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NEWS: Regulators reviewing Revolut’s processes to detect and prevent financial crime; culture under microscope following departures of compliance staff

Premium February 18, 2023

REVOLUT: The fintech may be close to getting a banking licence in the UK but a recent media report claims that embassy staff attached to the 'Five Eyes' western intelligence network have been discouraged from using the banking app over claimed Russia connections.

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NEWS: CIBC is Canada’s latest bank fined for failure to submit STRs, hit with C$1.3M penalty

NEWS: FinCEN awards law enforcement agencies which used BSA to launch criminal investigations

NEWS: Bizlato exchange was ‘open turnstile’ for dirty money as Russian co-founder admits processing $700M in illicit funds

By ALISHA HOULIHAN for AMLi REGULATORS are conducting a review of the processes that Revolut has in place to prevent financial crime, it’s been revealed. It comes after regulators examined its culture which has been described as “hard charging.” Following this culture examination, the regulators requested a separate review of the measures in place to…

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Premium

NEWS: CIBC is Canada’s latest bank fined for failure to submit STRs, hit with C$1.3M penalty

NEWS: FinCEN awards law enforcement agencies which used BSA to launch criminal investigations

NEWS: Bizlato exchange was ‘open turnstile’ for dirty money as Russian co-founder admits processing $700M in illicit funds

Regulatory Watch News

  • National Crime Agency calls on parents to help young people recognise the signs of money muling

    National Crime Agency

    The National Crime Agency is asking parents and carers to help young people avoid being persuaded or manipulated into laundering criminal cash. The NCA’s call follows three weeks of coordinated law enforcement action against money mules – a term given to individuals enlisted by criminals to move the proceeds of crime through their bank accounts in return for a cut of the sum.

  • Croatia: EPPO investigates former minister and ministry employee for abuse of office and authority

    European Public Prosecutor's Office

    (Luxembourg, 8 December 2023) – The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) has officially initiated an investigation against two persons – a former minister and a former employee of Croatia’s Ministry of Regional Development and EU Funds (MRRFEU) – for abuse of office and authority. This follows a preliminary investigation conducted in cooperation with Croatia’s National Police Office for the Suppression of Corruption and Organised Crime (PNUSKOK).

  • 46 entries added to the consolidated list

    OFSI

    On 8 December 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act.

    46 entries have been added to the consolidated list under the following regimes and are now subject to an asset freeze: Belarus, Global Human Rights, Syria and Iran (Human Rights).

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