – Book a Demo
- #FinancialCrime
- #AML
- #RegulatoryCompliance
- #CryptoRegulations
- #MoneyLaundering
- #Sanctions
- #FraudPrevention
- #GlobalFinance
- #FraudPrevention