On Mar. 4, UK HMRC announced estate agents targeted for ML. Unannounced inspections as part of a crackdown on ML in the property industry. HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations. Visits coincide with HMRC publishing a list of…
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SWE SFI Swedbank AML Role
On Feb. 23, 2019, SWE SFI rejected allegation made by Svenska Dagbladet (SvD). It is incorrect that SFI rejected proposal to review Swedbank's Baltic operations. On Oct. 22, 2018 proposal discussed was investigation into SEB, not Swedbank. Meaningful study of Baltic operations needed to be done with Baltic authorities. Described previous steps taken and ongoing…
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HK SFC Broker HK$15mn for AML
On Feb. 18, HK SFC fined Guosen securities $15mn for AML breach. Guosen Securities (HK) broker failed to comply with AML/CFT rules, in handling third party fund deposits, processed 10,000 third-party deposits for $5bn total. Allegations Clients received third-party deposits that were unequal to their financial profiles. Third-party deposits withdrawn soon after funds receipt, without…
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DenFSA Danske AML Penalties
On Jan. 31, 2019, EST FSA issued response to DenFSA comment on responsibility. English summary of report contains a number of allegations or positions that the Financial Supervision Authority does not accept based on the legal circumstances. Danske Bank's organization and management didn't work, task of Danish financial supervision was and is to oversee organization…
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HKMA JPMorgan AML HK$12.5mn
On Dec. 28, HKMA fined JPMorgan HK$12.5mn for AML breach. JPMorgan Chase Bank, NA, Hong Kong Branch settlement for AML contraventions. Per S. 19(2) and 19(3) of schedule 2 to AMLO (Chapter 615) of law of Hong Kong. Alleged Violations Bank contravened HK laws regarding AML and counter-terrorist financing control. Failed to establish procedures on…
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FINRA M, Stanley AML $10mn
On Dec. 26, FINRA fined Morgan Stanley $10mn for AML failures. Morgan Stanley Smith Barney fined for failures in AML program and supervision. Charges Had AML program and supervisory failures that spanned a period over five years. Used surveillance system, that did not receive critical data from several systems. Undermined surveillance of tens of billions…
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