Category: Analysis

Regulatory Watch News

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  HSBC Bank Malta plc fined by FIAU for on-boarding breaches.

  FIAU

  December 5, 2022

  For three (3) customer files, it was observed that at the time of onboarding, the Bank had failed to collect the necessary documents to verify the identity or address of the beneficial owners (BOs)/senior managing officials. Similarly, for four (4) customer files, the Bank had failed at the onboarding stage to carry out the verification of the agents/authorised signatories involved. Therefore, the Bank was found to be in breach of Regulations 7(1)(b) and 7(3) of the PMLFTR and Section 4.3 of the IPs. However, given that the Bank had already remediated these shortcomings prior to the compliance examination, and taking into consideration the fact that such inadequacies were identified in a relatively low number of files, the Committee deemed this breach to be minor in nature, and proceeded to impose a Reprimand and Follow-Up Directive on the Bank.

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  2469 money mules arrested in worldwide crackdown against money laundering

  Europol

  December 5, 2022

  Law enforcement from 25 countries, supported by Europol, Eurojust, INTERPOL and the European Banking Federation (EBF) have joined forces to crack down on one of the most important enablers of money laundering: money mules and their recruiters. During an operational phase carried out between mid-September to the end of November 2022, 8,755 money mules were identified alongside 222 money mule recruiters, and 2,469 individuals were arrested worldwide. Now in its eighth edition, the European Money Mule Action (EMMA8) has gone international, with actions carried out in countries as far apart as Colombia, Singapore and Australia.

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  Wealthy Russian businessman arrested on suspicion of multiple offences

  National Crime Agency

  December 3, 2022

  The National Crime Agency has conducted a major operation to arrest a wealthy Russian businessman on suspicion of offences including money laundering, conspiracy to defraud the Home Office and conspiracy to commit perjury.

   The 58 year old man was arrested on Thursday (1 December) at his multi-million-pound residence in London by officers from the NCA’s Combatting Kleptocracy Cell.

  A 35 year old man, employed at the premises, was arrested nearby on suspicion of money laundering and obstruction of an NCA Officer after he was seen leaving the address with a bag found to contain thousands of pounds in cash.

  A third man, aged 39, who is the former boyfriend of the businessman’s current partner, was arrested at his home in Pimlico, London, for offences including money laundering and conspiracy to defraud.