AML, Financial Crime, Financial Services
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PremiumBy Paul O’Donoghue
BAND Hatton Button (BHB), a well-known English law firm, has been fined just over £46,000 for failing to comply with AML regulations.
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US Department of Justice
Three individuals were sentenced yesterday for their roles in founding and operating an illegal pyramid scheme. Alex Dee, 50, of Fate, Texas, was sentenced to 36 months in prison and ordered to pay $1,845,600 in forfeiture; Brian Kaplan, 53, of Fort Collins, Colorado, was sentenced to 22 months in prison and ordered to pay $2,838,700 in forfeiture; and Jerrold Mauer, 58, of North Bellmore, New York, was sentenced to 22 months in prison and ordered to pay $1,545,500 in forfeiture.
OFAC
Action taken in partnership with the United Arab Emirates targets a key node in the Kim regime’s illicit revenue generation schemes
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning two individuals and one entity involved in a network that launders millions of dollars of illicit funds generated by the Democratic People’s Republic of Korea (DPRK) information technology (IT) workers and cybercrime to support the DPRK Government. Based in the United Arab Emirates (UAE), Lu Huaying and Zhang Jian worked through a UAE-based front company to facilitate money laundering and cryptocurrency conversion services that funneled the illicit proceeds back to Pyongyang. This network is led by OFAC-sanctioned Sim Hyon Sop (Sim), a PRC-based banking representative for the DPRK who orchestrates money laundering schemes to fund the regime.
SEC
