Over 30 leading law firms join VinciWorks’ second AML Core Group Meeting
More than 30 leading law firms joined VinciWorks’ recent AML Core Group Meeting. The mission of the Core Group is to share best practice in the field of AML compliance to improve policies and procedures for all and to actively manage AML risk. VinciWorks’ Director of Best Practice Gary Yantin gave an AML news update […]
Compliance weaknesses highlighted in Law Society of Scotland’s AML report
The recently released annual report also emphasises the agency’s efforts to engage with issues around AML The Law Society of Scotland just released its annual anti-money laundering (AML) report and the agency notes that it is an indicator of the “breadth and depth of its AML work undertaken in the public interest.” The agency acknowledges […]
Lycamobile’s French Companies Fined for Money Laundering and VAT Fraud
The former CEO has been jailed for three years In a landmark ruling, Lycamobile’s French companies have been fined a total of €10m by a Paris court for their involvement in money laundering and VAT fraud. The case also saw the group’s former CEO, Christopher Tooley, receiving a prison sentence and a substantial fine for […]
FATF grey list updates: Why was Bulgaria added?
Panama removed and UAE makes progress On 27 October 2023, the Financial Action Task Force (FATF) met in Paris and added EU member state Bulgaria to the grey list. This has been described as a shock to many, but the country has been mired in political corruption scandals in recent years. The UAE was also […]
SRA releases client and matter risk assessment template to combat high levels of non-compliance
Template available in Omnitrack In a session on anticipated increased AML regulations at the Law Society’s recent Anti-Money Laundering and Financial Crime Conference 2023, the Solicitors Regulation Authority’s (SRA) representative made an announcement: The agency would be releasing a client and matter risk assessment template. Anyone attending the conference could hear the sighs of relief […]
Why is there a crisis of AML compliance in law firms?
Data from the SRA shows less than a third of law firms are fully compliant The SRA’s annual report highlighted a sobering statistic that less than a third of law firms inspected, 30%, are fully compliant with the anti-money laundering regime, with just over half, 51% partially compliant. Nearly a fifth, 19%, were actually found […]
Is crypto dead?
The criminal trial of Sam Bankman-Fried, founder of failed cryptocurrency FTX, opens and it could determine the fate of crypto In what is likely to become a referendum on the cryptocurrency industry, Sam Bankman-Fried’s criminal trial got underway in federal court in New York City. Bankman-Fried, the founder of FTX, the cryptocurrency that collapsed spectacularly […]
The German anti-money laundering revolution
How the establishment of a new AML super agency could change the game for AML compliance Once considered a haven for money launderers, the Federal Republic of Germany has taken some significant steps to potentially revolutionise the fight against money laundering. FATF had previously criticised Germany for the prevalent use of cash payments – anyone […]
Multi-million pound money laundering fine against financial services firm levied by FCA
Lack of risk assessments and outdated policies contributed to failings ADM Investor Services International Limited, a commodities services broker, have been hit with a significant £6.47 million fine by the Financial Conduct Authority (FCA) for inadequate anti-money laundering systems and controls.
Poor policy management leads to multi-million dollar fine for financial service firm
Lack of annual review and regular monitoring for AML system, along with ESG policy inconsistency A Deutsche Bank subsidiary, DWS Investment Management Americas, settled with the SEC to the tune of $25 million for making misleading ESG disclosures and running an ineffective anti-money laundering system. Both failures stem from a lack of systems to review […]
