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News in brief – August 2020

The world in which we live has become a constant state of uncertainty so we wanted to provide you with actionable steps to fighting financial crime and assessing your risks. We are preparing a 3-part webinar series in partnership with Financial Crime Risk Management Consultants to discuss a pragmatic approach to financial crime risk management titled ‘Financial Crime, it’s risky business’. Register here to participate in our webinar. Limited spots available.

Read more financial crime news across the globe below.


  • Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Planned mutual evaluation for Mozambique: Plenary session August 2020
  • ESAAMLG Task Force and Plenary meetings, Kampala, Uganda August – September 2020


  • 1 Malaysian Development Berhard (1MDB scandal) has been an ongoing political investigation and then-Prime Minister Najib Razak has recently been found guilty of all seven charges
  • Westpac may undergo further scrutiny as their anti-money laundering (AML) issues widen with more compliance reporting failures


  • Canada’s financial regulators continue to issue guidance and adjust regulations on the financial sector despite global economic pressures
    • Office of the Superintendent of Financial Institutions (OSFI) published updates for key measures for federally regulated deposit-taking institutes
    • Office of the Superintendent of Financial Institutions (OSFI) updated key measures for federally regulated insurers
    • Financial Services Regulatory Authority of Ontario (FSRA) launched a consultation on supervision of mortgage brokers
    • Regarding anti-money laundering (AML), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provided a special bulletin for reporting entities on COVID-19 along with advisory on high-risk countries identified by the Financial Action Task Force (FATF)


  • Online real estate agent fined for breaching UK AML regulations
  • In a staggering record, Germany increased its AML cases by almost 50%
  • The EU’s top court fined Ireland €2 million for 5AMLD delays

United States

  • Deutsche Bank’s failure to properly monitor its customer, Jeff Epstein’s suspicious financial activity has resulted in a US$150m (£120m) fine. Deutsche Bank recognise their major compliance failure by not assessing and identifying these risks or putting in appropriate controls to mitigate and manage
  • Virgin Islands Government have subpoenaed at least ten banks for Jeff Epstein’s financial records. These banks include Northern Trust, Silicon Valley Bank, Fidelity, Charles Schwab, Bank Leumi, Wells Fargo, JP Morgan Chase, Citibank and Deutsche Bank. Explanations for his extravagant lifestyle set to unfold as the banks co-operate in the ongoing litigation

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