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correspondent banking

Primer on RU: Understanding SWIFT, Sanctions, and Correspondent Banking.

Luke Raven provides an accessible and clearly set out explanation of the issues surrounding the imposition and effect of financial sanctions.

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Sanctions : UAE company settles with USA over North Korea sanctions.

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Essentra FZE Limited, a manufacturer of cigarette filters and tear tape has agreed to forfeit USD 665,112 in respect of "apparent" breaches of US sanctions relating to North Korea. Essentra is a company registered in the United Arab Emirates with no physical presence in the USA.

The USA describes it as "egregious."

Publication: 
Sanctions In Action

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AUSTRAC's statement re Westpac - 20 November 2019

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AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has today applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac).

The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions.

BIScom Subsection: 
Regulation

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The dangers of partially informed comment revealed as activists state agenda

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Years ago, there was a cliché phrase that seemed to be repeated far too much: "a little knowledge is a dangerous thing." We need to relearn this for the benefit of society as a whole and for business in particular as comment-lite and narrow opinion is promoted as the norm across the whole spectrum of media.

CoNet Section: 
Corporate Management

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Mentor customers instead of "de-risking."

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Nigel Morris-Cotterill suggests that banks and others who terminate e.g. correspondent banking relationships and customers' accounts saying it's because of de-risking might have another option: mentor them to get it right.

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Nigel Morris-Cotterill is one of the world's most experienced counter-money laundering strategists. www.countermoneylaundering.com.
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Bank closes correspondent accounts following mismanagement at foreign bank

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German bank, Deutsche Bank has reportedly closed its correspondent relationships with National Bank of Kenya (NBK), a commercial bank. There are allegations of mismanagement and accounting fraud, plus suspicions of money laundering. Several members of the senior management team have left in recent weeks, not entirely voluntarily.

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BIS proposes new counter-money laundering guidance.

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"Banks will have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism...in correspondent banking," says the Bank of International Settlements' Basel Committee.

FCRO Subsection: 
Financial Crime News

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Correspondent Banking simply explained.

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As banks find themselves subject to ever more stringent arrangements over correspondent banking, the process seems complex and esoteric. It isn't. Here's the BankingInsuranceSecurities.com guide to correspondent banking . Simple.

BIScom Subsection: 
Commercial banking

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