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Standard Chartered SCB had two separate settlements on this date. The global settlement also includes evidence of a relationship manager coaching an Iranian person on how to process their transactions, presumably to avoid OFAC penalties. This story analyzes several high-profile actions against banks, corporates and other firms and details what OFAC would consider the root failure, helping to create a roadmap for future companies to identify these issues now and, hopefully, prevent themselves from making the same mistakes. The U. I absolutely loved reading through this resource and think the FCC should scream from the mountaintops it has created such a helpful piece of consumer shielding by arming the everyman with knowledge on top scammer tactics.

In short: read this and share it liberally with everyone you know. At your job. At home.


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Be particularly annoying and cloying with older relatives and parents — the prime senior targets that are aggressively hounded by fraudsters and who sometimes fall for their ploys. Rimsevics, who has denied all accusations, was briefly detained by Latvian authorities last year and barred from office for several months but the European Court of Justice said that Latvia has failed to prove his guilt so his removal was illegal. Rimsevics, still faces corruption charges but has been reinstated as central bank chief and ECB Governing Council member while the legal proceedings are ongoing.

This is a rare action by the Latvian government — a full bank shutdown — but the move has many layers to it and seemingly predestined some of the broader financial crime and compliance failings in Latvia that eventually led to the Danske Bank money laundering scandal, involving illicit sums in the hundreds of billions of dollars.

The FCMC is under enormous pressure, as are other watchdog bodies in Latvia, to prove to European authorities it can handle financial crime compliance oversight in its region — or it could face the wrath from EU officials who are currently retooling laws to better name, shame and penalize member state regulators — not just banks — for failing on AML and tacitly allowing their jurisdictions to become the destination of choice for mega money laundering networks. HSBC declined to comment on the proposed settlement. Brussels prosecutors said at the time they suspected HSBC of selling offshore companies in Panama and the Virgin Islands to certain clients, aiming to avoid taxes.

The bank has hired some of the biggest names in compliance and government — including former top minds at the U. But it will still face questions on by regulators the world over, as many jurisdictions — including in Europe, the Nordic and Baltic regions — take up the mantle of aggressive financial crime investigations that have had their previously breakneck momentum in the U. Many banks in Australia are feeling the heat of a new focus on compliance in the region, as regulators follow the lead of the Paris-based Financial Action Task Force FATF , which sets global counter-crime compliance standards, and has moved from centering its reviews on technical compliance to wanted to see concrete measures of effectiveness.

What does that look like for countries?

Compliance

It means laws on the books are nothing without federal investigators tackling large, complex international investigations and getting convictions, seizures and crushing expansive criminal networks. For regulators, it means more aggressively and deeply reviewing banks for AML compliance and being more willing to levy more public actions and penalties. This will be a jarring change for some countries as both investigators and regulators work in concert to identify large money laundering hubs in and near the region — and review related AML compliance programs to find chinks in the armor.

The new report by Elliptic describes exactly how cryptocurrencies are being used to launder the proceeds of crime and finance terrorism, and details what financial crime compliance and investigative professionals should look out for to detect and prevent these illicit activities. The in-depth analysis covers specific money laundering typologies that impact exchanges, cryptocurrency ATMs, initial coin offerings ICOs , person-to-person P2P platforms, and cryptocurrency prepaid cards. Reports like this that parse out how organized criminal groups are attempting to launder funds through crypto currencies — and uncover the even more challenging and diffuse patterns tied to terror cells — a treasure trove of vital data points that can be woven into financial institution transaction monitoring systems and open the eyes of AML analysts to complex connections they would have otherwise missed.

Patriot Act subpoenas can apply to transactions outside of country, court rules in case against three Chinese banks facing sanctions scrutiny. Foreign banks that have US correspondent accounts and are involved in schemes to obtain American currency can be legally obligated to turn over transactional data to federal investigators, even when the payments are processed abroad , according to an appellate court opinion published Tuesday.

Prosecutors have alleged in court documents that a North Korean bank used a Chinese front company, Mingzheng International Trading, to export commodities in exchange for revenue based in US dollars. Although unnamed in court records, the three Chinese banks are believed to be Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank, according to multiple media reports.

The three banks have claimed that the subpoenas are not valid because they would require the lenders to violate Chinese law. This case has gotten a lot of ink from compliance and mainstreams publications as it ups the tension even more between the U. In recent similar cases where banks have attempted to stymie U. In short, the banks have ended up paying massive penalties for AML and sanctions failures, and where subjected to added punitive measures for either being coy with examiners or actively obfuscating them.

