Regulatory Enforcement
11th August 2021
Westpac Banking Corporation has been slapped with a warning from the Reserve Bank for failing to report suspect transactions under anti-money laundering and countering financing of terrorism laws. The laws require financial institutions like banks to report certain transactions which pose a high money laundering risk, including international wire transfers… Read More
9th August 2021
The Financial and Capital Market Commission (FKTK) said August 2 that of the 14 banks currently active in Latvia, four have a “medium-low or low risk level, seven – medium-high, and three banks are established as high-risk banks.” However, it did not directly name the banks in each category. “At the end of… Read More
5th August 2021
More Dubai businesses are finding that what should be a routine process costing them Dh15 to complete is resulting in penalties of Dh15,000 when they do not comply. This is exactly what is happening for those licensed businesses that are not meeting the UAE’s crackdown on UBO (Ultimate Beneficial Owner)… Read More
2nd August 2021
The UK’s financial watchdog has said it is investigating digital bank Monzo over potential breaches of anti-money laundering and financial crime rules. Monzo, which was founded in 2015 and is known for its hot coral bank cards, said it was cooperating with the investigation, which was in its early stages… Read More
29th July 2021
HSBC discovered a suspected money laundering network that received $4.2bn (£3bn) worth of payments, it has emerged, raising questions over whether it disclosed the information to US monitors who at the time were ensuring the bank cleaned up its act. Insiders who spoke to journalists as part of a joint… Read More
27th July 2021
The US Treasury Department said that Payoneer, a fintech startup founded by Israeli entrepreneurs, has agreed to pay a fine of some $1.4 million as part of a settlement for more than 2,000 apparent sanctions violations, by processing payments for parties located in Iran, Sudan and Syria among others,… Read More
26th July 2021
Three years after the world learned of Danske Bank A/S’s central role in one of Europe’s biggest money-laundering scandals, the cost of that stunning failure of governance is still palpable. Denmark’s biggest bank, once among the Nordic region’s most reputable companies, has yet to fully resurrect itself from a dirty… Read More
22nd July 2021
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
21st July 2021
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
20th July 2021
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