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The Russia sanctions aim to discourage actions that harm Ukraine's stability and territorial integrity. Trade sanctions deny Russia access to goods and revenue for its illegal war. Due diligence is crucial as Russia may seek restricted goods through alternative routes, posing trade displacement and diversion risks. Traders must consider these risks and conduct strong due diligence on counterparties. The procurement cycle involves international suppliers, intermediaries, cover/front companies, and the true end-user. Risk indicators include involvement in restricted goods, connections to concerning countries, and use of complex structures. Product-related indicators encompass transactions involving sanctioned or sensitive goods, misleading descriptions, and abnormal trade patterns. Country/jurisdiction-related indicators involve active engagement with sanctioned countries, suspicious shipment routes, and weak export control laws. These indicators should guide tailored due diligence and internal governance. Such risks can be identified through customer, product, and location factors. It is crucial to be vigilant and gather complete information, considering potential discrepancies, fraudulent documentation, and vague details from customers and vendors. #RussiaSanctions #Ukraine #Sovereignty #TradeSanctions #DueDiligence #DiversionPrevention #ProcurementCycle #IntermediaryCompanies #CoverFrontCompanies #RiskIndicators #Restrict Visit Us: www.zigram.tech
Case Files by AML Penalties This week, we highlight the case of Jason Kurland a.k.a Lottery Lawyer, an Attorney in the United States of America, for wire fraud, honest service fraud, and money laundering. Kurland was a successful partner at a long island law firm. In 2018, Kurland purported to represent dozens of lottery winners with total winnings of USD 3 Bn. Kurland steered his clients to invest in risky businesses he secretly co-owned and controlled with co-conspirators. Kurland received undisclosed kickbacks based on a percentage of the lottery victim's investments. Click to know more: https://bit.ly/3Prqx9G Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates Visit our website: https://www.zigram.tech/ #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering # fraud #wire fraud #lawyer #usa #lottery #honestwirefraid #defraud
Spotlight by AML Penalties The Bank of Lithuania (Central Bank of Lithuania) revoked the license of the electronic money institution UAB PAYRNET for serious, systematic, and multiple violations of legal acts. The Bank of Lithuania restricted the right of UAB Payrnet to dispose of the funds allocated to its activities with certain reservations. The Bank of Lithuania has identified: - Serious violations related to the prevention of money laundering and terrorist financing, the implementation of international sanctions, and restrictive measures. - UAB PAYRNET did not have all the data on the number of clients (end users) using its services - The institution failed to properly regulate the process of monitoring business relationships and operations, as well as to perform daily (instant) properly and retrospective monitoring of client payment transactions - During the inspection period, the institution failed to safeguard end-user funds properly To read more, please click https://bit.ly/46gLrOX Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/ #antimoneylaundering #amlpenalties #financialcrimes #moneylaundering #amlcompliancefailure #compliancefailure #lithuania #amlcft #transactionmonitoring #electronicmoney #terrorfinancing #centralbank #sanctions #lietuvosbankas
Welcome to our first edition of the Sanctions Watchlist weekly digest focused on providing you with up-to-date news and valuable insights on sanction watchlists and regulatory developments. Last week, OFAC issued three separate general licenses covering Iran, Syria and Venezuela intended to facilitate COVID-19 related transactions. Meanwhile, OFSI updated the UK Maritime Services Ban and Oil Price Cap exception industry guidance outlining the obligations and its approach to implementation and enforcement. On the international front, the EU introduced restrictions against Kosovo, mirroring similar measures taken by the US late last month. #OfficeofForeignAssetsControl#OFAC#SectoralSanctions#UnitedStatesofAmerica#USA#EuropeanUnion#Russia#Iran#Syria#Venezuela#SanctionsUpdate#GlobalSanctions#SanctionsWatch#TradeCompliance#InternationalSanctions#EconomicSanctions#RegulatoryCompliance#SanctionsEnforcement#OFSI#OfficeofFinancialSanctionsImplementation#UnitedKingdom Visit us: www.zigram.tech
