The Council today decided to impose restrictive measures against six individuals and three entities responsible for or involved in various cyber-attacks. These include the attempted cyber-attack against the OPCW (Organisation for the Prohibition of Chemical Weapons) and those publicly known as ‘WannaCry’, ‘NotPetya’, and ‘Operation Cloud Hopper’.
FCA launches enhanced Financial Services Register to protect consumers
The FCA has today launched its updated Financial Services (FS) Register – including a simpler design and clearer language.
The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users.
The Register – which had more than 7 million unique users in the past year – is a vital service for anyone that wants to see firms and approved individuals that are involved with regulated activities.
FATF Report to G20 on So-called Stablecoins
So-called stablecoins have the potential to spur financial innovation and efficiency and improve financial inclusion. While so-called stablecoins have so far only been adopted on a small-scale, new proposals have the potential to be mass-adopted on a global scale, particularly where they are sponsored by large technology, telecommunications or financial firms.
UK police arrest ‘iconic’ criminals in biggest ever operation after encryption breakthrough
UK law enforcement has made a massive breakthrough in the fight against serious and organised crime after the takedown of a bespoke encrypted global communication service used exclusively by criminals.
Suitcases of Cash Halted by Virus in EU Money-Laundering Hotspot
Based on deposits by commercial lenders at the central bank, Latvia had thought that about 400 million euros ($450 million) was being smuggled in each year. Recent border closures to curb the spread of Covid-19 are confirming those suspicions.
SEB receives an administrative fine for deficiencies in its work to combat anti-money laundering in the Baltics
SEB has not sufficiently identified the risk of money laundering in its Baltic operations and has had deficiencies in its governance and control of the Baltic subsidiary banks’ anti-money laundering measures. SEB is therefore being issued a remark and an administrative fine of SEK 1 billion.
FCA levies fine of £37.8m against Commerzbank for FCC failings
The FCA imposed a significant fine, after detecting failings relating to the bank’s CDD framework, in particular in relation to intermediaries, risk assessment of PEP relationships, and verifying its clients’ beneficial ownership information.
Active U.S. Enforcement of Anti-Money Laundering Rules Continues Unabated
In 2019 global enforcers imposed more than $8 billion in anti-money laundering fines. Of the world’s top 50 banks, 12 were hit with fines in 2019. Four months into 2020, this trend has continued.
The Billion-Dollar ATM Heist
One gang member who turned informant said the scam yielded about US$240 million a year from early 2014 until spring 2019 — for an estimated total of around $1.2 billion — when pressure from Mexican authorities forced the gang to either change up their operations or shut them down.
Scandal-hit states oppose plan for EU scrutiny of money laundering
A plan to boost European Union powers to curb the flow of dirty money through banks faced resistance at an EU meeting from member states recently hit by major money-laundering and financial fraud scandals, three officials told Reuters.