AMLMaps Highlights Report jan2017
0 likes637 views
The document provides a highlights report from the AMLMaps website for January 2017. It summarizes key anti-money laundering cases from December 2016, including the highest penalties issued by US and UK regulators, the largest individual penalty of $235 million imposed on Intesa Sanpaolo bank, and the longest prison sentence of 12 years given to a former South African politician. It also lists the most active agencies in AML enforcement and provides statistics on cases reported and penalties that month.
AMLMaps Highlights Report jan2017
- 2. Introduction AMLMaps™ has been developed to give the global Anti-Money Laundering professional a singular, comprehensive and easy to reference resource for AML records, penalties & actions, from across the world. AMLMaps™ is currently in Beta Mode, as our team of experts, researchers and AML professionals continue to develop & enhance its features with valuable inputs & insights, given by users. We aim to keep AMLMapsTM updated, crowd-sourced and free-to-use. Please visit us at www.amlmaps.com 1,817 Records USD 45.09 Bn Cumulative Penalties 1,880 Incarcerations 2
- 3. Highlights of the Month of Dec 2016 HIGHLIGHTS OF THE MONTH Regulators of United States (27) & United Kingdom (6) reported the highest number of cases Highest imprisonment was awarded to former Northern Cape African National Congress (ANC) Chairperson and finance MEC, John Block (144 months) along with a confiscation order (ZAR 2,000,000) for conspiracy to commit money laundering and fraud Highest penalty of USD 235 Mn has been imposed on Intesa Sanpaolo S.p.A. and its NewYork branch for violations of NewYork anti-money laundering and Bank Secrecy Act (AML/BSA) laws Federal Bureau of Investigation, Internal Revenue Service (IRS), Monetary Authority of Singapore & South African Reserve Bank have been most active in investigating and combating money laundering 3 AML Numbers Cases Reported 22 Incarcerated 28 Imprisonment 1,187 Months Penalties $290.26 Mn
- 4. Noted AML Cases for the Month 4 Intesa Sanpaolo S.p.A. and its New York branch penalized for anti money laundering violations New York Department of Financial Services (DFS) imposed monetary penalty of USD 235,000,000 on the Italian bank, Intesa Sanpaolo S.p.A. and its New York branch in December 2016, for violations of New York anti-money laundering and Bank Secrecy Act (AML/BSA) laws. The bank violations include compliance failures over several years stemming from deficiencies in the implementation and oversight of its transaction monitoring system. Source: http://on.ny.gov/2i9waa8 Credit Suisse Securities LLC penalized for anti money laundering violations Financial Industry Regulatory Authority (FINRA) imposed monetary penalty of USD 16,500,000 on Credit Suisse Securities LLC in December 2016, for anti-money laundering violations involving microcap stock transactions and for not properly implementation of systems to monitor for potentially suspicious money movements. Sources: http://bit.ly/2hRJ7rl | http://bit.ly/2iCyWWn Former Budget Minister of France sentenced for money laundering offenses Jerome Cahuzac (Cahuzac), former Budget Minister of France was sentenced to 3 years’ imprisonment by Paris Court in December 2016, for conspiracy to commit money laundering and tax fraud. Cahuzac’s ex-wife, Patricia Menard was sentenced to 2 years' imprisonment for her role in stashing millions of euros abroad from the couple's lucrative hair transplant business. The Court also sentenced Swiss Banker, Francois Reyl to 1 year suspended sentence and ordered him to pay fine amount of USD 405,000, and imposed monetary penalty of EUR 1,875,000 on Reyl Bank, for assisting the couple. Sources: http://bit.ly/2iHonnx | http://bit.ly/2iOvlo1 Standard Chartered Bank, Singapore Branch penalized for anti money laundering violations Monetary Authority of Singapore (MAS) imposed monetary penalty of SGD 5,200,000 on Standard Chartered Bank, Singapore Branch (SCB) in December 2016, for deficiencies in the bank’s customer due diligence measures and controls for ongoing monitoring, which resulted in numerous breaches of MAS’ AML regulations. The bank has also been directed to appoint an independent party to confirm that rectification measures have been effectively implemented and to report its findings to MAS. Source: http://bit.ly/2h0ZMJQ Former Northern Cape African National Congress (ANC) Chairperson sentenced for money laundering Offenses South Africa-based former Northern Cape African National Congress (ANC) Chairperson and finance MEC, John Block was sentenced to 12 years' imprisonment and ordered to pay confiscation order of ZAR 2,000,000 by Northern Cape High Court in December 2016, for conspiracy to commit money laundering and fraud. He was also sentenced to 15 years' imprisonment for fraud. Sources: http://bit.ly/2j8eDTM | http://bit.ly/2izkpNi
