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BREAKING: US to unveil long-awaited crackdown on real estate money laundering, new BO rules being announced this month

Premium August 10, 2023

AI: Secretary Janet Yellen said the Treasury was in regular communication with regulators about the use of AI to mitigate illicit finance risks, including money laundering, terrorist financing and sanctions evasions.

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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

The U.S. Treasury Department is moving to end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains.

Criminals have for decades anonymously hidden ill-gotten gains in real estate, Treasury Secretary Janet Yellen said in March, adding that as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020.

The long-awaited rule will require real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN is slated to propose the rule

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Premium

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

 Premium

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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