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EU relations with China take bitter turn as bloc’s ‘Magnitsky Act’ invoked to sanction Chinese officials for human rights abuse

Premium March 15, 2021

The sanctions are part of a larger group of global sanctions on countries deemed to have violated human rights, including Russia, North Korea, Libya, Eritrea and South Sudan.

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NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

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NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

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NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

By Vish Gain for AMLi

IT IS NO SECRET that the European Union has a complicated relationship with China. The world’s second-wealthiest political entity hasn’t been able to decide if the Asian economic powerhouse is its competitor or partner — at times striking trade deals and in others, threatening with sanctions.

Swinging towards the hostile end of the relationship pendulum, the European Union Thursday inched closer to sanctioning China — the first time since the 1989 Tiananmen Square crackdown — for its questionable human rights track record across the country, particularly in Hong Kong and Xinjiang.

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Premium

NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

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NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

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NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

Regulatory Watch News

  • Deutsche Bank Subsidiary to Pay $4 Million for Untimely Filing Certain Suspicious Activity Reports

    SEC

    Washington D.C., Dec. 20, 2024 —
    The Securities and Exchange Commission today charged registered broker-dealer Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, for failing to file certain Suspicious Activity Reports (SARs) in a timely manner. Deutsche Bank Securities has agreed to pay a $4 million civil penalty to settle the SEC’s charges. Broker-dealers are required by the Bank Secrecy Act and regulations promulgated by the U.S Department of the Treasury’s Financial Crimes Enforcement Network to file SARs for transactions they have reason to suspect involve funds derived from illegal activity, lack a business or apparent lawful purpose, or are intended to facilitate criminal activity.

  • Central Bank establishes dedicated Fitness and Probity Unit

    Central Bank of Ireland

    The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit. The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound.  Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime. Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime.  We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.

  • Investigation ‘Cheap Ink’: Three more convicted of €58 million VAT fraud involving office supplies

    European Public Prosecutor's Office

    (Luxembourg, 20 December 2024) – In an investigation led by the European Public Prosecutor’s Office (EPPO) in Venice (Italy), three more suspects have been convicted of participation in a criminal organisation selling toner cartridges and office supplies at cheap prices, by systematically evading VAT. Prior to these convictions, four other suspects had also been found guilty in this investigation, code-named ‘Cheap Ink’, which uncovered a massive VAT carousel fraud, with profits estimated at €58 million.

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