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LATEST: Britain’s Treasury consults with banks on easing burden of AML checks

Premium March 11, 2024

UK AML: British Treasury Minister Baroness Vere (pictured) launched the consultation today. She said: "A key principle in the MLRs is proportionality. Where there is room to find a better balance between what we ask of regulated firms and customers, and the risk of money laundering and terrorist financing, then we want to seek to address this."

INSIGHT: We asked four world-leading financial crime experts who should be AMLA chair – here’s what they said

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NEWS: Canada’s TD Bank names insider Michelle Myers as global chief auditor amid regulatory glare

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NEWS: Gazprombank, third largest lender in Russia, among 50 banks hit with new US sanctions

By AML Intelligence Correspondents BRITAIN’s Treasury today (Monday) proposed ways to ease the burden of AML checks applied by banks, and reflect the impact of Brexit and emergence of new financial activities such as cryptoassets. The rules are used by 100,000 businesses such as banks, accountants, lawyers, estate agents, and casinos to undertake KYC initial…

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INSIGHT: We asked four world-leading financial crime experts who should be AMLA chair – here’s what they said

 Premium

NEWS: Canada’s TD Bank names insider Michelle Myers as global chief auditor amid regulatory glare

 Premium

NEWS: Gazprombank, third largest lender in Russia, among 50 banks hit with new US sanctions

Regulatory Watch News

  • Co-Founders of Paycheck Protection Program Lender Service Provider Charged for COVID-19 Relief Fraud Scheme

    US Department of Justice

    An indictment was unsealed yesterday in the Northern District of Texas charging two co-founders of Blueacorn, a lender service provider, in connection with a scheme to fraudulently obtain COVID-19 relief money guaranteed by the U.S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

  • SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports

    SEC

    Washington D.C., Nov. 22, 2024 —
    The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to pay $275,000 combined in civil penalties to settle the SEC’s charges.

  • Financial sanctions update: Frozen Assets Reporting 2024

    OFSI

    OFSI is conducting its Frozen Asset Review. If you hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, you are required to submit a report to HM Treasury's OFSI by the extended deadline of Monday 25 November 2024.

    This email is a final reminder that you are required to report the value of all assets as they stood at close of business on Monday 30 September 2024.

    Your report must include details of all funds or economic resources frozen in the UK and overseas, where these funds or economic resources are subject to UK financial sanctions legislation.

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