This week’s OSIN report discusses about UK Finance 2022 Annual Fraud Report In 2022, fraud losses in the UK amounted to GBP 1.2 billion, with a reported 2,988,705 confirmed fraud cases, a decrease of 4% compared to the previous year. Unauthorized financial fraud across payment cards, remote banking, and cheques slightly decreased by less than one percent, totaling GBP 726.9 million. However, banks and card companies successfully prevented GBP 1.2 billion in unauthorized fraud, stopping 61.5p in every GBP 1 of attempted fraud. Authorized push payment scams saw 207,372 reported incidents, resulting in gross losses of GBP 485.2 million, a decrease from GBP 583.2 million in 2021. Fraud has become the most common crime in the UK, with one in 15 people falling victim. While banks are legally obligated to refund losses from unauthorized fraud, they only voluntarily refunded 59% (GBP 285.6 million) of the losses from authorized scams. UK Finance called on tech and telecoms companies to take on a greater role in reimbursing victims. #UKFinance #FraudLosses #FraudCases #DecreaseInFraud #UnauthorizedFraud #PaymentCards #RemoteBanking #Cheques #FraudPrevention #AuthorizedPushPaymentScams #GrossLosses #FraudStatistics #CommonCrime #VictimsUK #RefundObligations #Reimbursement #FinancialSecurity #Cybercrime #FinancialFraud #CrimePrevention #IndustryCollaboration #TechCompanies #TelecomsCompanies #CustomerProtection #Transparency #FraudAwareness Visit us: www.zigram.tech
Spotlight by AML Penalties The Monetary Authority of Singapore (MAS) has imposed a collective penalty of USD 3 Mn on four financial institutions in Singapore. Citibank N.A. (Singapore) (Citibank), DBS Bank Ltd (DBS), OCBC Singapore (OCBC), and Swiss Life (Singapore) Pte. Ltd. (SLSG) were fined for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Breaches linked to the Wirecard fraud. The breaches were identified during MAS’ examinations of the financial institutions post a report of irregularities relating to Wirecard AG’s financial statements and the involvement of Singapore-based individuals and entities in the matter. The transactions processed by these financial institutions were part of an elaborately orchestrated scheme that involved a network of complex corporate structures and arrangements to conceal the actual control and the beneficial ownership. To read more, please click https://bit.ly/3Pq83Xp Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/ #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #amlcompliancefailure #compliancefailure #mas #cft #transactionmonitoring #singapore #wirecard #scheme #swisslife #citi #dbs #ocbc
Spotlight by AML Penalties Swedbank Latvia is a financial institution with over one million customers and is one of the largest banks in Latvia by assets. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) fined Swedbank Latvia for apparent violations of OFAC's Crimea sanctions. Throughout 2015 and 2016, a customer (SPC) of Swedbank Latvia used Swedbank Latvia's e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. correspondent banks. The bank processed 386 transactions totaling USD 3,312,120 through accounts belonging to the SPCs that were processed through U.S. correspondent banks. To read more, please click https://shorturl.at/dxBV0 Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/ #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #swedbank #amlcompliancefailure #compliancefailure #ofac #sanction #transactionmonitoring #russia #sanctionsviolation #crimea #unitedstates #treasurydepartment
The Subject Matter by AML Penalties This week's Subject Matter is about the ML/TF Risks Associated With Payment Institutions Sign-up to know more @ https://app.amlpenalties.com/sign-up for more insights & updates. Click to know more: https://shorturl.at/kxOZ5 Visit our website: https://www.zigram.tech/ #moneylaundering #compliance #antimoneylaundering #amlpenalties #subjectmatter #amlcft #sanctions #transactionmonitoring #ris
Welcome to our second edition of PEP Weekly Digest, focused on providing you with the latest news and insights on politics and changes happening in governments across the globe. First and foremost, let's talk about Romania, where Prime Minister Nicolae Ciuca has resigned ahead of a planned government reshuffle. Next, in India, Santosh Suman has resigned as the Minister of Scheduled Caste/Scheduled Tribes Welfare of Bihar. Moving on to Egypt, we have the unfortunate news that former Minister of Health, Dr. Ahmed Emad El-Din Rady, has passed away. Now, let's move on to a list of recently held and upcoming election events, with 11 countries being impacted from 10th May to 10th July. In addition, we have an update on regulations. The Official Spanish Gazette has added Gibraltar and the Falkland Islands to the latest list of countries and territories considered tax havens, allegedly involved in money laundering operations. Lastly, we have an adverse news update on Mukhtar Ansari, a former Member of the Legislative Assembly in Uttar Pradesh. He has been sentenced to life imprisonment in the 1991 Awadhesh Rai murder case. #HealthMinister #MedicalError #Egypt #Resignation #DalitLeader #HamMinister #LeadershipChange #RomanianPM #NicolaeCiuca #Romania #MukhtarAnsari #LifeImprisonment #AwadheshRaiMurderCase #Lucknow Visit us: zigram.tech
AML Penalties Fortnight Regulation Watch Vol. 35 | Jun 20, 2023 Click here https://shorturl.at/hDHZ9 to read in detail about the recent regulatory updates. Subscribe to the AML Penalties newsletter @ www.amlpenalties.com/subscribe Visit our website: https://www.zigram.tech #amlcompliance #amlcft #amlpenalties #financialcrimecompliance #weeklybulletin #moneylaundering #antimoneylaundering #aml #transactionmonitoring #duediligence #proliferationfinancing #recordkeeping #virtualasset
