Regulatory Enforcement

Featured Regulatory Enforcement

TSB agrees to $3.85m penalty for money-laundering failures

TSB has agreed to pay $3.85 million in penalties after acknowledging it failed to comply with rules designed to prevent the bank being used for money-laundering. TSB and the Reserve Bank, which polices anti-money laundering (AML) rules, presented the settlement for approval by the High Court in Wellington on Thursday,… Read More

EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske… Read More

UK financial watchdog urged to investigate ‘shocking’ City financing of Belarus regime

By Thomas Rowley, openDemocracy, 20 July 2021 openDemocracy – The UK’s Financial Conduct Authority (FCA) has been urged to investigate the listing of Belarusian sovereign bonds on the London Stock Exchange, openDemocracy reports today. In a letter written by the Belarusian Coordination Council and seen by openDemocracy, the opposition… Read More
20th July 2021
Australian casino operator Crown Resorts Ltd should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday. The lawyer running the inquiry also expressed “little confidence” in the former… Read More
20th July 2021
Six Danish pension providers have been ordered to revise their risk assessments regarding money laundering, after the country’s financial watchdog followed through on a tightening of the regulations at the end of last year. AP Pension was given several official orders to correct procedures, while others, such as Danica Pension… Read More
15th July 2021
UAE ministers and government officials have urged executives from Designated Non-financial Businesses and Professions to raise awareness about how to combat money laundering and the financing of terrorism. DNFBPs include professions outside the financial services sector that have heightened anti-money laundering/combating the financing of terrorism (AML/CFT) exposure. The discussions focused… Read More
13th July 2021
The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution. BSP, which listed on… Read More
11th July 2021
Elizabeth Holmes doubled down on her attempt to block prosecutors from presenting Theranos Inc. customer complaints, inaccurate test results and problematic regulatory findings to jurors at her upcoming criminal fraud trial. At a hearing Wednesday, Holmes’s lawyers revived their argument that the government dropped the ball… Read More
11th July 2021
The Democrat senator said in a letter to SEC Chair Gary Gensler that she needs answers by July 28. Crypto skeptic U.S. Sen. Elizabeth Warren (D-Mass.) gave the Securities and Exchange Commission (SEC) until the end of this month to figure out its role in regulating cryptocurrencies. The senator, who… Read More
2nd July 2021
A London-based wealth manager which helped its overseas investors with visas has filed for administration after the U.K.’s top market regulator expressed concern about its financial crime controls and its use of a controversial entry permit scheme. Dolfin Financial (UK) Limited, a financial boutique with almost 1.3 billion pounds ($1.8… Read More
28th June 2021
Britain’s financial regulator has ordered Binance, one of the world’s largest cryptocurrency exchanges, to stop all regulated activity and issued a warning to consumers about the platform which is coming under growing scrutiny globally. In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s… Read More
25th June 2021
The Commonwealth Bank of Australia is using temporary contractors in its financial crime team, sparking fresh concerns that workers on insecure contracts have cut corners on critical compliance tasks. The Age and Sydney Morning Herald can reveal CBA has relied on labour hire firm Hays and contingent labour provider Momenta… Read More
24th June 2021
The financial intelligence watchdog and big four banks will be probed under a new parliamentary inquiry designed to measure the efficiency and adequacy of the Australia’s anti-money laundering regime. The Senate approved a motion brought by Labor Senator Deborah O’Neill on Wednesday to launch a formal inquiry into the effectiveness… Read More