Tag Archives: antimoney laundering

US Treasury Department Proposes Financial Sanctions Against Chinese Bank to Address North Korea Concerns

On 29 June 2017, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule that would designate China’s Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. The measure responds to findings that the bank used the US financial system to facilitate millions of dollars … Continue Reading

HMRC Publishes Advisory Notice on Money Laundering and Terrorist Financing Controls in Overseas Jurisdictions

On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and … Continue Reading

Intesa Sanpaolo S.p.A. and Its New York Branch Pay a US$235 Million Fine

On 15 December, Intesa Sanpaolo S.p.A. and its New York branch (Intesa) signed a Consent Order with the New York State Department of Financial Services, agreeing to pay a US$235 million penalty and take various remedial actions. Among other things, the Consent Order indicates that Intesa failed to maintain an effective antimoney laundering (AML) and … Continue Reading