ACAMS Roundup: United States Settles Magnitsky Fraud Case, Wells Fargo’s Fake Accounts Settlement in Peril, and More!

Russian-owned Cypriot company Prevezon Holdings will pay U.S. authorities nearly $6 million to settle charges of money laundering stemming from the $230 million tax fraud first uncovered by the now-deceased Muscovite attorney Sergei Magnitsky, Bloomberg said. More

A U.S. federal judge indicated he may reject Wells Fargo & Co.’s proposed $142 million settlement with customers for illegally opening millions of unauthorized accounts under their names after attorneys for the bank disclosed that at least 1 million more clients were victimized by the scheme than previously estimated,Reuters reported. More

U.K. prosecutors told France’s Societe Generale to supply documents on its dealings with the Libyan Investment Authority, which the bank’s attorney said was to support an ongoing U.S. investigation into alleged breaches of anti-bribery laws, Bloomberg said. More

The head of Europol said in a television interview that banks were largely insulated from the Bitcoin-based global ransomware attack this month because of their advanced security systems, City A.M. reported. More

Two security firms found evidence linking the ransomware attack that affected some 150 countries with a prolific North Korean cybercrime group, the Guardian reported. More

Hackers are using hidden online criminal markets to sell another classified cyberweapon stolen from U.S. intelligence agencies, the Financial Times said. More

Financial leaders of seven leading world economies pledged stronger cooperation to counter cybercrime, Reuters reported. More

Rep. Kathleen Rice (D-NY) produced draft legislation that would require intelligence agencies to assess the risks of terrorists using digital currencies to fund their activities, CoinDesk said. More

U.S.-based Capital One Financial is testing the viability of its plan to sell know-your-customer information to businesses, American Banker said, citing an industry consultant. More

Former U.S. National Security Agency contractor Edward Snowden said at a conference that anti-money laundering and know-your-customer rules may stop petty fraudsters and amateur terrorists but do little to thwart sophisticated criminal schemes, American Banker reported. More

EU lawmakers have for a second time rejected a list of countries thought to be at risk of money laundering, terrorist financing and tax evasion that had been drawn up by the 28-nation bloc’s executive body. More

U.S. President Donald Trump urged nations around the world to impose “far stronger sanctions” against North Korea for its latest ballistic missile test, Al Jazeera said. More

The U.N. Security Council told North Korea to stop testing missiles or face further sanctions, the BBC reported. More

A U.S. Treasury Department official said in an interview that the White House is considering imposing new sanctions on North Korea to combat illicit finance, Reuters reported. More

A senior official in Iran told Bloomberg that foreign companies suspended many mining agreements with the country because of uncertainty over future sanctions. More

A Philippine official said the European Union threatened Manila with trade sanctions for human rights violations under its antidrug campaign, the Philippine Daily Inquirer reported. More

The Ukrainian government has imposed asset freezes and broadcast bans on eight Russian television channels, and blacklisted two banks in Moscow alongside four airline and defense companies, the Moscow Times said, citing local media reports. More

Senior executives of U.K.-based banks said they are facing hundreds of millions of pounds in costs to relocate services from London after Great Britain leaves the European Union, the Financial Times reported. More

JPMorgan Chase & Co. will move its operations from London to Dublin in the wake of the Brexit vote, the Guardian said. More

The U.S. Treasury Department’s financial intelligence unit will share financial records with lawmakers investigating suspected ties between the Trump administration and Russia, anonymous sources told The Wall Street JournalMore

A bipartisan group of U.S. lawmakers introduced a bill to protect the authority of judges to impose sentences after Attorney General Jeff Sessions endorsed new guidelines calling for tougher penalties against drug traffickers and other persons involved in narcotics-related activity, the Hill said. More

Lebanon’s central bank said in an annual report that it received 70 percent more reports of suspected terrorist financing in 2016 compared to the previous year, Business News reported. More

The head of the Vatican’s financial watchdog said suspicious activity reports have declined in recent years, Crux said. More

Macau’s casino regulator claimed it is auditing the industry’s middlemen more extensively and scrutinizing their compliance efforts following anti-graft pressure from Chinese authorities, Reuters reported. More

The Indonesian government has not yet revised its bank secrecy laws to support a new regulation granting international tax authorities greater access to individual account information, the Jakarta Globe said. More

Investigators in four countries are investigating whether U.K. firm CAS-Global bribed Norwegian civil servant Bjorn Stavrum in 2013 to facilitate the sale of seven naval ships to a former Nigerian warlord, the Guardian reported. More

Indian tax authorities raided the offices of a firm that allegedly schemed to launder more than $150 million in undisclosed assets through corporate accounts to Hong Kong, China and Singapore over the past two years, PTI said. More

Indian officials searched the home of the country’s former finance minister and his son during a criminal investigation into approvals of foreign investment deals, Reuters said. More

Newly appointed police officers in Paraguay’s Alto Parana department allegedly accepted “welcome gift” bribes from marijuana traffickers in exchange for turning a blind eye to their operations, InSight Crimereported, citing  an ABC Color investigation. More

Australian energy and explosives companies said in submissions to the government that proposed legislation to expand the definition of bribery will deter overseas investments, Reuters reported. More

U.S. authorities indicted Texas state Sen. Carlos Uresti and a business associate for allegedly paying, accepting and laundering bribes to secure a contract to provide medical services at a state penitentiary, a local affiliate of CBS reported. More


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