Anti-Financial Crime & Financial Crime Compliance
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LATEST: EU governments demand OFAC-style agency to tackle ‘massive’ sanctions evasion by Russians across the bloc

Premium February 22, 2023

RUSSIA SANCTIONS: Proposals by the European Parliament to give AMLA a role in sanctions enforcement is likely to be rejected by European governments, AML Intelligence has learned. Separately, Dutch foreign minister Wopke Hoekstra wants a new EU sanctions agency - similar to OFAC in the US - established here. A move that is seen as more likely by EU officials.

INSIGHT: GDPR revamp the opportunity for EU bank data-sharing to fight financial crime

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NEWS: UK money laundering gang which exploited Ukraine war jailed for 13 years

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BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

By STEPHEN RAE for AMLi EUROPE should have its own OFAC-style agency enforcing EU sanctions, 12 Member States have demanded. The governments – led out by the Netherlands – are supporting the proposal to take on widespread sanctions evasion by oligarchs and Russian industry. Sanctions were “being evaded on a massive scale”, the Dutch Foreign…

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INSIGHT: GDPR revamp the opportunity for EU bank data-sharing to fight financial crime

 Premium

NEWS: UK money laundering gang which exploited Ukraine war jailed for 13 years

 Premium

BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

Regulatory Watch News

  • Operation Venetic: Drug dealer caught with five kilos of cocaine found to have imported a further £17m worth

    National Crime Agency

    A south London drug dealer convicted for supplying cocaine has been jailed after his seized encrypted phone showed he had imported more than half a tonne of the class A drug. Kurtis Hoyte, 35, from Beckenham, was investigated by the Organised Crime Partnership (OCP) – a joint National Crime Agency and Metropolitan Police Service unit. OCP officers arrested him in May 2020 after he was observed handing over five kilos of cocaine with an estimated street value of £180,000 to the driver of a flat-bed truck near Beckenham Hill Station.

  • Adoption of the revised EBA guidelines on money laundering and terrorist financing risk factors

    CSSF

    These amending Guidelines complement the Guidelines on ML/TF risk factors by addressing the specific risks associated with crypto-assets and crypto-asset service providers (“CASPs”) and by providing for measures that CASPs and other credit and financial institutions should take to manage these risks.

  • Nearly a quarter of young adults admit to bank loan fraud – Cifas research

    CIFAS

    • Latest research underpins consumer ‘acceptance’ of first party fraud
    • 12% of adults say they or someone they know have deceived their bank
    • Warning that fraud rules may unintentionally encourage more dishonest claims
    Around 1 in 4 (24%) 25-34-year-olds have either lied to their bank or know someone who has in the last 12 months, claiming a loan has been fraudulently applied for so they avoid repayments. That’s according to the latest Fraud Behaviours Survey findings from UK-leading fraud prevention service, Cifas.

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