Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week DNB ASA of Norway is fined for inadequate anti-money laundering compliance. Read the full story and more news below:
DNB ASA Fined for Inadequate Anti-Money Laundering Compliance:
DNB ASA, Norway's largest financial services group, was fined USD 48.1M for inadequate compliance surrounding anti-money laundering rules and legislation. The fines are in part due to shortcomings surrounding customer due diligence, and not due to any money laundering conducted by the company. DNB ASA was first investigated in late 2019 when Icelandic company Samherji was accused of funneling money through DNB ASA to shell corporations in the Marshall Islands. The case against DNB ASA was later dropped.
Coinbase Under Review by US Sanctions Authority:
Coinbase Cryptocurrency Transactions, the world’s largest cryptocurrency trading platform, recently disclosed that their platform may have been used by individuals, entities, or jurisdictions subject to U.S. sanctions regulations. The disclosure comes alongside Coinbase’s intent to become a publicly-traded company, having submitted a regulatory filing last Thursday. While US regulatory practices prohibit transactions with those under sanctions, Coinbase says that the nature of blockchain technology makes this “technically unfeasible”.
UK Financial Regulator Urges More Whistleblowing:
The Financial Conduct Authority, which regulates financial services organizations in the UK, is urging individuals to come forward with information about possible wrongdoing. The new campaign, which puts whistleblowing at the forefront of those working in financial institutions in the UK, seeks to bolster its existing whistleblower program. Critics say that this effort pushes the UK toward a US-like system of rewarding tipsters for coming forward.
US Targets Central America Officials Over Possible Corruption:
The Biden administration is set to release a list this summer of corrupt Central America officials who will face possible sanctions. US officials cite corruption in the Central America government as one of the main drivers of migrants to the US border. The administration also seeks to curtail corruption to ensure that a USD 4 billion aid package is properly distributed.
Lebanon’s Central Bank Governor Faces Corruption Allegations:
Riad Salameh, Governor of Lebanon’s Central Bank, is facing new allegations of corruption over the origin of foreign investments and real estate holdings. A complaint over the assets was filed in France by Sherpa, a non-governmental organization (NGO) that represents victims of economic crimes. In a statement to Reuters, Salameh stated that he has proven the sources of his wealth on many occasions in the past.
Federal appeals court upholds 5.6B USD Visa and Mastercard settlement
The DOJ updates its guidance on corporate compliance programs
Founder and former FTX CEO arrested, indicted on eight fraud charges