Monday, May 17, 2021

AML

Two Taiwan banks fined for breaching anti-money laundering laws

The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it...

Malta fined Tumas Gaming €233,156 over failed anti-money laundering controls

Tumas Gaming has been slapped with a €233,000 fine after an investigation by the Financial Intelligence and Analysis Unit found it had failed to implement measures to address major threats to their money laundering supervision. Tumas Gaming operates the gaming...

Ireland stops anonymity in trading of cryptocurrency

BUYERS and sellers of Bitcoin and other cryptocurrencies are no longer able to trade virtual assets anonymously in Ireland under an expanded anti-money laundering regime. As of today, cryptocurrency service providers in Ireland will have to comply with money laundering rules and other basic...

California fines Bay Area card room $5.3m for violating anti-money laundering laws

One of California's more profitable card rooms agreed Thursday to a record $5.3 million penalty for misleading gambling regulators and violating a federal law designed to deter money laundering, the state attorney general's office said. Artichoke Joe’s Casino in San...

Swiss rejects bitcoin’s application for banking license over anti-money laundering laws

Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator. “The application process has shown the need for further reviews of the...

UK regulator launches criminal proceedings against NatWest over anti-money laundering compliance

The Financial Conduct Authority (FCA) has started criminal proceedings against NatWest over allegedly failing to comply with money laundering rules. The City watchdog claims "increasingly large cash deposits" were made into a UK account, alleging around £365m was paid in,...

South Korean crypto exchange operator Bithumb bans users over money laundering concerns

Bithumb, a South Korean cryptocurrency exchange operator, said Tuesday that it has put restrictions on crypto trading accounts held by users staying in regions that have not adopted anti-money laundering measures. A total of 21 nations are currently on the...

Apple Bank for Savings fined $12.5 million for breaching anti-money laundering laws

Apple Bank for Savings agreed to pay $12.5 million to settle a regulator’s claims that it failed to comply with anti-money-laundering rules. The bank allegedly violated the Bank Secrecy Act, an anti-money-laundering law, between April 2014 and September 2018, the...

UAE fines 11 banks for violating anti-money laundering rules

The UAE Central Bank has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations. The financial sanctions were imposed on January 24, 2021, under Article 14 of the Federal Decree Law No. (20)...

UK gambling regulator fines White Hat Gaming over anti-money laundering failings

UK gambling regulators have reached a £1.3m settlement with licensee White Hat Gaming after the company’s approach to social responsibility (SR) and anti-money laundering (AML) was found wanting. On Thursday, the UK Gambling Commission (UKGC) announced the regulatory settlement with White Hat...

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Former Rockbridge County jail superintendent gets 51 months in prison for corruption

The former superintendent of the Rockbridge County Regional Jail has been sentenced to 51 months in federal prison for...