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LATEST: EU publishes new AML laws to come into effect next month, including criteria for direct supervision of 40 banks

Premium June 19, 2024

AMLA: The agency will have the capacity to “simultaneously supervise up to 40 groups and entities”. In the event that there would be more than 40 entities which would meet the criteria for AMLA oversight, the regulator would then select the 40 organisations operating “in the highest number of member states.” GRAPHIC: An artist's illustration of how the new AMLA HQ in Frankfurt could look.

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NEWS: ‘Worst suspicions’ confirmed as shell companies used in 67% of US commercial property money laundering cases

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INSIGHT: How Raiffeisen’s bet on Russia took it to the brink

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NEWS: Panama’s new president brands Panama Papers ‘an international hoax’ after 28 acquitals

By PAUL O’DONOGHUE, Senior Correspondent THE establishment of the EU’s AMLA (Anti-Money Laundering Authority) is one of the biggest changes to hit the world of AML in years. But one question which has perhaps not been clear to financial institutions is – which ones will AMLA regulate? Laws published today by the EU in its…

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Premium

NEWS: ‘Worst suspicions’ confirmed as shell companies used in 67% of US commercial property money laundering cases

 Premium

INSIGHT: How Raiffeisen’s bet on Russia took it to the brink

 Premium

NEWS: Panama’s new president brands Panama Papers ‘an international hoax’ after 28 acquitals

Regulatory Watch News

  • Website Alert – Fraudulent website related to Bank Julius Baer & Co. Ltd.

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to a fraudulent website, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

  • BaFin warns consumers about IQ Capital Invest

    BaFin

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company IQ Capital Invest and the services it is offering. BaFin suspects the unknown operators of the website iqcapitalinvest.org of offering consumers financial and investment services without the required authorisation. The operators claim to offer consumers trading accounts for transactions in currencies, shares and indices.

  • ALLEGED N950M FRAUD: COURT ADJOURNS TRIAL OF TWO SUSPECTED FOREX FRAUDSTERS TILL OCT 28

    EFCC

    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, July 1, 2024, adjourned till October 28, 2024 further hearing in the trial of one Alhaji Usman Abubakar  and  Young Alhaji Foundation over an alleged N950m  forex fraud. Abubakar, alongside Young Alhaji Foundation, is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a five-count charge bordering on obtaining money by false pretence and stealing to the tune of N950 million.

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