Anti-Financial Crime & Financial Crime Compliance
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Banking, Compliance, Crypto, EU, Financial Services, Schuman

VASPs: Banks’ links to crypto and DeFi could pose a risk to EU financial stability, warns ECB in stark notice

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NEWS: Capgemini buys Delta Capita to boost anti-fincrime services

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NEWS: Lloyd’s insurance broker charged by UK’s SFO over Ecuador bribes

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NEWS: JPMorgan Chase, Bank of America limit data-sharing with regulator OCC after hack

By AML Intelligence Correspondents EUROPEAN banks’ links to crypto and DeFi could pose a threat to financial stability, the ECB warned today (Tuesday) The European Central Banks said it had undertaken “a deep dive into cryptoasset leverage and crypto lending” and found evidence this was becoming more risky, complex and interconnected with traditional institutions. Links…

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NEWS: Capgemini buys Delta Capita to boost anti-fincrime services

 Premium

NEWS: Lloyd’s insurance broker charged by UK’s SFO over Ecuador bribes

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NEWS: JPMorgan Chase, Bank of America limit data-sharing with regulator OCC after hack

Regulatory Watch News

  • UK insurer charged with bribery in Ecuador

    Serious Fraud Office

    The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.

  • Industry warning notice: regulatory returns submissions

    Gambling Commission

    Operators are being warned that they face regulatory action if they fail to complete regulatory returns or submit them on time.

    The warning follows a spate of fines against operators who have failed to submit a regulatory return in the required timeframes for each type of activity for which they hold a licence. Since October more than ten businesses have been fined up to £750 for not correctly completing and submitting regulatory returns within the required timeframe.

  • Europol supports strike-down on criminal organisation smuggling tens of thousands of hazardous salvage cars from the US

    Europol

    Europol supported an action led by the European Public Prosecutor’s Office (EPPO) in Berlin (Germany) and Vilnius (Lithuania), which involved around 1 000 police, tax and customs officers carrying out 200 searches in ten countries. The investigation targeted a vast criminal organisation active in smuggling badly damaged cars from the United States (US) into the European Union (EU), and selling them to end customers after superficial repair, while defrauding the payment of customs duties and committing large-scale value-added tax (VAT) fraud.

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