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Monthly Round-Up: September

Your monthly round-up of AML/CFT updates and news from around the world, with a focus on regulatory updates and bettering your reporting entity's compliance.


Comanchero Trial

Five people are on trial on money laundering, drug and organised crime charges. A concreting business was used as a disguise to pay salaries to the group and a lawyer had also been used to set up various trusts in order to hide the group's illegitimate source of funds.


Suspicious Activity Report

The New Zealand Financial Intelligence Unit have published the Suspicious Activity Report for July 2020. The report contains interesting information about the 2,041 Suspicious Activity Reports filed in July, an update from the Asset Recovery Unit and International AML/CFT News.


Enhanced Customer Due Diligence

The AML/CFT Supervisors have updated the enhanced customer due diligence (enhanced CDD) guideline. This clarifies when source of wealth or source of funds identification and verification must be carried out.


FinCEN Files: HSBC moved Ponzi scheme millions despite warning

HSBC allowed fraudsters to transfer millions of dollars around the world, even after it had learned of their scam.


Investigation shows the weakness of the SAR regime as it has allowed Reporting Entities to continue to hide, move and transport cash around the globe in support of illegal activities and make its regulation and prevention the responsibility of underfunded national Regulatory Bodies.


Basel AML Index

The Basel AML Index is an independent research-based ranking of the risk of money laundering and terrorism financing (ML/TF) of countries around the world.


FMA Proceedings

The FMA alleges that CLSAP NZ failed on numerous occasions to conduct sufficient customer due diligence and enhanced customer due diligence, to terminate business relationships, to report suspicious transactions and to keep records in accordance with the AML/CFT Act.


The FMA also claims that these alleged breaches are representative of CLSAP NZ’s general approach to compliance with its obligations under the AML/CFT Act over the time that they occurred.


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