Tag: Financial crime
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INSIGHT 2021: Predictions from the top experts on the year ahead, including the rise of Privacy Enhancing Technologies (PETs), AI, EU oversight, greater transparency and of course, crypto
Regulatory Watch News
OFSI issues £1m penalty for Russia sanctions breaches in first circumvention case
OFSI
Sabre Global Technologies Limited (SGTL) Penalty
OFSI has imposed a £1,000,920.59 monetary penalty on Sabre Global Technologies Limited (SGTL), its largest monetary penalty in relation to Russia sanctions since the 2022 invasion. Between May and December 2022, SGTL continued to provide services to a designated entity and sought to receive payments after designation, including exploring alternative payment routes which amounted to circumvention of UK sanctions. This case was assessed as “most serious” with aggravating factors including deliberate circumvention, high breach value, repeated and extended breaches, and substantial risk of harm to the objectives of the UK’s Russia sanctions regime.
Ikano Bank receives a remark and an administrative fine
Finansinspektionen
The Swedish Financial Supervisory Authority (FI) issues Ikano Bank AB (Ikano) a remark and an administrative fine of 140 million kronor for violations of anti–money laundering regulations. Finansinspektionen has investigated in part Ikano’s compliance with the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630) governing measures against money laundering and terrorist financing. The investigation shows that the bank has been in violation of several of these provisions.
Outcome of the 103rd Plenary Meeting of GRECO
GRECO
At this meeting, GRECO adopted 6th Evaluation Round reports on Luxembourg, Slovenia and the United Kingdom on the prevention of corruption and promotion of integrity at the sub-national level. GRECO also adopted compliance reports on Austria, Bosnia and Herzegovina and Poland on the prevention of corruption in respect of parliamentarians, judges and prosecutors, as well as on Armenia, Georgia, Ireland, Italy, Montenegro and Serbia on the prevention of corruption and the promotion of integrity in central governments (top executive functions) and law enforcement agencies. The Plenary also held a roundtable discussion on practical lessons learned from the first evaluations conducted under the Sixth Evaluation Round and exchanged views on GRECO’s contribution to the European Union’s forthcoming Anti-Corruption Strategy.
