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INSIGHT: One of the world’s biggest insurance firms has fallen foul of U.S. sanctions – here are the key lessons

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Signage is seen on the MetLife Inc building in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly/File Photo

IN PHOTOS: Photo’s Leaders in Finance AML-NL Event 2024

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NEWS: AI portfolio manager charged with money laundering, lied to clients claiming $3.5M fund was worth ‘billions’

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NEWS: US says MetLife unit reached settlement over Iran sanctions violations

By Sarah Beth Felix, Special Correspondent

ANOTHER Office of Foreign Assets Control (OFAC) penalty issued by U.S. Department of the Treasury. 

While a small amount – only $178,421 – it is an overall reflection that if you have knowledge, you have a burden. The maximum penalty could have been $858 million! Yikes.

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IN PHOTOS: Photo’s Leaders in Finance AML-NL Event 2024

 Premium

NEWS: AI portfolio manager charged with money laundering, lied to clients claiming $3.5M fund was worth ‘billions’

 Premium

NEWS: US says MetLife unit reached settlement over Iran sanctions violations

Regulatory Watch News

  • Police tip leads to seizure of illegal cigarettes

    Fiscal Information and Investigation Service - FIOD

    On November 14, Customs, following information from the police, launched an investigation at a garage in Nieuwegein. In a warehouse used by the garage, two vans were found containing illegal cigarettes. Both vans were seized and taken away.

    The cars contained almost 900,000 cigarettes, which were seized and will be destroyed. The garage owner has been arrested and can also expect a Customs assessment of approximately 350,000 euros in unpaid excise duty. The investigation is being continued by Customs and the FIOD and is led by the Functional Parket.

  • EPPO traces fraudulent Chinese imports to France via Port of Athens

    European Public Prosecutor's Office

    (Luxembourg, 15 November 2024) – On 13 and 14 November 2024, in an investigation led by the European Public Prosecutor’s Office (EPPO) in Paris (France), searches and witness interviews were carried out in Greece, in a probe into fraudulent imports of textiles, garments and fashion items from China into the EU, via the Piraeus Port of Athens, with the French market as the final destination. The fraud scheme under investigation caused an estimated damage of over €5.2 million in unpaid customs duties and VAT.

  • First Cloud Resilience Crisis Management Exercise by APAC Financial Regulators and Cloud Providers

    MAS

    Singapore, 15 November 2024… Asia Pacific financial regulators and global cloud service providers (CSPs) in the Financial Sector Cloud Resilience Forum[1], established by the Monetary Authority of Singapore (MAS), conducted a crisis management tabletop exercise on 6 November 2024. The exercise, which is the first of its kind in the region, simulated a severe public cloud incident disrupting multiple financial sectors across the region.

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