Irish Companies Need to Take Heed of New EU Anti-Money Laundering Requirements

Last week came the introduction of a new law on corporate transparency that has important implications for companies based in Ireland.

Irish companies are now obliged to keep a record of the details of their actual beneficiaries. Previously, companies were not required to keep a record of their direct shareholders. In many cases, the records of existing shareholders indicate that the shares of an "A" company are held by a "B" company. The shares of company "B" can be held by a company "C" and so on.

By creating a complex corporate-owned network, people who own and control corporate entities can be difficult to identify. The new legislation will oblige Irish business managers to investigate and identify natural persons who own and control their businesses and who keep this information in a register.

The Regulation is a first step in Ireland's transposition of the Fourth European Anti-Money Laundering Directive, which aims to increase the transparency of business ownership in combating money laundering, terrorist financing and evasion fiscal.

Companies are required by regulations to take all reasonable steps to obtain and maintain accurate and up-to-date information about their beneficiaries.

As part of the transposition of the Directive into Irish law, a new central register of beneficial ownership will be established in Ireland. Information held by Irish companies will be stored and made available to regulatory authorities.

The government held a public consultation earlier this year on the extent to which an Irish central register of beneficial ownership should be open to the public.

The outcome of this consultation has not yet been published, but ultimately the problem may be compelled at EU level with an amendment to the EU Directive which should include the requirement that the records be inspected by the public. This has caused some controversy because of concerns about privacy and confidentiality.

A publicly accessible registry of trusts in France was declared unconstitutional in a recent decision by the French Constitutional Council, which held that the public nature of the register and the register itself were contrary to constitutional protections for the protection of private life. Similar difficulties of public records can be expected in other EU jurisdictions.

The directors of Irish companies will take the necessary steps to establish a beneficial ownership record and then complete it with the relevant information.

Administrators will then have to consider which processes to implement to ensure that information is kept up to date. Entities from specific industry sectors may find the requirements more of a challenge, such as corporate fund vehicles whose actual beneficiaries change frequently.

The full transposition of the Directive is planned for mid 2017. We will have to wait until the transposition bill sees how all the requirements related to the beneficiary property will be confused.

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BCLC Finds Casino Money-Laundering Allegation Rather Strange

Advertisement before. The anti-money laundering director of the Corporation Lottery said that some transactions make no sense in allegations involving $ 7.5 million stolen from a trust set up to be converted into cash at a Burnaby casino before To be sent to China.

The prominent real estate lawyer, Guo Hong, claims that his Richmond corporation is a victim of conspiracy and robbery in a case related to washed funds at the Gateway Burnaby casinos. Approximately $ 7.5 million disappeared from the Guo trust fund in early 2016, with scarcity affecting many real estate transactions.




Guo sued two former employees claiming the pair conspired with accomplices to steal their trust fund account from forging Guo's name on checks. Guo alleges in his civil suit that the counterfeit checks were deposited in bank accounts controlled by former employees.

Then, bank drafts were issued from these bank accounts and deposited in accounts controlled by the suspects in the gateway casinos in Burnaby, legal documents claim Guo. Then, players use bank drafts to withdraw money from the casino, legal documents claim. Finally, the money was sent to China by the accomplices of former employees Guo Guo allegedly. Former employees have fled to China and one of them eventually received the funds, according to Guo's legal documents.

Guo's legal documents do not explain how the retired casino money in Burnaby was transferred suspiciously to China.

"It's very interesting, a casino manager said that if a person files a bank draft, they could withdraw money," Guo Postmedia said in an interview. "If this is the case, then many people will use this channel for money laundering."

In legal documents, BCLC says that none of the allegations of Guo complaint has been proven in court.

In an interview, we asked Ross Alderson, director of the BCLC fight against money laundering if debit transactions and alleged withdrawal of cash in BC Guo. Complaints from the Supreme Court indicate no vulnerability to money laundering in gateway casinos.

Alderson argued that the transactions alleged in the Guo civil suit do not seem to make sense from the point of view of a person who is trying to launder money.

Historically, Alderson said, money launderers have received money from casinos and tried to exchange funds from authorized checks to give authenticity to the funds.

"What we are talking about is an inverse of this process," he said.

“The whole idea of laundering money is to take dirty funds and turn it into clean funds, that you want put into the financial system,” Alderson said. “So by someone taking it out of the financial system and then putting it into cash or chips (in a casino), it really defeats the purpose of a money launderer. It doesn’t make a lot of sense. Because you are putting (funds) into a less-preferable method which you then have to put back into the financial system.”

B.C. casinos can only accept bank drafts from regulated North American financial institutions and only under specific circumstances, BCLC says. To be eligible to accept a bank draft in the casino, the player must have a “casino patron gaming fund account.” The casino performs due diligence during the opening of the playing account, including criminal and civil court record checks, and a review of many “open source databases,” a BCLC spokeswoman said.

