Published Date:
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Banque Havilland Faces License Revocation
Banque Havilland is facing potential revocation of its operating license by the European Central Bank (ECB) and Luxembourg’s financial supervisory authority. Investigations by finews.com reveal that the bank’s operations in Liechtenstein and Switzerland are partially blocked, likely due to officially mandated safeguarding measures. This significant move by the ECB highlights the ongoing scrutiny and enforcement within the financial sector to ensure compliance and stability.
OctaFX Money Laundering Probe: ED Freezes Assets Worth ₹80.43 Crore
The Enforcement Directorate (ED) has taken decisive action in its money-laundering investigation against OctaFX, an online forex trading platform. Following searches in Mumbai, Kolkata, Delhi, and Gurgaon, the ED froze movable assets worth ₹80.43 crore, including bank funds and demat account holdings. The funds were allegedly obtained deceitfully from investors through fraudulent forex trading activities involving shell companies. Incriminating documents and digital devices were also seized during the operation, reinforcing the ED’s commitment to cracking down on financial crimes.
Coinbase’s CB Payments Ltd. Fined $4.5M By UK Regulator
Coinbase’s CB Payments Ltd. (CBPL) has been fined 3.5 million pounds ($4.5 million) by the Financial Conduct Authority (FCA) for lapses in onboarding controls. Despite existing restrictions, CBPL provided e-money services to 13,416 high-risk customers, leading to the penalty. As an e-money institution authorized by the FCA, CBPL’s failure to adhere to strict onboarding protocols underscores the importance of robust compliance measures in the financial services sector.
Frank Kilbride Remanded in Custody Over €2.6m Money Laundering Case
Frank Kilbride, a former Fine Gael politician and businessman, has been remanded in custody for laundering over €2.6 million linked to deceased gangster Cyril ‘Dublin Jimmy’ McGuinness. Kilbride, who previously served as Longford county mayor, faces three counts of money laundering. This case highlights the ongoing efforts of authorities to address financial crimes and hold individuals accountable, regardless of their political or social status.
Circular on Establishing the Sources of Wealth of Customers
A new circular provides guidance to financial institutions (FIs) in the wealth management sector on establishing the sources of wealth (SOW) of their customers. The circular outlines risk principles that FIs should consider when designing policies and procedures to establish SOW in a risk-proportionate and reasonable manner. This guidance aims to enhance transparency and compliance within the wealth management sector.
OFAC Settlement with State Street Bank and Trust Company
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,452,501 settlement with State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. This settlement addresses 38 apparent violations of OFAC’s Ukraine-/Russia-Related sanctions. The resolution of this case highlights the critical importance of adherence to international sanctions and the serious consequences of non-compliance.
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- #StateStreetBank