Money Laundering
5th December 2018
Britain’s Financial Conduct Authority (FCA) has fined the former boss of a Bangladeshi-headquartered London bank £76,400 for breaching anti-money laundering (AML) standards, it has been revealed, two years after it penalised the bank with a £3 million penalty over financial crime control failures. On Tuesday, the FCA published its Decision… Read More
4th December 2018
Private schools should be flagging parents who try to pay fees in cash to the police, a National Crime Agency chief has said. Donald Toon, head of economic and cyber crime at the NCA, said that bursars should check to see if anyone paying a pupil’s school fees appear on… Read More
4th December 2018
A former owner of Banco Peravia bank in the Dominican Republic has been sentenced to three years in prison for his role in a billion-dollar money laundering scheme involving currency exchange. Gabriel Arturo Jimenez Aray (Jimenez), 50, a Venezuelan citizen residing in the US, and former owner of Banco Peravia… Read More
3rd December 2018
Norway’s Financial Supervisory Authority (FSA) has reportedly found that DNB Bank has insufficient money laundering controls, following an audit of the bank. The watchdog is understood to have written to the bank expressing its concern that anti-money laundering compliance “remains insufficient,” and said it expects that the issue will prioritised. Read More
3rd December 2018
A former employee with the U.S. Department of Justice has pleaded guilty for his role in a conspiracy to deceive banks in the United States about the source and purpose of millions of dollars sent from overseas to finance a lobbying campaign on behalf of foreign interests. George Higginbotham, 46,… Read More
3rd December 2018
A three-year settlement deal reached between Britain’s Serious Fraud Office (SFO) and Standard Bank over bribery allegations has come to an end, British officials said. SFO director Lisa Osofsky said she welcomed the “successful conclusion” of the agreement. In November 2015, the two parties entered into a deferred prosecution agreement… Read More
3rd December 2018
A money laundering scandal at Danske Bank (DANSKE.CO) involving billions of euros of suspicious flows is serious enough to potentially affect the country’s financial stability, the central bank warned on Friday. Denmark’s state prosecutor filed preliminary charges on Wednesday against Danske Bank, Denmark’s largest lender with a balance sheet 1-1/2… Read More
30th November 2018
Police officers in Frankfurt raided the offices of Deutsche Bank regarding a Panama Papers investigation, which is believed to involve facilitating money laundering in tax havens. Deutsche Bank confirmed raids occurred on Thursday morning, saying in a statement: “We confirm that the police are currently conducting an investigation at… Read More
29th November 2018
Denmark’s top lender has been formally hit with charges of violating numerous financial crime controls, including failings on source of funds, beneficial ownership and politically exposed persons (PEPs). On Wednesday, the Danish State Prosecutor for Serious Economic and International Crime (SØIK) published its charges against Danske Bank, outlining its failure… Read More
29th November 2018
European Union finance ministers are set to delay a reform of money laundering supervision at banks next week because they first want to assess recent alleged cases of financial crime at the bloc’s lenders, an EU draft document shows. The text, to be adopted on Dec. 4, backs a need… Read More