NDP MLA David Eby, the NDP’s gambling critic, said he can only speculate about what alleged money launderers would hope to achieve in the casino transactions outlined in Guo’s civil filings.

“I’m not sure why a launderer would go to a casino to get cash, because if you are a launderer once you have a bank draft in hand I think you have succeeded,” Eby said. “Any bank will give you cash for that bank draft.”

"The idea of laundering money is to take the dirty money and transform it into capital, which you want to put into the financial system," Alderson said. "So if someone eliminates the financial system and puts it in cash or chips (in a casino), it really misses the purpose of a money launderer." It does not make much sense because it puts (money) into a less Preferable that it then has to put into the financial system.

Advertisement before. Casinos can only accept bank checks from regulated US financial institutions and only in special circumstances, according to the BCLC. To be eligible to accept a bank transfer at the casino, the player must have an "account of casino gambling funds funds." The casino performs due diligence for the opening game of the account, Many databases "open source" said a spokesman for the BCLC.

NDP MP David Eby, the PND critic for the game, said he could not speculate on what suspicious money launderers are left in the casino operations described in the Guo civil documents.

"I do not know why a washer would be going to a casino to get money, because if you're a launderer when you have a hand in the bank draft, I think you succeeded," Eby said. "Any bank will give you money for this bank project."

"However, if you take as a large sum $ 1 million, you may want to call the bank, and the bank will make additional calls to verify the funds," said Mr. Eby. "It's speculative, but maybe the casino has more cash."

Eby said the British Columbia government has encouraged players to transfer funds in electronic casinos or to present drafts or checks, "as it provides paper trails for anti-money laundering controls.

"So it stands to reason that casinos accept bank drafts, but if your plan is to leave the country you might not worry about the paper trail," Eby said.

Kim Marsh, the former head of the organized crime unit of the Mounted Police, now works for a private company that advises clients, including banks and casinos in money laundering and financial surveillance.

"To take casino bank drafts for high rollers, it is pretty standard. And getting a bank transfer makes it more credible because the paper path from a large local bank," he said.

Marsh said that if they wanted money launderers to get money for future transactions, it is possible that casinos can provide "a way to park money."

"Casinos are aware that people are going to want to come with the money and get a check, and create an instrument that can be easily transported," Marsh said. "It seems the opposite is true in this case. Of paper, then the casino cash, and then the paper trail ends instantly.

In an interview, Hong Guo said he does not know how former employees accused of allegedly transferred money withdrawn from a Burnaby casino in China. Guo said he was in contact with police in Zhuhai, and it is alleged that police arrested the suspects in this case. Zhuhai is a city in Guangdong Province, and the city was widely reported to have many clandestine banks with ties to Macao, a well-known neighboring district for money laundering in casinos. We asked if he had knowledge of the underground banking networks in Canada and Macao.

"No, I do not play," Guo said.

Asian experts on money laundering say that underground banks provide a way to transfer currencies between countries.

How it works in Macao underground banking is as follows: People who want to get money from China's yuan deposit with money changers in clandestine banks are usually hidden inside small convenience stores, liquor or electronics in Zhuhai. Then they receive credit forms or numeric codes from the underground bankers. Underground bankers are connected with underground bankers in other jurisdictions, such as Macau. Credit cards or numeric codes that entitle depositors to be paid out in various currencies, VIP lounges within Macao casinos.

Kim Marsh said he is aware of clandestine banking systems in Macao. He said he does not know if he banks with subway connections to casinos-have been established in BC, the goal is possible.

Said Alderson is aware of Macao's problems with clandestine banks, which purpose it has no information indicates aC-casinos have similar connections to underground banking.

When asked if the alleged Alderson was money launderers can head to BC casinos with projects from bank deposits to cash payments. Obtain if banks are perceived-has more stringent anti-money laundering controls.

"I really can not do what the way banks for due diligence can say that with a very robust procedure against money laundering casino," Alderson said.

Jessica BCLC stations the spokeswoman said that withdrawing funds and trying to withdraw money without sufficient casino game is contrary to BCLC's anti-money laundering policy.

"Casino staff are trained to look for unusual indicators, such as bank drafts that can be submitted by a third party," Gares said. "If there is concern that a bank draft is suspicious, the best additional performed due diligence is."

Cams Exam Quesiton No 46

Question No 46:

When should a financial institution strongly consider retaining an outside counsel?

