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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

NEW SAR KEY TERM: “The purposeful evasion of U.S. export controls, regardless of where it occurs or the adversary it supports, is a serious national security issue,” said FinCEN Director Andrea Gacki (pictured). “FinCEN is proud to partner with BIS in issuing this Notice and providing financial institutions with a new key term which they can use to file suspicious activity reports when they suspect such activity.”

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LATEST: IMF, World Bank working on tokenising finanacial instruments; will encode tokens to tackle money laundering

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NEWS: ‘Serious deficits’ found in Bitcoin’s German bank, futurum; BaFin issues deadline to fix failings

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NEWS: Extradited Italian mobster offers up his private island in Dubai for lenient sentence

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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LATEST: IMF, World Bank working on tokenising finanacial instruments; will encode tokens to tackle money laundering

 Premium

NEWS: ‘Serious deficits’ found in Bitcoin’s German bank, futurum; BaFin issues deadline to fix failings

 Premium

NEWS: Extradited Italian mobster offers up his private island in Dubai for lenient sentence

Regulatory Watch News

  • Dutch banks are resilient but need to step up their ambitions

    DNB

    Dutch banks are financially resilient, thanks in part to increased interest rates. This gives them the room to step up their ambitions in terms of digitalisation, sustainability and the fight against money laundering.

  • Bulgaria: EPPO conducts searches in investigation into municipal road works

    European Public Prosecutor's Office

    (Luxembourg, 28 November 2023) – The European Public Prosecutor’s Office (EPPO) in Sofia (Bulgaria) carried out searches on 23 November 2023, in an investigation into potential misuse of EU funds, involving a project for the repair and reconstruction of a municipal road network in the Boychinovtsi Municipality. The searches were carried out at multiple locations in Bulgaria, including at the premises of companies involved in the construction activities, as well as administrative offices belonging to the Municipality of Boychinovtsi. Numerous documents were seized and witnesses were interviewed.

  • International collaboration leads to dismantlement of ransomware group in Ukraine amidst ongoing war

    Europol

    In an unprecedented effort, law enforcement and judicial authorities from seven countries have joined forces with Europol and Eurojust to dismantle and apprehend in Ukraine key figures behind significant ransomware operations wreaking havoc across the world. The operation comes at a critical time, as the country grapples with the challenges of Russia’s military aggression against its territory.

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