Regulatory Enforcement
18th March 2021
A small credit union in Michigan was recently penalized in what’s thought to be the first example of U.S. regulators publicly calling out a financial institution for compliance failures involving the cannabis industry. Under the enforcement action, Live Life Federal Credit Union must stop opening new marijuana-related accounts, and it… Read More
17th March 2021
A Cleveland, Ohio-based manufacturer failed to take steps in response to “multiple apparent warning signs” about its European trade partners, which exported the company’s goods to Iran, according to a settlement announced Monday by the U.S. Treasury Department. UniControl Inc., which produces controls, airflow pressure switches, boiler controls and other… Read More
16th March 2021
The City watchdog has launched criminal proceedings against taxpayer-owned NatWest for alleged money laundering offences in the first prosecution of a British bank under laws introduced in 2007. The former Royal Bank of Scotland has been accused of allowing increasingly large cash deposits to be paid into a customer’s account when the… Read More
16th March 2021
ABN Amro shares fell 4% in early trading in Amsterdam on Monday, following reports that the Dutch bank might face a higher-than-expected penalty in an ongoing money laundering investigation. The bank’s annual report published last week described an investigation by Dutch prosecutors, started in September 2019, which was broader than… Read More
12th March 2021
Australia’s banking regulator said on Friday it had closed the investigation against Westpac Banking Corp for possible breaches of anti-money laundering and counter-terrorism laws. The bank was first accused of breaching the laws in 2019 by the country’s financial crime watchdog AUSTRAC, which led to parallel probes by corporate regulator… Read More
5th March 2021
By Will Fitzgibbon, ICIJ, 4 March 2021 ICIJ — A court in the Channel Islands has fined a team of accountants and economists who for years ignored “obvious” risks of possible corruption and embezzlement when providing services to an investment management company working with the government… Read More
5th March 2021
Just over two years ago, UBS Group AG got a nasty shock when a Paris judge handed it a record $5.4 billion penalty for helping French clients avoid taxes. As the Swiss bank returns to the French capital on Monday for a three-week long appeal, its team of lawyers… Read More
4th March 2021
Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More
4th March 2021
ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
1st March 2021
A national 80-branch real estate agency Property Brokers got the first formal warning in the real estate sector for not complying with anti-money laundering law but the chain’s chairman Tim Mordaunt said the state only was trying to make an example of them. Te Tari Taiwhenua Department of Internal Affairs… Read More