By AML Intelligence Correspondents MEPs today (Tuesday) voted not to remove the UAE and Gibraltar from Europe’s watchlist. The decision creates a headache for European countries who are members of the Financial Action Task Force (FATF) – which delisted the UAE and Gibraltar earlier this year. MEPs rejected a motion tabled by the European Commission… This content is for members only. Visit the site and log in/register to read. The post NEWS: UAE, Gibraltar remain on EU’s watchlist as MEPs turn down Commission proposal to align with FATF ‘grey list’; effects felt by other third countries appeare ..read more

An Operational Partnership Conference of the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO) took place on 22 and 23 April. Prosecutors and financial investigators from the EPPO and investigators, forensic experts and analysts from OLAF gathered in Brussels to discuss their respective experiences and possible improvements almost three years after the start of EPPO operations. More than 100 investigators and prosecutors explored how to build on successful examples, share best practices and swiftly tackle any practical challenges together when investigating c ..read more

MEPs adopted their proposals for an open and competitive payment service in the EU, with strong customer protection against fraud and data breaches. On Tuesday, Parliament proposed changes to the Payment Services Regulation -adopted with 511 votes to 22 and 75 abstentions and to the directive -adopted with 484 votes to 8 and 118 abstentions. This content is for members only. Visit the site and log in/register to read. The post NEWS: MEPs want to enhance fraud protection and access to cash in payment services appeared first on AML Intelligence ..read more

By Paul O’Donoghue Estonia’s Financial Intelligence Unit (FIU) has criticised itself, saying it has “significant room for improvement” after struggling to progress money laundering cases. In the foreword for its 2023 Yearbook, Matis Mäeker, the head of the FIU, highlighted a lack of consequences for those involved in fraud and money laundering. This content is for members only. Visit the site and log in/register to read. The post NEWS: Estonia’s FIU acknowledges need for improvement in money laundering cases appeared first on AML Intelligence ..read more

By Lananh Nguyen A Citigroup (CN) opens new tab managing director said the bank failed to protect her from a supervisor’s violent threats and abuse because of its “pervasive” culture of sexual harassment and gender discrimination, according to an amended legal filing on Monday. Ardith Lindsey, who worked as Americas head of electronic sales trading, added… This content is for members only. Visit the site and log in/register to read. The post NEWS: Citi managing director details ‘pervasive’ sexual harassment in lawsuit appeared first on AML Intelligence ..read more

COMPLAINTS about debanking at British banks have risen by 44 per cent, following Nigel Farage’s success against NatWest’s decision to close his account. There have been almost 4,000 complaints about their bank accounts being shut down, figures show. A draft law published in Britain meanwhile will compel banks to give customers three months’ notice and an… This content is for members only. Visit the site and log in/register to read. The post NEWS: Complaints about ‘debanking’ rise 44pc in UK, following success of Farage complaint appeared first on AML Intelligence ..read more

By AML Intelligence Correspondent GERMANY’S regulator today fined Commerzbank AG €1.45M for AML failings. The fine from Bafin relates to Commerzbank subsidiary, Comdirect Bank which was found to have “violated its supervisory obligations.” According to BaFin, the bank did not update customer data on time and did not provide proper security measures, which resulted in… This content is for members only. Visit the site and log in/register to read. The post NEWS: Germany’s Commerzbank fined €1.45M for AML failings at subsidiary appeared first on AML Intelligence ..read more

By ALISHA HOULIHAN for AML Intelligence BRITISH politicians, bankers and lawyers have rounded on the Financial Conduct Authority’s (FCA) plan to “name and shame” institutions at the outset of an investigation. Earlier this year, announcing its new “bad cop, bad cop” approach the FCA said planned to release the names of banks under probe more… This content is for members only. Visit the site and log in/register to read. The post NEWS: FCA’s plans to ‘name and shame’ banks set for scrapheap as ministers, FIs and lawyers cry foul appeared first on AML Intelligence ..read more

BRITAIN is “utterly failing” to fight the “dirty money epidemic” that is costing £350bn a year, MPs have warned. An economic crime manifesto published this week says lobbyists should be regulated, sanction loopholes closed and seeks greater transparency. Dame Margaret Hodge said the next British government“will have to work to ensure that the UK is… This content is for members only. Visit the site and log in/register to read. The post NEWS: Britain ‘utterly failing’ to fight ‘dirty money epidemic,’ MPs claim in report appeared first on AML Intelligence ..read more

BRUSSELS has been gripped this week about the possibility of a last-minute amendment to the long-awaited anti-money laundering regulation (AMLR). The regulation is up for its final vote at the plenary session of the European Parliament sitting in Strasbourg next Wednesday. “It’s true there is a lot of speculation that at least one Member State… This content is for members only. Visit the site and log in/register to read. The post EUROPEAN NOTEBOOK: Brussels abounds with speculation of amendment to AML Regulation as MEPs move to dampen rumours appeared first on AML Intelligence ..read more