FATF President Elisa de Anda to deliver Keynote Address at ‘International Anti-Financial Crime Summit 2024’ in London, October 9.

From Paul O'Donoghue at AMLi

FATF President Elisa de Anda to deliver Keynote Address at ‘International Anti-Financial Crime Summit 2024’ in London, October 9, book your place today

FATF President Elisa de Anda Madrazo is to deliver the Opening Address at ‘International Anti-Financial Crime Summit 2024’ in London in October, it was revealed today.

Her election this summer was widely welcomed as Ms de Anda is regarded as an exceptional leader committed to the global fight against financial crime.

Ms de Anda was elected president of the Financial Action Task Force (FATF) in July and the London AFC summit on October 9 next will be one of her first major public speaking engagements.

“The FATF Presidency is not simply a job for me,” she told AMLintelligence.com , describing her “deep commitment to the FATF Mandate – combating money laundering and terrorist financing.”

“At its core, it is about contributing to the security and protection of our societies, economies and nations. What the FATF does matters,” she declared.

Stephen Rae , chair of AML Intelligence, publishers of this site and organisers of #IAFCS2024 said: “We are delighted that President de Anda, the stand-out global leader in Anti-Financial Crime (AFC) and Anti-Money Laundering (AML) matters is taking time out from her hectic schedule to deliver the Keynote Address at the London Summit.

“Her remarks will be of huge interest to everybody in the AFC and FCC sector from banks and fintechs to regulators and law enforcement. We are excited she is joining the London Summit and are so looking forward to engaging with her and hearing what she has to say and all the important areas in this sector,” he added.

You can book your place here: International Anti-Financial Crime Summit 2024

IAFCS2024

‘International Anti-Financial Crime Summit 2024’ takes place at the 10 Union Streetconvention centre (within The Royal College of Obstetricians and Gynaecologists building) in central London and convenient to London Bridge transport hub.

The Summit is gathering the top speakers among AFC leaders from the UK and beyond to discuss the most topical issues in FCC in banking, fintech, gaming and insurance.

Amongst the stellar line up of speakers is Adrian Searle, director of the National Crime Agency’s (NCA) National Economic Crime Centre.

Book your ticket today here: International Anti-Financial Crime Summit 2024

Now here’s your mid week news blast:

TD BANKS DIRTY LAUNDRY

CLEANING UP THE AML MESS: Canada's second-largest lender TD Bank's efforts to resolve gaps in its AML controls by the end of the year will likely clear the path for a new CEO, possibly an external candidate. However, the challenge is to clean up the AML mess by EOY - something that has been promised by the bank but is an enormous challenge given the multiple U.S. federal agencies investigating TD and the possible penalties in the pipeline if a settlement can be made. Find the story here: External candidate set to succeed Masrani at TD – but all depends on cleaning up AML mess by EOY – and no more surprises

SCANDAL FAR FROM OVER: "THERE'S still more to come." That was the response of one senior Canadian political figure when asked about the TD Bank AML scandal this week. All the signs are that despite provisioning $3 billion for fines in the U.S. that the saga is far from over for the bank's CEO and board. While some observers are predicting total fines north of $4 billion - plus fresh FCC costs of $500 million incurred in a series of firings and hirings - the real sting could by in U.S regulators restricting TD's business south of the border. Read the full story here: ‘There’s still more to come’; why TD Bank scandal is still far from over and why the board must atone

TD BANK FACES RESTRICTIONS: DESPITE LOOMING fines north of a projected $4 billion, a more serious issue for Canada's TD Bank could be the restrictions placed on the bank by U.S. regulators, analysts warned. On Thursday the lender reported its first loss in over two decades after setting aside an extra $2.6 billion to cover expected fines from U.S. regulators over weaknesses in Canada's second-largest lender's AML controls. Catch the full story here: Billions in fines could pale in face of regulator-imposed restrictions on growth at TD Bank, analysts warn

