Mauritius Compliance news
FIU Mauritius: Empowering Communities and Enhancing Technological Resources in the Fight Against Financial Crimes
FIU Mauritius is steadfast in its mission to combat financial crimes such as Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) while simultaneously working to educate and sensitise local communities through a variety of outreach initiatives. This holistic approach significantly contributes to the broader fight against financial crime, fostering a safer and more informed society.
Source: https://www.fiumauritius.org/fiu/?p=5083
Strengthening Regional Efforts Against Financial Crimes: FIU Mauritius Participates in AML and CFT Workshop
The Financial Intelligence Unit (FIU) of Mauritius recently participated in a workshop on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF), 7 to 11 October 2024 at the Integrated Customs Clearance Centre in Plaine Magnien. This initiative aimed to bolster the capabilities of FIUs and World Customs Organization (WCO) member states in the Eastern and Southern African region.
Source: https://www.fiumauritius.org/fiu/?p=5064
UAE Compliance news
DFSA investigation reveals OCS International Finance Limited mismanaged USD 46 million of client funds and imposes fine on Firm and its CEO
An investigation by the Dubai Financial Services Authority (DFSA) has revealed that OCS International Finance Limited (OCS) had breached multiple DFSA Rules, including mismanaging USD 46 million (AED 168,820,000) of client funds, and misleading a bank and the DFSA. As a result, the DFSA has imposed a fine, after a 30% settlement discount, of USD 720,905 (AED 2,645,721) on OCS, and USD 186,003 (AED 682,631) on its CEO, Mr Christian Franz Thurner.
Source: https://dfsaen.thomsonreuters.com/rulebook/3-october-2024-dfsa-investigation-reveals-ocs-international-finance-limited-mismanaged-usd
Global Compliance news
TD Bank Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution
WASHINGTON — TD Bank N.A. (TDBNA), the 10th largest bank in the United States, and its parent company TD Bank US Holding Company (TDBUSH) (together with TDBNA, TD Bank) pleaded guilty today and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and money laundering.
Source: https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b
Irish Data Protection Commission fines LinkedIn Ireland €310 million
The Irish Data Protection Commission (DPC) has today announced its final decision following an inquiry into LinkedIn Ireland Unlimited Company (LinkedIn). This inquiry was launched by the DPC, in its role as the lead supervisory authority for LinkedIn, following a complaint initially made to the French Data Protection Authority.
Source: https://www.dataprotection.ie/en/news-media/press-releases/irish-data-protection-commission-fines-linkedin-ireland-eu310-million
Raytheon Company to Pay Over $950M in Connection with Defective Pricing, Foreign Bribery, and Export Control Schemes
Raytheon Company (Raytheon) — a subsidiary of Arlington, Virginia-based defense contractor RTX (formerly known as Raytheon Technologies Corporation) — will pay over $950 million to resolve the Justice Department’s investigations into: (i) a major government fraud scheme involving defective pricing on certain government contracts and (ii) violations of the Foreign Corrupt Practices Act (FCPA) and the Arms Export Control Act (AECA) and its implementing regulations, the International Traffic in Arms Regulations (ITAR).
Source: https://www.justice.gov/opa/pr/raytheon-company-pay-over-950m-connection-defective-pricing-foreign-bribery-and-export
Preview of the draft “Money Laundering Prevention and Registration Measures for Enterprises or Personnel Providing Virtual Asset Services” and the revised draft “Measures for Preventing Money Laundering and Combating Terrorism Financing by Virtual Currency Platforms and Trading Business Enterprises”
Based on the management for the purpose of money laundering prevention, the Money Laundering Prevention Law was revised and promulgated on July 31, 2013, adding Article 6, Paragraph 1, of money laundering prevention for enterprises or persons providing virtual asset services (hereinafter referred to as virtual asset service providers). Registration system, and authorizes the Association in Article 6, Paragraph 2, to formulate application conditions and procedures for money laundering prevention registration, cancellation or abolition of registration, review mechanism for the listing and delisting of virtual assets, unfair transaction prevention mechanism, own assets and customers Regulations on asset separation and custody methods, information systems and security, wallet management mechanisms and other matters that should be followed.
Source: https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202410010002&dtable=News
Kuwait’s measures to combat money laundering and terrorist financing
Paris 8 October 2024 – Kuwait has an adequate legal and supervisory framework to address illicit finance, but has serious shortcomings delivering effective outcomes, including its understanding, investigation and prosecution of money laundering and terrorist financing.
The FATF/MENAFATF mutual evaluation report of Kuwait assessed the effectiveness of Kuwait’s measures to combat money laundering, terrorist financing and proliferation financing, and their level of compliance with the FATF Recommendations.
Kuwait is a high-income country with low levels of violent crime but that nevertheless faces money laundering risks from crimes that include fraud, corruption, forgery and offences committed abroad. The country is exposed to terrorist financing risks from terrorist acts and terrorist groups operating outside of the country.
Source: https://www.fatf-gafi.org/en/publications/Mutualevaluations/MER-Kuwait-2024.html
South Africa Compliance news
South African Reserve Bank imposes administrative sanctions on HSBC Bank Plc Johannesburg Branch
The South African Reserve Bank (SARB) has imposed administrative sanctions on HSBC Bank Plc – Johannesburg Branch (HSBC) as a result of its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following a FIC Act inspection conducted in 2021.
Source: https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2024/sarb-imposes-administratie-sanctions-on-hsbcplc-johannnesburg-branch