InScope AML-CFT / KYC Compliance Software

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AML/CFT fines see upward trend in 2020

Many prominent institutions have been fined for not following the AML and KYC regulations in the year 2020, leading to an overall rise on penalties of 26% YOY. $10.4 billion…

January 18, 2021January 18, 2021 Shane McMullanNo Comment on AML/CFT fines see upward trend in 2020
big ben
News

£23M fine for MT Global

Money transfer company MT Global has been fined £23.8 million for varius failings in AML policy. MT Global, based in Luton, apparently offers financial services in 97 jurisdiction and claims…

January 15, 2021January 18, 2021 Shane McMullanNo Comment on £23M fine for MT Global
bins with graffiti
News

Waste Management company Manager charged with Money Laundering

An executive with waste management company, Recology, in San Francisco, has been charged with bribery and money laundering as part of a corruption scandal engulfing the city’s Public Works Department. Paul…

November 20, 2020November 20, 2020 Shane McMullanNo Comment on Waste Management company Manager charged with Money Laundering
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Former Austrailan Staffer John Zhang investigated for Money Laundering

An enquiry into a New South Wales Labor MP’s former staffer has widened. The foreign interference investigation will now also focus on money laundering after around $60,000 in cash was…

November 19, 2020November 19, 2020 Shane McMullanNo Comment on Former Austrailan Staffer John Zhang investigated for Money Laundering
Lithuanian Flag
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Lietuvos Bankas Issues fine to Paysera LT for AML failings

Lietuvos Bankas, the central Bank of Lithuania, issued a €370,000 fine last monday to Lithuanian based online payment company, Paysera LT, for AML violations Discovered in aan inspection earlier in…

November 18, 2020November 18, 2020 Shane McMullanNo Comment on Lietuvos Bankas Issues fine to Paysera LT for AML failings
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Colombia’s watchdog fines Banco de Occidente for evasion of AML regulations

Colombia’s banking watchdog has fined Banco de Occidente for the12th time for evading AML regulations, according to local media. The Superintendent for Finance’s imposed the $137,000 fine on the Banco…

November 17, 2020November 17, 2020 Shane McMullanNo Comment on Colombia’s watchdog fines Banco de Occidente for evasion of AML regulations
News

Boylesports fined £2.8m over AML risk assessment

Boylesports, the Irish bookmaker has been fined £2.8 million (€3.14m) fand had tougher conditions added to its licence, following an investigation by the UKGC. Boylesports Enterprise offers online betting to UK…

November 13, 2020November 12, 2020 Shane McMullanNo Comment on Boylesports fined £2.8m over AML risk assessment
letter of the law
News

UK Solicitor suspended for AML breach.

A London solicitor dealing in six-figure international transactions apparently having no previous experience doing so has been suspended indefinitely. The Solicitors Disciplinary Tribunal found Biplab Jumar Poddar, who practised from…

November 12, 2020November 12, 2020 Shane McMullanNo Comment on UK Solicitor suspended for AML breach.
EU banknote
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Ministers agree to set up dedicated EU AML body

EU finance ministers agreed to set up an EU body Tuesday. the purpose of which is to combat money laundering across the bloc, following an European Commission proposal from May.…

November 6, 2020 Shane McMullanNo Comment on Ministers agree to set up dedicated EU AML body
News

Update to the FATF Grey List

Yesterday, in accordace with the update to the FATF Grey list (other monitored jurisdictons), InScope has made the following amendments to our internal policy: Iceland and Mongolia have been removed…

October 26, 2020October 26, 2020 Shane McMullanNo Comment on Update to the FATF Grey List

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