Regulatory Enforcement
21st June 2021
The world’s leading banking standards-setter has called for a purge on toxic corporate cultures as crisis-hit lenders count the cost for a string of scandals. Carolyn Rogers, secretary general of the Basel Committee on Banking Supervision, said it was time to step up efforts to tackle persistent culture problems after… Read More
18th June 2021
Latvia’s Rietumu Banka has been fined 5.85 million euros ($6.96 million) for failure to vet its clients and monitor them for money laundering and terrorist financing, the country’s banking watchdog said on Thursday. The fine on the bank, which mainly serves non-resident clients, is a result of inspections in 2019… Read More
16th June 2021
The Commonwealth Bank of Australia and National Australia Bank are again under scrutiny for their compliance with anti-money laundering laws, after an investigation into one of their partners is set to result in sanctions being imposed in Papua New Guinea. BSP Financial Group, which listed on the ASX last month… Read More
15th June 2021
Britain’s financial regulator has to make daily sweeps of the internet to warn about online scams in real time and keep pace with fraudsters who are often based outside the country, one of its officials said on Monday. Mark Steward, the Financial Conduct Authority’s (FCA) director for enforcement, said the… Read More
14th June 2021
U.K. officials have banned UAB Finolita Unio from operating in the country following a decision last week by the Bank of Lithuania to revoke the firm’s license over its alleged “severe infringement” of anti-money laundering (AML) and counterterrorism financing (CTF) laws. The U.K.’s Financial Conduct Authority (FCA) published the decision… Read More
11th June 2021
The European Central Bank has asked Deutsche Bank a number of times in recent months to name a successor to chairman Paul Achleitner as the end of his term nears, two people with knowledge of the matter said. Achleitner is due to retire next May after 10 difficult years in… Read More
11th June 2021
Victoria’s royal commission into Crown Resorts has been extended substantially and had its funding doubled “due to the seriousness of evidence” heard so far, which has broadened the scope of the probe. Acting Premier James Merlino granted Commissioner Raymond Finkelstein’s request to continue the investigation until mid-October and increase its… Read More
10th June 2021
The National Australia Bank has extensively used casual workers in its financial crimes department, adding to concerns about its ability to clean up its anti-money laundering compliance following a rebuke from the regulator this week. The Age and Sydney Morning Herald can reveal that NAB has been using contractors in… Read More
9th June 2021
Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More
7th June 2021
Australia is expanding an investigation into casinos over a potential breach of money laundering laws. Owners of the main casinos in Australia’s five biggest cities are now under formal investigation. National Australia Bank (NAB) and casino operators Crown Resorts, Star Entertainment Group and SkyCity Entertainment Group have all been included. Read More