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NEWS: New US SAR key term issued by FinCEN over Russia exports; places ‘massive undertaking on even biggest banks,’ says our columnist

Premium November 7, 2023

FRAUD: “We are issuing this Notice to help financial institutions and their customers from becoming victims to this crime, and to remind them to remain vigilant in identifying and reporting related suspicious activity," said FinCEN chief Andrea Gacki.

NEWS: Pressure grows on UAE to show it is enforcing sanctions against Russia

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LATEST: TD Bank makes $450M provision for US AML probe; lender admits processes ‘insufficient’ to ‘detect, report, respond to suspicious activity’

LATEST: Binance chief Zhao gets just four months jail for running industrial-scale crypto laundry

By ALISHA HOULIHAN for AML Intelligence FinCEN and the US Department of Commerce’s Bureau of Industry and Security (BIS) have issued a joint notice highlighting a new SAR key term (“FIN-2023-GLOBALEXPORT”) for financial institutions (FSIs). FSIs must henceforth reference the key term when reporting suspected efforts by persons or companies trying to evade U.S. export…

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NEWS: Pressure grows on UAE to show it is enforcing sanctions against Russia

 Premium

LATEST: TD Bank makes $450M provision for US AML probe; lender admits processes ‘insufficient’ to ‘detect, report, respond to suspicious activity’

LATEST: Binance chief Zhao gets just four months jail for running industrial-scale crypto laundry

Regulatory Watch News

  • Three due in court over Heathrow £3.6m cocaine seizures

    National Crime Agency

    National Crime Agency officers have charged three people with drug smuggling offences after three separate cocaine seizures off the same flight. The trio were all on board a plane which flew in from Montego Bay in Jamaica and landed at Heathrow on Monday evening. NCA investigators were brought in after the men were stopped by Border Force officers, who had recovered around 45 kilos of cocaine from three suitcases.

  • Croatia: Three arrested for fraud involving funds for earthquake repairs

    European Public Prosecutor's Office

    The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) has initiated an investigation against three individuals and one company suspected of subsidy fraud and document forgery, to obtain a grant of approximately €2.5 million for earthquake repairs, financed by the EU Solidarity Fund (EUSF). All suspects were arrested yesterday (29 April 2024) at the request of the EPPO.

  • April 29, 2024 – FINTRAC advisory: Financial transactions related to countries identified by the Financial Action Task Force

    Fintrac

    High-risk jurisdictions subject to a call for action

    The statement on high-risk jurisdictions subject to a call for action identifies jurisdictions for which the FATF has called on its members to either apply countermeasures (Democratic People's Republic of Korea (DPRK), Iran) or enhanced due diligence measures proportionate to the risks arising from the jurisdiction (Myanmar).

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