On Oct. 11, 2018, EU CNCL adopted new rules criminalizing money laundering. New rules include maximum imprisonment of four years for money laundering. Minimum rules on the definitions of criminal offences and sanctions, provision for sanctioning legal entities and for cross-border judicial or police cooperation. Clarifying which MS has jurisdiction, how they must cooperate/involve Eurojust.…
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UK Gov Suspicious Activity Form
On Oct. 11, Companies House released suspicious activity form. New form to report unauthorized director appointments, addresses, other activities. Company name has been changed without permission, your address has been used without your permission (as company’s registered office or officer’s service address). People involved in company are in dispute (such as directors, shareholders or PSCs).…
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NYDFS Mashreqbank $40mn AML
On Oct. 10, NYDFS fined Mashreqbank of UAE, $40mn for AML. UAE-based Mashreqbank and NY branch, violated AML and recordkeeping laws. Multiple deficiencies in bank's compliance with AML laws and OFAC regulations. Alleged Violations Violations occurred in US dollar clearing operation about the New York branch. Follows examinations by DFS and Federal Reserve Bank of New…
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TX INS Fine Humana Client Risk
On Oct. 8, TX INS fined Humana $700k for consumers at risk. Customers risked higher bills because of inadequate number of anesthesiologists. This led to there being no in-network anesthesia services, with over 20 hospitals. The districts affected were three of largest metro areas, Harris, Bexar, and Travis. Humana was contacted in Aug. 2018 after…
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MAS Suspicious Activity Report
On Oct. 5, MAS revised notice on reporting suspicious activities. Amendments are compared against the version of Notice CMG-N01 on reporting of suspicious activities & incidents of fraud, issued Jan. 2013, revised Mar. 2014. Required Reporting Report any suspicious activities and incidents of fraud, where material to safety, soundness or reputation of relevant entity, per form,…
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OFAC Fine JPM Cuba Sanctions
On Oct. 5, OFAC fined JPMC $5.2mn for sanctioned activities. Cited civil liability for 87 apparent violations of Cuban Assets Control Regulations. Iranian Transactions and Sanctions Regulations; and WMD Sanctions Regulations. Cuban Transactions Transactions were net settlement payments, and a very small portion appears to have been attributable to interests of airlines that were at…
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