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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About: ILG
Recent Posts by ILG
OSC Pay Whistleblowers C$7mn
On Feb. 27, OSC awarded first C$7.5mn to 3 whistleblowers. These whistle-blower awards are the first ever by a Canadian securities regulator. Recipients gave high quality, credible and timely information on 3 separate cases. The information allowed for enforcement action resulting in payments to the OSC.
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CFPB Elder Financial Abuse
On Feb. 26, CFPB issued report on wide elder financial abuse. Financial institutions report vast increase in older customers prey to exploitation. Perpetrators from offshore scammers to close family members and they’re filing hundreds of thousands of reports with federal government about their suspicions. Report First-public analysis provides better understanding of elder fraud and prevention.…
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UK Treasury, OFSI Raphaels Fine
On Feb. 25, UK Treasury, OFSI issued penalty for sanctions breach. On Monday Jan. 21, 2019 the Office of Financial Sanctions Implementation issued penalty of £5,000.00, in accordance with s 146 of the policing and crime act 2017. Against Raphaels Bank for contravening of Egypt (asset-freezing) regulations 2011. The value of the transaction was £200.00…
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MGEX EDF Man Wash Trade Fine
On Feb. 24, MGEX fined E D & F Man $25k for use of wash trades. E D & F Man Capital Markets were charged for conducting internal exercises and assignments on Hard Red Spring Wheat options that were not reported to MGEX. Breach rule 2.1.6 supervision, 743.00 prohibition on accommodation/wash trade. Allegations Thus, MGEX…
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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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