- 5. Trending News 5 Adani companies facing multiple financial crimes, corruption probes Adani Enterprises Ltd, an Indian multinational conglomerate company with diversified businesses, is undergoing two separate investigations by Indian authorities into allegations of trade-based money laundering. Adani Enterprises is facing multiple financial crime and corruption probes for siphoning money offshore and artificially inflating power prices at the expense of Indian consumers. http://ab.co/2hdtj3K Police arrest 22 Hong Kong citizens in a HKD 13 million money laundering crackdown According to South China Morning Post, in December 2016, Hong Kong Police arrested 22 Hong Kong citizens who were accused of laundering HKD13 million through their bank accounts. The money was suspected to have been linked to 18 deception cases included investment frauds and email scams in Canada, Singapore, Taiwan, South Korea and Africa last year and this year. http://bit.ly/2i9VWex South African lender FirstRand closed accounts for money- laundering suspicions In December 2016, FirstRand, South Africa's biggest bank by market value cut ties with Oakbay Investments, a Gupta brothers’ company, on suspicions of money- laundering. The Gupta’s whose businesses range from media to mining, are alleged for influence-peddling in President Jacob Zuma's government. Between December 2015 and April 2016, Standard Bank, Nedbank and Barclays Africa, terminated the accounts of Gupta’s companies. http://bit.ly/2iJ79qT U.S. charges Florida men with laundering money for Venezuelan officials In December 2016, Florida construction equipment exporter's owners were arrested on charges of illegally transferring over USD100 million from businesses largely in Venezuela to U.S. and foreign bank accounts belonging to Venezuelan government officials and others. The owners allegedly facilitated hundreds of transmissions of funds into the United States on behalf of an unnamed large consortium of Venezuelan construction companies. A case has been filed against them at the Manhattan federal court. http://reut.rs/2jGut7Q Backpage.com accused with new pimping, money- laundering charges by California Attorney General In December 2016, California Attorney General, Kamala Harris filed criminal charges of pimping and money laundering against the chief executive and controlling shareholders of the website Backpage.com, reviving a case that was earlier dismissed by a judge. Backpage, the second-largest U.S. online classified ad service after Craigslist, has faced scrutiny from the U.S. Senate as well as civil lawsuits over allegations that the site facilitates sex trafficking, especially of children. http://reut.rs/2iSaVZS
- 6. Contributors 6 Name Country Oyvind Norberg Norway Natarajan K India Lukasz Poland Guillermo Ruiz Mexico Steven Kemmerling USA Anne Jablonski USA AMLMapsTM incorporates core elements of a crowd-sourcing by leveraging contributions, suggestions and inputs from the AML & FCC community around the world. We would like to recognize noted contributors, who have engaged with the AMLMaps team, in the past month.
- 7. The information contained in this document is for general information purposes only. While the firm endeavors to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the document or the information provided therein. All information contained in this document may be acquired from publically available sources and hence any reliance you place on such information is therefore strictly at your own risk and the firm accepts no liability in relation to the use of the document. The firm reserves copyright of this document and hence, does not allow anyone to sell, re-publish or re-distribute the document or derivatives thereof. © Copyright 2017, BMR Business Solutions Pvt. Ltd. All Rights Reserved CONTACT Abhishek Bali Senior Vice President +91 124 669 5033 abhishek.bali@bmradvisors.com Sarabjeet Singh Partner +91 124 669 5044 sarabjeet.singh@bmradvisors.com FOLLOWCONTRIBUTE www.amlmaps.com https://www.linkedin.com/groups/10329505 https://www.facebook.com/amlmaps.bmradvisors/ https://twitter.com/amlmaps www.amlmaps.com/contribute amlmaps@bmradvisors.com We invite the AML & FCC community to contribute new cases or suggest modifications to existing money laundering records. You may send these to our team, along with the relevant source (media, regulatory, government etc.), Once updated, we will send you a confirmation by email.