Dennis M. Lormel (Author of The Saga of an AML Compliance Officer)

But this is also a case of a classic rock and a hard place scenario. If the banks do give OFAC what it wants, it could incur domestic anger in China — something that could cause the institution more consternation and penalties at home. Look for more fireworks in the case and, potentially, the U. In the financial crime arena, few topics have generated as much concern and confusion in recent years as cryptocurrencies. Alternately hailed as the future of finance and derided as a dodgy money laundering risk, the crypto world has persisted through the hype and the hate to carve out a space in the legitimate financial system.

At this point, a working knowledge of cryptocurrencies is essential for nearly any financial crime professional. At the same time, those working in the crypto world often stand to benefit from more contact and collaboration with fincrime professionals at traditional financial institutions, as well as law enforcement and regulators. In collaboration with its members, partners and the community as a whole, ACFCS will provide a series of trainings, tools and initiatives to bolster understanding of cryptocurrencies and help professionals better address their financial crime risks.


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  6. Perhaps most importantly, ACFCS will be highlighting the efforts of its members in the cryptocurrency space, through profiles, success stories and more throughout the quarter. Cryptocurrencies remain new and somewhat baffling for many people. In an ever-changing field, even those with a solid grasp of the crypto world still have something to learn. Visit the page and learn how you can contribute today. Are you in a role involved in detecting and preventing financial crime tied to crypto, such as a compliance professional at a crypto exchange, investigator at a traditional financial institution, law enforcement or regulatory agent, or member of an advocacy group?

    Do you have a colleague that fits this description?

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    The application period is currently open and will end on Tuesday, September 10th. Recipients will be announced on or before Friday, September 20th. Click here for more details and to apply today! US government officials are eager to learn the implications of blockchain technology as it relates to a variety of industry and government applications.

    The delegation outlined the full potential and significance of blockchain technology. Chinese authorities continue to crack down on illegal bitcoin operations around the nation.

    Recently, local detectives confiscated 4, ASIC-based bitcoin mining rigs in Zhenjiang, the eastern Jiangsu province. Nonetheless, there is still uncertainty as to when, or if, any laws will go into effect. At the outset, the governing bodies explain that it is difficult to broadly apply existing legal constructs to the novel and ever-changing ecosystem of digital assets. In general, the marketplace for digital asset securities must comply with the relevant securities laws. FINRA noted an increased number of individuals who have submitted New Membership Applications for broker-dealer licenses involving digital asset securities.

    Similarly, several already registered broker-dealers and FINRA members are seeking to expand their businesses to include digital asset securities. The wide-ranging interview tackles the complex obstacles to creating and regulating a secure decentralized financial system. Amoroso notes how CipherTrace works to make cryptocurrency secure—beyond the cryptography that secures the ledger—by offering regulators and companies a path to safe and trusted practices. Services like those delivered by CipherTrace also support broader adoption and compliance by helping exchanges and regulators weed out bad actors and identify blind spots where criminals operate unseen.

    Jefferies also explains how by removing criminal and terrorist usage CipherTrace can help build public confidence in cryptocurrency and support the foundational vision of blockchain technology. If you had a goal that you believed in, how long would you fight to achieve your objective? What if you had to somehow convince the highest levels Congress, the very seat of U. Would you fight for seven days? Seven weeks? Maybe even seven months? Joann Alicea fought for her goal — to make it easier for anti-money laundering AML compliance professionals investigating the crime of human trafficking to report activity to law enforcement — for seven years.

    AML Compliance CV

    And won. It was a boxing match — the prize to create a new checkbox to better fight a heinous crime — against major heavyweights and she never backed down. Those chosen for the scholarship submitted applications with compelling professional and often personal experience related to human trafficking — from running investigations and creating transaction monitoring rules, to advocating for legislation and working directly with survivors. Alicea, who is currently a senior compliance officer for JPMorgan Chase, lobbied lawmakers, investigators and the U. The information can become critical intelligence for law enforcement to start a case or create a break in an ongoing investigation.

    Such a move helps spread awareness that at the heart of human trafficking networks — whether the scourge of sex trafficking or forced labor — is a financial crime victimizing tens of millions of people, generating billions of dollars a year that needs to intersect the formal financial sector to continue. As a point of context, JPMorgan spearheaded efforts from the private sector to better understand and highlight the red flags indicative of human trafficking in the mids, years before groups like FinCEN and even global standard-setter, the Paris-based Financial Action Task Force, offered guidance on the financial trails of human trafficking networks.