Evasion of Russia-related export controls On September 8th, the Financial Crimes Enforcement Network (FinCEN) published a Financial Trend Analysis that analyzes suspected evasion of Russia-related export controls. This analysis is based on reports filed under the Bank Secrecy Act (BSA) in response to previous joint alerts on this matter. This…
Deutsche Bank has had a troubled past regarding anti money laundering compliance. The Federal Reserve has stated that it fined Deutsche bank $186 million for failing to address money laundering control problems and other shortcomings that were previously identified by the US Central Bank. The Federal Reserve had identified issues…
According to a recent public statement by the UK Gambling Commission - Betfred, a UK-based bookmaker, has been fined £3.25m by the Gambling Commission for Anti-Money laundering(AML), Know-Your-Customer(KYC), and social responsibility failures. Some of the AML and KYC Gambling failures include: Failing to consistently obtain needed KYC identification Failing to…
On June 20th, the Office of Foreign Asset Control (OFAC) announced that Swedbank Latvia AS, a subsidiary of Swedbank AB, has agreed to pay about $3.5 million to settle apparent violations of OFAC sanctions. OFAC sanction screening is essential for financial institutions to ensure that no regulations are broken. The…
JPMorgan Chase has reached a tentative settlement with the sexual abuse victims of Jeffrey Epstein. One of the lead lawyers for the victims said the bank was ready to pay $290 million for resolution. JPMorgan had provided services to Epstein from about 1998 to 2013, designating him a “high risk…
Sanctions from multiple countries have been imposed on Russia as a response to the conflict in Ukraine. These sanctions were imposed as a way of thwarting Russian abilities to continue the aggression. Not only are sanctions imposed against individuals and organizations, but also against countries. The EU has imposed sanctions…
What is FATF? The Financial Action Task Force (FATF) “promotes and develops policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction” (FATF). FATF suggestions are accepted globally as counter-terrorist financing (CFT) and anti-money laundering (AML) regulations. These…
The Groundworks of the Money Laundering Scheme Russian Oligarchs Viktor Vekselberg and Vladimir Voronchenko are accused of running a money laundering operation through their real estate properties in the U.S. The Department of Justice has alleged that six luxury properties have been maintained by channeling millions of dollars into the…
A look into Danske bank Danske Bank is a Danish multinational banking and financial services corporation. It was founded in 1971 and is the largest bank in Denmark. They have banks in Finland, Norway, Sweden, Lithuania, Poland, the United Kingdom, Northern Ireland, Ireland, India, and New York. Danske Bank is…
A look into SBF's childhood Sam Bankman-Fried (SBF) founder of cryptocurrency exchange FTX Trading Ltd., was born on March 6th, 1992 in California. His parents, Joseph Bankman and Barbara Fried are professors at Stanford Law School and currently reside in California. For High School, SBF attended Crystal Springs Uplands School…
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