On 18 May 2020, HK SFC fined Southwest Securities for AML breaches. HK SFC has reprimanded and fined Southwest Securities (HK) Brokerage Limited HKD5mn for failures in complying with AML/CFT regulatory requirements in 2016. Breaches Southwest had failed to implement adequate policies and procedures to mitigate risk of money laundering and terrorist financing associated with…
Read more
CAL INS Advisor $1mn Laundering
On Jul. 18, CAL INS charged financial advisor money laundering. Long Beach financial advisor Tom Fallon sentenced to over 10 years in state prison, must pay nearly $1mn on 25 criminal counts of money laundering and grand theft. Bases for Conviction Found Fallon convinced victims to deposit workers’ compensation settlement checks in workers’ compensation Medicare set…
Read more
LAT FCMC Fined Rigensis Bank
On 15 July 2019 , LAT FCMC fined Rigensis Bank €1mn, issued warning. FCMC fined Rigensis Bank AS €1mn, imposed legal obligations, warned board member. Rigensis infringed AML/CFT rules for internal controls and customer risk-related issues. Violations Key controls related to customer due diligence, transaction monitoring found deficient. Identifying beneficial owner, customers' source of funds…
Read more
UK GC Casino 36 Penalty Package
On Jul. 11, UK GC issued penalty for AML, social responsibility failures. Relates to money laundering / social responsibility failures by operator Casino 36. UK GC investigation revealed the operator had failed to ensure adequate customer enhanced due diligence, source of funds, source of wealth checks for 33 customers. During the relevant period, from Nov.…
Read more
CAN BC FIC Money Laundering
On May 9, CAN BC FIC issued report on real-estate laundering. Expert panel on money laundering in real estate, reported that the over C$7bn in dirty money laundered in BC in 2018 had increased cost of a home about 5%. Expert Reports Report released with remainder of Peter German review on money laundered in real…
Read more
CAN BC GVT Real Estate AML
On Apr. 15, CAN BC GVT issued a statement on AML in real estate. Follows CAN BC GVT Apr. 2019 receipt of money-laundering report. Apr. 15 Statement BC AG, Minister of Finance praised commitment by five real-estate organizations. The bodies have jointly committed, to fighting money laundering in the province. To collaborate and develop best…
Read more