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NEWS: Barclays implements £20,000 annual cash deposit limit to combat money laundering

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RULING: Judge George Leggatt said the idea that banks owe a contractual duty to its customers to not carry out payment instructions if they suspect fraud is "inconsistent with first principles of banking law".

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NEWS: TD Bank says it’s spent $365M on fixing AML failings, hiring more FCC staff

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NEWS: Sweden’s Financial Supervisory Authority requests powers to screen senior finance workers

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INSIGHT: Banks warned of compliance risks as US issues $1.5bn fines for Russia sanctions breaches 

By Paul O’Donoghue

Barclays is introducing an annual limit of £20,000 to the amount of cash customers can pay into personal accounts in an effort to crack down on money laundering.

Announcing the change, the UK bank said the limit will apply even if customers have more than one personal account with the lender.

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Premium

NEWS: TD Bank says it’s spent $365M on fixing AML failings, hiring more FCC staff

 Premium

NEWS: Sweden’s Financial Supervisory Authority requests powers to screen senior finance workers

 Premium

INSIGHT: Banks warned of compliance risks as US issues $1.5bn fines for Russia sanctions breaches 

Regulatory Watch News

  • SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

    SEC

    Washington D.C., May 3, 2024 —

    The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.

  • Financial sanctions update: Global Human Rights

    OFSI

    On 3 May 2024 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. The following 6 entries have been added to the Global Human Rights financial sanctions regime and are now subject to an asset freeze:

    • Neria Ben Pazi (Group ID: 16486)
    • Noam Federman (Group ID: 16489)
    • Eden Levi (Group ID: 16485)
    • Elisha Yered (Group ID: 16493)
    • Hilltop Youth (Group ID: 16487)
    • Lehava (Group ID: 16488)
    OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

  • Spanish national charged after huge Manchester Airport cannabis seizure

    National Crime Agency

    A Spanish national has been charged with drug smuggling offences by the National Crime Agency after eight suitcases packed with cannabis were found at Manchester Airport. 51-year-old Fernando Jacobo Mayans Fuster, from Zaragoza in Spain, arrived into the airport on Wednesday 1 May, having flown from Los Angeles in the US, via London Heathrow. He was arrested after Border Force officers located 278 packages in eight separate bags.

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