Money Laundering
19th February 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More
18th February 2019
AP — FBI agents raided a bank in Puerto Rico Wednesday amid allegations over violations of U.S. sanctions imposed on those who do business with Venezuela’s government. FBI spokesman Luis Rivera-Santana told The Associated Press that agents had a search warrant to identify funds that might… Read More
15th February 2019
(Convicted launderer: Avinash Kakumanu) Two men have been jailed and another given a suspended sentence for their part in a fraud which saw a London-based 84 year-old man lose over £70,000. Avinash Kakumanu, Dinesh Alavala and Ranjit Nellikondi tricked the victim into believing he was helping the authorities. According to… Read More
15th February 2019
The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and… Read More
15th February 2019
Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues. The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up… Read More
15th February 2019
The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More
14th February 2019
Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More
14th February 2019
Rising bad loans and a big investment in improving anti-money-laundering controls pushed fourth-quarter net profit from Dutch bank ABN Amro way below analysts’ expectations, prompting a sell-off in its shares. Net profit plunged 42 percent to 316 million euros (278 million pounds) from 542 million euros a year earlier. That… Read More
14th February 2019
Drug kingpin Joaquin ‘El Chapo’ Guzman Loera, who is estimated to have generated billions in illicit proceeds, has been found guilty of all 10 counts against him, including participating in a money laundering conspiracy and narcotics trafficking. Also known as ‘El Rapido,’ Guzman was convicted on Tuesday by a federal… Read More
13th February 2019
Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing. Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money… Read More