FCA FINES STANDARD CHARTERED BANK £102.2 MILLION
The FCA has fined Standard Chartered Bank £102,163,200 for anti-money laundering failings during 2009 – 2014, under Money Laundering Regulations 2007. This is the second largest financial penalty for AML controls failings ever imposed by the FCA...
Read full article Published 9 April 2019 - Armadillo News
THE FIFTH EU ANTI-MONEY LAUNDERING DIRECTIVE
The 4th anti-money Laundering Directive may have only recently been implemented but the 5th anti-money Laundering Directive is on its way (with the 6th anti-money Laundering Directive already being proposed). The new directive is designed to improve safeguards for financial transactions to and from high risk countries, ensure centralised registers in all member states and regulating virtual currencies and prepaid...
Read full article Published 25 March 2019 - Armadillo News
CORPORATE , LEGAL & ACCOUNTANCY
The report by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) on 12 March 2019 found that Professional bodies representing the accountancy and legal sectors are riven with conflicts of interest and loath to publish money laundering penalties.
OPBAS was set up last year intended to “supervise the supervisors” of the accountancy and legal professions.
REAL ESTATE
The HMRC publication of 4 March 2019 listed the businesses hit with fines for failing to comply with AML regulations. HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations or failing to comply with their regulations.
Read full article Published 4 March 2019 - Armadillo News
TECHNOLOGY
Complying with AML regulations manually can be a hugely cumbersome process, but here at Armadillo Legal we can assist with a number of electronic and regtech solutions.
As both a RegTech and FinTech aggregator we have access to the most comprehensive corporate and personal data and documents in the World. Which includes 350 million companies: 270 million companies in 220 Countries online + 80 million companies not on databases; approximately 10 billion company documents available worldwide.