August 12-16, 2024 ⨫ Top KYC/AML/CFT Headlines
1️⃣ PwC has been fined £15M for failing to alert the UK Financial Conduct Authority(FCA) to suspected fraudulent activity🔗 at London Capital & Finance plc. This is the first time the FCA has fined an audit firm. For the same issue PwC has also been sanctioned £4.9M by the Financial Reporting Council🔗.
2️⃣ Two former bank employees are being charged with money laundering and forgery in the Singapore notorious $2B money laundering case for helping customers circumvent financial institutions' due diligence processes, including forging documents to hide the true nature of their assets🔗.
3️⃣ The US Securities and Exchange Commission sanctioned OTC Link LLC, a New York-based broker-dealer, $1.19M for failing to report numerous suspicious financial transactions (SAR)🔗.
4️⃣ Luxembourg’s financial sector supervisor🔗 has fined Banque Havilland €5M for “major failures in the anti money laundering system”. The European Central Bank revoked the bank's operating license earlier this month🔗.
5️⃣ Russian billionaire Mikhail Fridman has filed a request for $16B arbitration dispute🔗 (compensation) with Luxembourg to be administered in Hong Kong, following the freezing of his assets. Fridman was sanctioned in 2022, but successfully sued the EU and was removed in April 2024.
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6️⃣ A Palermo-based mafia family running a complex money laundering scheme worth more than €500M, most of it invested in large-scale real estate and construction projects in Brazil, is under the scrutiny of Italian, Brazilian and Swiss authorities🔗.
7️⃣ A Lithuanian company importing coal and rubber from Russia has been fined €1.27M for breaching international sanctions🔗.