AMLi NEWS UPDATE: MONEYVAL’s review of Albania: country has ‘not significantly improved’ its AML defences

Regulatory Watch News

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  Bank Manager Sentenced to Prison for Misusing Position to Steal Hundreds of Thousands of Dollars from Bank Customer

  US Department of Justice

  November 6, 2024

    A former New York-based branch manager was sentenced yesterday to 13 months in prison, three years of supervised release, and ordered to pay $208,938.68 in both restitution and forfeiture of criminal proceeds for misusing his position to steal approximately $208,938.68 from a customer’s accounts. According to court documents and statements made in court, from January 2020 to April 2020, James Gomes, 43, of New York, used his position as a branch manager of an international financial institution to improperly access a customer’s accounts and to steal a total of approximately $208,938.68.

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  Treasury Expands Sanctions on Republika Srpska Network Evading U.S. Sanctions

  OFAC

  November 6, 2024

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating one individual and one entity who support a corrupt patronage network in Bosnia and Herzegovina (BiH) that is attempting to evade U.S. sanctions. This network is directly linked to U.S.-designated Igor Dodik (Igor), the son of Milorad Dodik (Dodik), the U.S.-designated President of BiH’s Republika Srpska (RS), one of two entities that make up BiH. For years, Dodik has used his official position to accumulate personal wealth through companies linked to himself and Igor. This corruption has contributed to an undermining of public confidence in BiH state institutions and the rule of law.

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  New failure to prevent fraud guidance published

  UK Home Office

  November 6, 2024

  New corporate criminal offence will hold large organisations to account if they profit from fraud. Today we’ve published guidance that will provide organisations with important advice on the new corporate criminal offence of ‘failure to prevent fraud’, helping make sure they are taking action to prevent fraud. Introduced last year as part of the Economic Crime and Corporate Transparency Act (ECCT), the offence is intended to hold large organisations to account if they profit from fraud.