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NORDEA BANK

NORDEA BANK FINED $35M: NORDEA Bank was back in the news for all the wrong reasons again (Tuesday) when it agreed to pay a $35 million civil fine to settle AFC charges by a top New York regulator. The Finland-listed bank failed to properly police money laundering and other criminal activities, including matters uncovered in the Panama Papers scandal. Catch this here: Nordea’s inadequate CDD, high-risk banking partners, Panama Papers links lead to $35m US fine

CATALOG OF ISSUES THAT LED TO THE FINE: NEW York's State Department of Financial Services HAS released their first consent order and penalty since February against Finnish bank Nordea. The $35 million penalty and lengthy, historical order is against Nordea' NY Branch - which has $37 billion assets. The 44-page order provides great context to the nuanced foreign banking organizations (FBOs) that are found throughout the US. You will remember Nordea is already in trouble in Denmark where police have filed charges against the bank in a high-profile case earlier this year which is likely to lead to hefty fines in the EU. Find this here: SARAH BETH: The catalog of AML issues which led to New York State fining Nordea Bank $35m, issue consent order

MONEY LAUNDERING HIGHLIGHTS

CHINESE UNDERGROUND LAUNDERING UNCOVERED: POLICE in London have broken up a sophisticated international network of money laundering via Chinese underground banking. Metropolitan Police detectives said more than Stg£55 million had been laundered by the group between February 2020 and June 2023.

EX BARCLAYS BANKER LOSES APPEAL: A former senior #Barclays banker, who was acquitted of fraud charges in 2020, has lost an appeal in a London tribunal to overturn a decision by Britain's Financial Conduct Authority that barred him from holding senior industry positions. The FCA in 2022 refused an application by investment group Saranac Partners to approve Tom Kalaris for chief executive and executive director roles, arguing it had reasonable grounds to believe he had failed to be open and cooperative in two interviews with the watchdog. Read this here: Ex-Barclays banker acquitted of fraud loses appeal against #FCA ban on senior management roles

TELEGRAM FOUNDER REMAINS IN CUSTODY: PAVEL Durov, the Russian-born founder of messaging app #Telegram, was still in custody (Tuesday) in France as part of an investigation into crimes related to child pornography, drug trafficking and fraudulent transactions on the platform, prosecutors said.

The investigation is over suspected complicity in various crimes including running an online platform that allows illicit transactions, child pornography, drug trafficking and fraud, as well as the refusal to communicate information to authorities, money laundering and providing cryptographic services to criminals, the statement said. Catch this here: Telegram founder Durov remains in French custody in ML, fraud, child pornography and drug trafficking probe

FINCEN INTENSIFIES EFFORTS IN TACKLING FENTANYL: The U.S. Financial Crimes Enforcement Network (FinCEN) has urged financial institutions to remain vigilant in identifying and reporting suspicious transactions linked to the illicit fentanyl supply chain. The call to action comes as part of Overdose Awareness Week, bringing attention to the devastating impact of the drug overdose crisis. Read this here: #FinCEN intensifies efforts to combat illicit fentanyl trafficking; marks Overdose Awareness Week

FARMERS TARGETED BY TRAFFICKERS: Dutch farmers facing economic challenges are increasingly being targeted by drug traffickers seeking to use their land and outbuildings for illegal drug production, according to security experts and recent reports. Gangs involved in the production of cannabis, crystal meth, and cocaine are exploiting financially strained farmers and vacant retail spaces across the Netherlands, offering cash or using threats to secure locations for their operations.

HOMELAND SECURITY WARNING: A SHARP rise in gift card fraud is being exploited by Chinese organized crime groups (OCGs) to launder money and fund illicit activities, U.S. Homeland Security Investigations (HSI) has warned.

The fraud is not only impacting retailers and consumers but also poses significant risks to national security and the broader economy, the agency said.

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Have a great Thursday 👋

Stephen and the team at AMlintelligence.