Metro Bank fined over £16m for “financial crime failings” | Weekly Words of Wisdom
The Financial Conduct Authority (FCA) has fined Metro Bank PLC (Metro) £16,675,200 for failing to maintain suitable systems and controls to effectively […]
Failure to prevent fraud guidance introduced in UK
Today the government has published guidance that will provide organisations with advice on the new corporate criminal offence, “failure to prevent fraud”. […]
The outcomes of the FATF Paris Plenary 23rd-25th October 2024 | Weekly Words of Wisdom
The first FATF Plenary under the two-year Mexico Presidency of Elisa de Anda Madrazo was held from 23rd-25th October. Delegates from over […]
Key insights from India’s Mutual Evaluation Report (MER) 2024
Overview India’s 2024 Mutual Evaluation Report (MER) offers a detailed look at the country’s approach to tackling money laundering (AML) and terrorism […]
TD Bank to pay record $3 billion penalty over AML failures
TD Bank, one of the largest financial institutions in North America, has agreed to pay a record $3 billion penalty after pleading […]
New FATF president announces grey list changes for low income countries
The Financial Action Task Force (FATF) has announced significant changes to how countries are added to its grey list, with low-income nations […]
Starling Bank fined £29m by FCA for financial crime system failings
Starling Bank has been fined just shy of £29m for financial crime failings related to its sanctions screening systems. Starling saw rapid […]
India makes significant progress in AML/CFT measures
On 19 September 2024, a joint assessment by FATF, APG, and EAG highlighted that India has achieved a high level of technical […]
US seizes Venezuelan President Maduro’s plane
The United States has seized an aircraft linked to Venezuelan President Nicolás Maduro, claiming it was illegally purchased for $13 million and […]
VASP bill approved by Seychelles’ National Assembly
The Seychelles National Assembly has given the green light to a new bill aimed at regulating virtual asset providers. The bill, presented […]
AIA fined HK$23m for AML failures
Hong Kong’s regulatory body has imposed a penalty on the local division of the insurance behemoth AIA for failures related to anti-money […]
The Central Bank of Brazil to implement regulations for digital currency platforms by 2025
Brazil is nearing the completion of the process to establish regulations for virtual asset service providers (VASPs) and their involvement with cryptocurrency. […]