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Entries in money laundering (98)

Thursday
May072015

Ripple Labs becomes first virtual money exchange fined by FinCEN

Image courtesy of RippleThe Treasury Department's Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program.

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Thursday
Apr302015

UK Supreme Court: When is money laundering its own crime?

The circumstances in which a money laundering offense may also constitute a substantive criminal offense was the subject of a UK Supreme Court decision last week.

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Thursday
Apr232015

Banks and opaque offshore structures: UK Privy Council weighs in

Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements.

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Tuesday
Apr072015

Banks can de-risk and still make money

Regulators are tightening their grip on anti-money laundering compliance. As a result, banks and other financial institutions have begun to re-examine the ways in which they address risk in their operations. Historically, they have done do by taking drastic measures -- exited business lines or cutting ties with business partners.

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Wednesday
Mar252015

Has Putin perverted Interpol?

Red Notices from Interpol's website (click to enlarge)Interpol -- the International Criminal Police Organization -- isn't a police force. It's an information clearing house that promotes international police cooperation.

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Thursday
Mar192015

U.S. indicts alleged corrupt China official and wife for money laundering, visa fraud

The ex-wife of a former Chinese official was arrested Tuesday in Newcastle, Washington on charges that she and her former husband laundered money to buy property in Washington state and lied to obtain U.S. visas through the immigrant investor program.

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Tuesday
Mar172015

FinCEN updates AML/CFT counter-measures and enhanced due diligence list

Roger Wilkins AO (Australia) FATF President 2014-2015The U.S. Treasury Department's Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.

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Thursday
Mar122015

Compliance fiasco: Commerzbank pays $1.45 billion for AML, sanctions, and fraud-related offenses

Commerzbank AG agreed to pay $1.45 billion for doing business with Iran and other sanctioned countries and its failure to have adequate money laundering controls, the DOJ and New York financial regulator said Thursday.

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Thursday
Mar122015

Groups urge KYC rules for real estate to fight money laundering

Shruti Shah of TI-USA (Image courtesy of C-Span)Transparency International-USA sent a letter to the U.S. Treasury Department Tuesday, endorsed by 17 civil society groups, asking for due diligence requirements for professionals in the real estate sector.

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Monday
Mar092015

FinCEN fines Trump Taj Mahal $10 million for AML and reporting offenses

The Financial Crimes Enforcement Network (FinCEN) fined the Trump Taj Mahal Casino Resort $10 million Friday for willful and repeated violations of the Bank Secrecy Act.

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