Newsletter (16 Sep – 22 Sep 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
1. UAE Central Bank Imposes Dh5 Million Fine For AML Violations
The UAE Central Bank (CBUAE) has taken decisive action by fining a local bank Dh5 million for breaching anti-money laundering (AML) laws and allegedly funding illegal organizations. This enforcement action was executed under Articles 89 and 137 of Federal Decree Law No. (14) of 2018 and Article 14 of Federal Decree Law No. (20) of 2018. The regulatory body emphasized its commitment to combating financial crimes and ensuring adherence to AML regulations.
2. Swiss Regulator FINMA Confiscates CHF12.7 Million From Mirabaud & Cie SA
The Swiss Financial Market Supervisory Authority (FINMA) has seized CHF12.7 million from Mirabaud & Cie SA after finding the bank guilty of serious AML breaches and financial market law violations. FINMA’s investigation, concluded in June 2023, revealed inadequate scrutiny of client relationships and transactions. The bank is currently prohibited from accepting new clients with heightened money-laundering risks until it complies with legal requirements.
3. Danske Bank Settles €6.3 Million Fine In France For Money Laundering Probe
Danske Bank, Denmark’s largest financial institution, has agreed to pay €6.3 million ($7 million) to French prosecutors, ending legal proceedings related to alleged money laundering in its Estonian branch. This is part of the larger fallout from Danske’s 2007–2015 money-laundering activities, which involved roughly 200 billion euros flowing through approximately 15,000 accounts. The bank previously admitted guilt in the United States and paid a $2 billion fine.
4. Brazilian Federal Police Uncover $9.7 Billion Crypto-Based Money Laundering Scheme
Brazil’s Federal Police have launched “Operation Niflheim,” targeting a massive money laundering scheme involving cryptocurrencies. The investigation uncovered that the organizations involved laundered an estimated $9.7 billion since 2021. This marks a significant step by Brazilian authorities in addressing the growing issue of crypto-related financial crimes.
5. German Government Shuts Down 47 Crypto Exchanges For Illegal Activities
German authorities have shut down 47 crypto exchanges linked to illicit activities, including money laundering. The Federal Criminal Police Office and the Attorney General’s Office in Frankfurt discovered these platforms were not adequately monitoring customer activity, thus facilitating illegal transactions.
6. FATF Releases India’s Mutual Evaluation Report On Terror Financing And Money Laundering
The Financial Action Task Force (FATF) has published its mutual evaluation report on India’s AML and counter-terrorism financing (CTF) measures, placing the country in the “regular follow-up” category. While acknowledging India’s progress, FATF emphasized the need for further refinement, especially in promptly prosecuting money laundering and terrorism financing cases. The report advocates a risk-based approach and educational initiatives for non-profit organizations.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
Subscribe to our weekly Newsletter – Click Here
Empower your organization with ZIGRAM’s integrated RegTech solutions – Book a Demo
- #FinancialCrime
- #MoneyLaundering
- #AML
- #Regulations
- #Cryptocurrency
- #GlobalEnforcement
- #BankingCompliance
- #FATF
- #CryptoCrackdown
- #FinancialRegulation