amlmaps monthly highlights report (march 2017)
TRANSCRIPT
IntroductionAMLMaps™ 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
47,002Data Points
USD 48 BnCumulative Penalties
2,405Incarcerations
2
313 AML actions against FIs in India$20.14 million cumulative AML fines levied on the Indian Banking Sector. While the amount of fines is a drop, compared to the over $48 billion that has been levied globally relating to AML, the number of actions & fine size increasing
AMLMaps | The India ViewAre the Indian Regulators getting down to business?
95%of the actions in India post-2011
#98% #50% #3 rd #47%
TBML – Trade Based Money LaunderingGlobal Financial Integrity estimates of Illicit outflows from India at $505 Billion between 2004-13 through TBML. This is one of the highest priority areas for Indian agencies.
Deficiency of AML/KYC norms in the primary driver of penalties in
over 98% cases
Less the 50% of FIs perform regular AML Program assessment
RBI, 3rd most active regulator globally on
AML fines
Share of money laundering as a part of white collar crime in
India
Actio
ns
0 50 100 150 200 250Co-operatives Foreign Banks Private Banks Public Banks
Others
Highlights for the Month of Feb 2017
HIGHLIGHTS OF THE MONTH Regulators of United States (17), United Kingdom (4) & India (3)
reported the highest number of cases Highest penalty of nearly USD 34 Mn has been imposed on an
Australian firm, Tabcorp Holdings Limited, for not adhering to anti-money laundering and counter terrorism financing laws
The highest quantum of imprisonment was awarded to US-based Muhammad Anwar (25 years)
Penalties of nearly USD 30.24 Mn have been imposed on individuals who were involved in offences leading to money laundering
4
Updates
Cases Reported 30
Incarcerated 30
Imprisonment 3,696 Months
Penalties $93.1 Mn
Noted AML Cases for the Month
5
Tabcorp Holdings Limited admits anti-money laundering violationsAustralian Transaction Reports and Analysis Centre (AUSTRAC) imposed monetary penalty of AUD 45,000,000 on Tabcorp Holdings Limited in February 2017, for not complying with anti-money laundering and counter terrorism financing laws.Source: http://bit.ly/2kE9fUY
Individual sentenced for money laundering offensesVictor Oyewumi Oloyede was sentenced to 19.5 years' imprisonment followed by 4 years of supervised release by U.S. District Court of Maryland in February 2017, in connection with an online dating scam. Victor was also ordered to forfeit and pay restitution of USD 1,641,959.74. Source: http://bit.ly/2m1pY5j
French politician fined USD 2.2 Mn for money launderingSerge Dassault, French conservative politician, Chairman and CEO of Dassault Group was fined USD 2,200,000 and banned from a role in public office by French Authorities in February 2017, for failing to disclose his wealth to authorities and money laundering.Source: http://bit.ly/2jSGsjM
BMA (Bermuda) slaps BMD1.5 Mn fine on Sun LifeBermuda Monetary Authority imposed monetary penalty of BMD 1,500,000 on Sun Life Financial Investments Bermuda Ltd. in February 2017, for failing to comply with Bermuda's regulations against money laundering and terrorist financingSource: http://bit.ly/2n1FFOI
Coutts & Co Ltd to pay CHF 6.5 Mn over 1MDB fund AML breachesSwiss Financial Market Supervisory Authority (FINMA) imposed monetary penalty of CHF 6,500,000 on Coutts & Co Ltd in February 2017, for breaching money laundering regulations by failing to carry out adequate background checks into business relationships and transactions associated with Malaysian sovereign wealth fund 1MDB.Source: http://bit.ly/2n8Npv7
AML News under Monitoring
6
HSBC faces money-laundering investigation | United States
HSBC Holdings is under investigation by the Financial Conduct Authority over potential breaches of anti-money laundering controls. HSBC USA disclosed in a securities filing, that it had received grand jury subpoenas and other requests for information from the US Attorney’s Office and the Department of Justice.http://on.ft.com/2mENwBs
Ashkelon Mayor indicted for money laundering | Israel
In February 2017, Itamar Shimoni, an Ashkelon (Israel) Mayor and a number of associates were indicted for receiving bribes totaling NIS 466,000 (USD 124,000) and with breach of trust for accepting a further NIS 575,000 (USD 153,000) from unknown sources while mayor of the city.http://bit.ly/2mA4hNy
FBR busts USD 7 Mn money laundering scam | Pakistan
Federal Board of Revenue of Pakistan has detected over USD 2.1 Mn money laundering scam committed by Marush International while the investigations into the USD 5 Mn transfer of foreign currency is still under underway. Marush International is engaged in imports of various poultry medical inputs.http://bit.ly/2lXn2Xt
I-T department attaches benami property worth INR 550 Mn | India
Income Tax department has identified a large number of benami transactions and has registered 235 cases until February 2017 and attached properties worth more than INR 550 Mn. The Benami Transaction Prohibition Amendment Act of 2016 empowers authorities to provisionally attach benami properties that can eventually be confiscated.http://bit.ly/2n4PsAe
FMA warns 12 entities for anti-money laundering breaches | New Zealand
Financial Markets Authority of New Zealand has issued formal warnings to 12 entities, under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. FMA supervises around 800 reporting entities under the Act and each of these entities has to complete an audit of its AML/CFT programme every two years, or on request.http://bit.ly/2mkDxjt
Contributors
7
Name CountryMathew Beale UK
Andreas Hjort Denmark
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.
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