Money Laundering
26th February 2019
AP — The Russian Interior Ministry says that it has launched a money laundering probe involving the influential leader of Moldova’s Democratic Party, just two days before parliamentary elections in the former Soviet republic. Moldovans go to the polls Sunday in an election that pits the… Read More
26th February 2019
With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More
25th February 2019
The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard – or 1MDB – case, bringing the assets now subject to forfeiture to a total of about $1.7 billion. “These new lawsuits target… Read More
25th February 2019
The U.S. Office of the Comptroller of the Currency (OCC) said on Friday it had reprimanded MUFG Bank, Ltd. for lapses in its anti money-laundering controls and other compliance issues at its New York, Chicago and Los Angeles branches. The Tokyo-based bank did not accept or deny the charges dating… Read More
22nd February 2019
Swedish and Estonian finance watchdogs have opened a joint investigation into allegations that Swedbank played a role in the Baltic money laundering involving Danske Bank, the two supervisory bodies said on Thursday. A Wednesday Swedish TV report alleged that money laundering could have occurred in relation to at least 40… Read More
22nd February 2019
The Financial Conduct Authority (FCA) has imposed a £102.2 million ($133 million) penalty against Standard Chartered Bank for issues pertaining to its financial crime controls. The bank said it is ‘considering its options,’ regarding the FCA decision. The development follows remarks in the bank’s 2018 interim report, in which… Read More
22nd February 2019
The French trial court on Wednesday found UBS AG and UBS (France) SA guilty of illicit solicitation and laundering the proceeds of tax fraud. It assessed a penalty of EUR 3.7 billion and EUR 15 million respectively and civil damages of EUR 800 million, or about 4.5 billion euros… Read More
21st February 2019
Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More
20th February 2019
Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More
19th February 2019
AP — Hundreds of Chinese have protested outside a Spanish bank in Madrid, claiming they are being unfairly denied access to their accounts while the bank insists it’s merely complying with money-laundering laws. Spanish media report that the protesters are demanding access to their money. The… Read More