- Managers of Wealth - Legal - Wealth, private banking and asset management news and opinion

U.K. banks block payments to crypto exchanges

Cryptocurrency users have been taking to social media in recent days to complain about the various crackdowns.

Hong Kong SAR: Amending AMLO: The Next Step on the Road to Regulating Virtual Assets

In the Conclusion the FSTB has confirmed the approach it will take will be in line with most of the proposals in the Consultation Paper

Pushing the pace of RegTech adoption to fight the criminals

Her PHD from the London School of Economics focused on the challenges banks faced in dealing with the pace and scale of regulatory changes following the 2008 financial crisis.

‘AML is the least effective anti-crime measure anywhere, ever’

He is currently working on a book that he believes will indicate pathways to better outcomes, reducing the social and economic harm caused by serious crime, while at the same time cutting regulatory and compliance costs.

Swiss Trader Accused of Laundering Mafia Money With Diamonds

The case dubbed “Cambio Veloce” -- Italian for Quick Exchange -- by prosecutors has been run out of Lugano, an Italian-speaking financial hub in Switzerland.

Goldman bets on UK anti-money laundering start-up

Bank invests in company aiming to benefit from efforts to combat financial crime

AML/CFT Independent Audits for Entities Regulated in the Cayman Islands

The regulations were explicitly extended in 2020, giving CIMA the power to impose administrative fines for non-compliance for a wider range of acts, regulations and rules.

UK places Barbados on new list citing money laundering concerns

The island is due a supplementary review by the OECD Global Forum in September to determine if it will be deemed “fully compliant” then.

Ireland FinTech Update: AML Registration for Virtual Asset Service Providers

Firms should assess whether they are within scope of this new regime and, if so, prepare for the registration process, availing of the transitional arrangements if they are existing VASPs

ABN Amro to settle money laundering probe for $574 million

ABN AMRO will continue to make every effort to fulfil its role as gatekeeper.

Money laundering probes shoot up by 200 per cent

More than 300 local businesses being investigated

Swiss Crimefighter Wins U.N. Policy Role

Thelesklaf later criticized the alpine nation as ineffectual at combating the scale and variety of criminal money that is flowing into Swiss banks.

FCMC fines ABLV Asset Management for breaches of AML/CTPF laws

In deciding on the entering into the administrative agreement and applying the fine, the FCMC noted that ABLV Asset Management, IPAS had acknowledged infringements within the administrative proceedings

Reliable Regulatory Compliance: AML and CTF

Investment in compliance, and particularly in AML/CTF programs, will be a significant competitive differentiator for VASPs.

Parliament agrees modest tightening of anti-money laundering law

Swiss lawmakers have agreed to revise the money laundering law but have rejected new rules for lawyers, notaries and other consultants.

Trust company fined $835,000 for opening ‘gateway to possible money laundering’ in Angola

An investment scheme involving tycoon Jean-Claude Bastos de Morais exposed in ICIJ’s Paradise Papers investigation bore “obvious” risks of possible corruption, a Jersey court finds.

Millions vanish into crypto world in high-yield bond scam

It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis.

Anti-virus mogul John McAfee charged with fraud over crypto promotion

McAfee indicted in federal court over schemes that promoted cryptocurrency offerings on social media

Missing the mark? Why the future of beneficial ownership rules hangs in the balance

So far, the EU’s reforms have been a story of the continuing triumph of optimism over experience.

Money Laundering and AML