EU’s AML regime only as strong as its weakest link, Citibank Treasury boss tells European Parliament conference

Regulatory Watch News

• 

  Treasury Sanctions Enablers of the Intellexa Commercial Spyware Consortium

  OFAC

  September 16, 2024

  WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five individuals and one entity associated with the Intellexa Consortium for their role in developing, operating, and distributing commercial spyware technology that presents a significant threat to the national security of the United States. These designations complement concerted U.S. government actions against commercial spyware vendors, including previous sanctions against individuals and entities associated with the Intellexa Consortium; the Department of Commerce’s addition of commercial spyware vendors to the Entity List; and the Department of State’s visa ban policy targeting those who misuse or profit from the misuse of commercial spyware, subsequently exercised on thirteen individuals.

• 

  CBUAE imposes a financial sanction on a bank operating in the UAE

  CBUAE

  September 16, 2024

  Abu Dhabi (16 September 2024): The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank operating in the UAE, pursuant to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The CBUAE has fined the bank AED 5 million, and directed the bank to present the Central Bank's action to the board of directors of the overseas headquarters.

• 

  Ismael “El Mayo” Zambada Garcia, Co-Founder of the Sinaloa Cartel, Arraigned in Brooklyn on International Drug Charges

  US Department of Justice

  September 13, 2024

  Defendant Allegedly Led the Sinaloa Cartel with Joaquin “El Chapo” Guzman Loera for Decades and Continued for Years Since El Chapo’s Arrest

  Ismael “El Mayo” Zambada Garcia, 76, a citizen of Mexico, was arraigned this morning in federal court in Brooklyn, New York, on 17 counts related to drug trafficking, firearms offenses, and money laundering. This fifth superseding indictment relates to El Mayo’s decades-long leadership of the Sinaloa Cartel, one of the most violent and powerful drug trafficking organizations in the world and conspiracy to manufacture and distribute fentanyl. El Mayo was previously charged with running a continuing criminal enterprise, as well as murder conspiracy, money laundering conspiracy, cocaine, heroin, methamphetamine, and marijuana manufacture and distribution conspiracy, as well as other drug-related crimes.