The UK’s Financial Conduct Authority has issued a Final Notice to Al Rayan Bank PLC in relation to its failings with customer due diligence, including a lack of due diligence documentation for customers linked to sanctioned countries, or the lack of appropriate enhanced due diligence.
The bank was fined £4,023,600.
On an appeal from an earlier conviction for transferring €245 in breach of the EU’s sanctions against ISIS and Al Qaeda, the Dutch Supreme Court has ruled that a conviction does not require a showing of any intention to breach the sanctions.
Completion of the transfer itself is enough to complete the offence.
The UK’s Financial Conduct Authority has issued a Final Notice against Guaranty Trust Bank (UK) Limited.
The fine was £7,671,800.
The reported failings include a lack of screening against OFSI’s Consolidated List despite policies and procedures requiring such screening. Thousands of accounts had also been established in a way that screening was only done at onboarding and not periodically. Further 90% of resolved sanctions “hits” did not include information or documents demonstrating the basis for the resolution.
Latvia’s Intelligence Services (the VDD) have arrested a Latvian national, reported as Marat Kasem.
The alleged offence is the provision of “economic resources” to a designated person, or an asset owned or controlled by such a person.
The designated person is Dmitry Kiselev, who is the Director General of Rossiya Segodnya which in turn owns a number of broadcast channels including Sputnik and Baltnews.
Mr Kasem is alleged to have provided the “economic resources” by way of being employed by these channels in Lithuania.
The press in Finland has reported the conviction of two individuals for breaching EU trade sanctions with Russia.
The first individual, a Russian national, was given a three-month suspended prison sentence for seven cross-border trips carrying cash and goods.
The second individual, a Belarusian, was given a four-month suspended sentence for attempting to export €22,000 worth of air-cooled condensers.
It has been reported today that the Finnish authorities are currently undertaking approximately 180 investigations into suspected breaches of the EU’s trade sanctions against Russia.
The Luxembourg financial services regulator, the CSSF, has announced today the imposition of a fine of €1.56 million on Banque Degroof Petercam Luxembourg SA.
The fine followed an inspection which started in September 2019, and relates to compliance failings in the context of AML and terrorist financing, and a failure to adequately screen clients for inclusion on EU sanctions lists.
The CSSF noted that remedial steps have been taken by the bank since the inspection of 2019/2020.
The Latvian VDD (Intelligence Services) have announced that they have referred a case to criminal prosecution relating to the provision of “economic resources to another person, who is subject to EU sanctions”.
No further details of the alleged offending were provided.
The Latvian authorities have announced the prosecution of a man for the attempted export of goods to a company in Russia in breach of the EU’s sanctions.
The exports (described as “conditioning equipment”) were stopped by the Customs Service.
It was reported today that the Paris Court has dropped charges against Nexa Technologies, and four of its management, in relation to the sales of surveillance equipment to Egypt.
We had earlier reported on the commencement of the investigation.
