Regulatory Enforcement
7th May 2021
The U.K.’s financial regulator handed down its first penalty over the Cum-Ex tax scandal, fining a broker 178,000 pounds ($248,000) for failings regarding its relationship with hedge-fund manager Sanjay Shah. Sapien Capital, which executed more than 6 billion pounds of trades in Danish and Belgian stocks on behalf of… Read More
6th May 2021
Swedish lender Swedbank has been fined 46.6 million Swedish crowns ($5.50 million) by the Nasdaq Stockholm for shortcomings in the bank’s anti-money laundering controls between December 2016 and February 2019, the bank said on Wednesday. “During the last year, the bank has undertaken several measures to strengthen processes for the… Read More
5th May 2021
Investment services firms were hit with €1.3 million in penalties following a supervisory examination by the Financial Intelligence Analysis Unit last year, shouldering the bulk of fines dished out by the agency. Gaming operators were the second hardest hit sector with the FIAU imposing €791,917 in fines for anti-money laundering… Read More
5th May 2021
Australia’s securities regulator is probing Westpac Banking Corp. on allegations of insider trading, just months after the country’s second-biggest lender paid a record fine to settle breaches of anti-money laundering laws. The allegations relate to Westpac’s role in executing a A$12 billion ($9.3 billion) interest-rate swap transaction with a… Read More
4th May 2021
The financial intelligence regulator issued Australian Military Bank with an enforcement action designed to ensure the bank is compliant with anti-money laundering laws and stop it from being compromised by criminals. AUSTRAC issued the small Australian bank with 56,000 customers including veterans, serving defence force personnel and their families with… Read More
4th May 2021
The German financial regulator BaFin has ordered Deutsche Bank to enact further safeguards to prevent money laundering, BaFin said on Friday, a blow to the nation’s largest lender as it tries to repair its reputation. In 2018, BaFin took the extraordinary step of installing the auditor KPMG as a special… Read More
3rd May 2021
A Malta-based online bank has been fined €359,339 for a series of anti-money laundering breaches concerning clients involved in passport sales, cryptocurrency and with potential links to organised crime. The Financial Intelligence Analysis Unit said on Friday that it had issued the administrative penalty against Sliema-based [email protected] plc, after an… Read More
30th April 2021
The Financial Intelligence and Analysis Unit (FIAU) has issued a €233,156 administrative penalty against Tumas Gaming for breaching anti-money laundering regulations. The financial watchdog said that serious difficulties were identified in keeping track of the Customer Risk Assessments carried out, and in ensuring adequate upkeeping of them. It noted how bank… Read More
28th April 2021
Zenith Finance has been placed under the control of the court, having appointed an administrator to take command of its business. By means of a court decree dated 13 April 2021, Hector J. Spiteri has been appointed as administrator of Zenith Finance, to take control of its business and to… Read More
27th April 2021
Attorney General David Eby told a public inquiry Monday he encountered a “significant,” confusing disconnect among B.C. gaming officials on the issue of money laundering around the time the problem peaked in the Lower Mainland. Eby said he received such different stories from the B.C. Lottery Corporation (BCLC) and its regulator, he didn’t know which… Read More