Betfred company hit by £322k fine

An online gambling operator will pay £322,000 for money laundering failures. Petfre (Gibraltar) Limited, trading as Betfred, will make the payment following an investigation by the Gambling Commission. The investigation revealed the operator failed to carry out adequate source of funds checks on a customer who deposited £210,000, and lost…

Ledgers land £3.5 million launderer with jail sentence

A Manchester crook who went on the run when his handwritten ledger books implicated him in a multi-million-pound money laundering fraud has been sentenced in his absence. Jamshed Bhatti, 60, formerly of Stockport Road, Longsight, was caught with £50,970 in cash when HMRC investigators searched his home in August 2015.…

Law firms tighten up anti-money laundering activities

The number of reports submitted by accountants to the Solicitors Regulation Authority (SRA) about failings in how lawyers handle client money over the past year has fallen by 13%. There were 1,194 qualified reports in 2018, down from 1,380 the previous year, according to SRA accountants’ reports analysed by Hazlewoods.…

Cayman Islands pledges to strengthen money-laundering measures

The Cayman Islands is to make public information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a global crackdown on money laundering. The Cayman Islands government said it expected public registers of beneficial ownership – the key…

Swedbank fires three executives as it admits to money laundering failings

Stockholm-based Swedbank has fired three top executives after admitting to Swedish and Estonian regulators it still has ‘shortcomings’ in its anti-money laundering work. Former Estonia chief executive Robert Kitt, who had been suspended since June, has now lost his job. Vaiko Tammevali, who was chief financial officer at Swedbank in…

Money launderers jailed for role in £1m metals scam

Three money launderers who pocketed a share of a £1 million ‘rare earth’ metals scam have been jailed.‎ The Commodities Link gave customers the opportunity to invest in baskets of valuable elements – known as ‘rare earths’ – when in reality the metal they were selling was almost worthless. A…

HSBC unveils first money laundering detection system for trade finance

HSBC is to implement a new anti-money laundering (AML) surveillance system and automated sanctions checking tool for its global trade and receivables finance (GTRF) business. Developed with fintech firm Quantexa, the AML system leverages big data, advanced analytics and automated monitoring to detect and intercept financial crime in international trade.…

Proceeds-of-crime cryptocurrency auctioned off

Cryptocurrency worth £500,000 have been auctioned after it was ‘seized’ by police from a computer hacker. The cryptocurrency was recovered from Elliott Gunton, 19, of Old Catton, near Norwich, who was sentenced to 20 months after admitting five charges including computer misuse and money laundering. It was Gunton who hacked…

Former Anderlecht football club boss charged with corruption

Former Anderlecht general manager Herman Van Holsbeeck has been charged with money laundering, forgery and criminal conspiracy for his alleged role in transfer fraud. Van Holsbeeck has been released from police custody but must stay away from his football contacts and restrict his bank transactions to what he requires on…

Libra ‘can be an asset in fight against financial crime’

Forget what you’ve heard, Facebook’s Libra can help in the fight against money laundering, says Neepa Patel The cost of anti-money laundering (AML) protocols and procedures for businesses is well-documented. Financial institutions sink billions each year into technology to identify suspicious activity and prevent their services being used for illegal…
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