A. When it wants to hire a new BSA officer
B. When the institution itself is under investigation
C. Whenever there are suspicious transactions in the institution
D. When the Board of Directors directs management to do so

Answer: B

Agricultural Bank of China to Pay New York State $215 Million

Agricultural Bank of China to pay New York state $215 million for anti-money laundering violations

Agricultural Bank of China Ltd. (601288.SS) ABOC.UL pay a fine of $ 215 million for violating money laundering law of the State of New York, announced Friday the financial regulator of state.

Bank officials have committed "willful misconduct" including mask suspicious transactions in its New York branch. Some transactions involved parties subject to US sanctions, said the Department of Financial Services State of New York.

The bank has also "silenced" the chief enforcement branch, which has expressed concerns with managers about a model of financial transactions "alarming" suspects, the regulator said. The transactions include payments from Yemen Chinese enterprises and the "unusually large" transfers between Chinese and Russian companies.

The bank, in a consent order with the regulator, agreed to establish an independent monitor to face "serious deficiencies", the regulator said.

officials of China Agricultural Bank and its New York branch could not be reached immediately.

The bank has total assets of approximately $ 2.8 billion, of which about $ 9.5 billion to the New York branch, according to officials of the State of New York.

Since 2013, the New York branch has deleted transactions involving US dollars corresponding foreign banks' volumes increasing rapidly, "according to the consent order.

In dollar compensation, foreign exchange transactions between the parties are satisfied in US dollars using a US bank.

In 2014, New York regulator warned the bank that its systems monitoring suspicious transactions were insufficient and said the bank would not resume their activities dollars compensation until it launches improved surveillance measures.

Although the practice is common, compensation can be risky for banks, since it can be used by criminals and militants groups planning attacks washing and transfer money.

"The bank has deliberately ignored the warnings and dollar clearing operations by the bank in the New York branch, which broke out in 2014 and 2015," the regulator said.

The tactics of the Agricultural Bank of China to hide transactions include sending coded messages through a messaging system that uses international fixed telephony enforcement personnel to control and monitor financial activity.

The compliance officer that the regulator did not identify, said that many of the "opaque" bank transactions was intended for customers whose identity should have been disclosed for monitoring purposes.

Once, for example, a Turkish bank has processed dollar transactions for a customer Afghan bank is known by the United States Department of the Treasury for its links with associated with drug trafficking and illicit money flows network.

Branch managers, in response to concerns of the compliance officer, the officer ordered not to communicate with regulators.

The compliance officer left in June 2015.

A month later, the bank examiners from New York discovered a delay of almost 700 "unmanageable" potentially suspicious transactions that had not yet been studied.

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What is Money Laundering

          Money laundering is the process of transforming the proceeds of crime and corruption into apparently legitimate assets. In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. Most anti-money laundering laws openly conflate money laundering (which is concerned with the source of funds) with terrorism financing (which is concerned with a destination of funds) when regulating the financial system.

The concept of money laundering regulations goes back to ancient times and is intertwined with the development of money and banking. Money laundering is first seen with individuals hiding wealth from the state to avoid taxation or confiscation or a combination of both.

In China, merchants around 2000 BCE would hide their wealth from rulers who would simply take it from them and banish them. In addition to hiding it, they would move it and invest it in businesses in remote provinces or even outside China.




 Over the millennia many rulers and states imposed rules that would take wealth from their citizens and this led to the development of offshore banking and tax evasion. One of the enduring methods has been the use of parallel banking or Informal value transfer systems such as hawala that allowed people to move money out of the country avoiding state scrutiny.

Money obtained from certain crimes, such as extortion, insider trading, drug trafficking and illegal gambling is "dirty". It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods, which vary in complexity and sophistication.

What is Anti-Money Laundering

         Anti-money laundering (AML) states to a set of procedures, laws or regulations designed to stop the practice of making income through illegal actions.

In most cases, money launderers hide their actions through a series of steps that make it look like money that came from illegal or unethical sources was earned legitimately.

Though AML laws cover only a moderately limited number of transactions and criminal behaviors, their allegations are extremely far-reaching. For example, AML regulations require institutions issuing credit or allowing customers open accounts to complete due-diligence procedures to ensure that these institutions are not aiding in money-laundering activities. The onus to perform these procedures is in the institutions, not to the criminals or the government.

To decrease the money laundering every country assign an act according to the money laundering. It is also a certification Name as Certified Anti-Money Laundering Specialist Certification or ACAMS.

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Certification Details 

        The CAMS study guide is your main source for preparing for the examination. The study guide walks you through:

• Money laundering risks and methods, such as Black Market Peso Exchange and import and export price manipulation
• The Financial Action Task Force (FATF) Recommendations, the Basel Committee’s Report on Customer Due Diligence and the Wolfsberg Group Principles
• Important elements of an Anti-Money Laundering (AML) program
• How to handle and support a money laundering investigation

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