The Basel Institute on Governance produces a series of Quick Guides, including this one.
Other Quick guides include those on gold laundering, mobile money, illegal wildlife trade, asset tracing, cryptocurrencies etc
On 8 September, Maritime Executive reported that authorities in Singapore have charged a former manager at Fratelli Cosulich Bunkers Pte. Ltd., one of the port’s ship bunker suppliers, with accepting nearly $50,000 in bribes to advance the contractor’s business interest. It is alleged that between 2017 and 2019, a technical manager at Fratelli Cosulich accepted bribes from 3 individuals.
On 9 September, the Times of Malta reported that a gaming company has been slapped with the largest fine ever issued by the FIAU after a series of shortcomings were uncovered. The record €733,160 fine was issued at the end of August against Malta-based Vivaro Ltd, a remote gaming operator.
https://timesofmalta.com/articles/view/record-700000-fine-for-gaming-company.816933
On 9 September, the Basel Institute on Governance reported that the DPA in London has directly led to the Tanzanian authorities recovering approximately $650,000 in a plea bargain. The investigation in Tanzania, led by the Prevention and Combating of Corruption Bureau (PCCB), related to a $6 million payment made in March 2013 by a former sister company of Standard Bank (Stanbic Bank Tanzania) to a local partner (Enterprise Growth Market Advisors – EGMA).
https://baselgovernance.org/news/uks-first-deferred-prosecution-agreement-plea-bargain-tanzania
On 9 September, a news release from OFAC advised that it had reached a settlement with Deutsche Bank over apparent violations of sanctions relating to Ukraine and the annexation of Crimea. The total to be paid by the bank is $583,100. The violations related to a series of purchases of fuel oil, through the US that involved a property interest of a designated oil company in Cyprus; and a failure to stop 61 payments destined for the accounts of a designated financial institution. The latter violations occurred because the bank had not included in its sanctions screening tool the designated financial institution’s SWIFT Business Identifier Code (BIC) and its screening tool was calibrated so that only an exact match to a designated entity would trigger further manual review.
On 9 September, an article from OCCRP accused Semlex, which supplies biometric documents such as passports and driving licenses to governments and international bodies of using bribes, kickbacks and insider dealing to secure contracts around the world, while inflating the cost of vital documents for ordinary citizens while lining the pockets of wealthy elites. OCCRP is said to have obtained inside information taken from a leak of more than 160,000 internal documents.
On 9 September, an article from Fox Rothschild LLP says that (following the effect of the Schrems II decision on EU-US transfers) Switzerland’s Federal Data Protection and Information Commissioner (FDPIC) has determined that the US-Swiss Privacy Shield does not meet the “requirements of adequate data protection as defined by the FADP (Swiss Federal Act on Data Protection)”. It issued a policy paper offering advice on transferring data to countries not on its list of nations with adequate safeguards. The guidance provided includes that, when transferring data to non-listed countries, data exporters should conduct due diligence and, if necessary, contract clauses should be expanded.
raytodd.blog 