Banking
1st September 2021
Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd.’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation. Stanbic Bank Zimbabwe Ltd., as the local unit is known, is the latest lender to… Read More
1st September 2021
The loss of Afghanistan has potentially opened a door for al-Qaida and other blacklisted groups to expand their fundraising networks, and brought the FBI’s closure of its Terrorist Financing Operations Section two years ago into stark relief, sources told ACAMS moneylaundering.com. In early 2019, the FBI quietly folded TFOS, an… Read More
1st September 2021
Corruption proceedings against Peruvian opposition politician Keiko Fujimori kicked off with a preliminary court hearing on Tuesday, just weeks after she conceded defeat in her third unsuccessful presidential run. Fujimori lost the June 6 runoff against leftist Pedro Castillo with 49.87 percent of the vote to his… Read More
1st September 2021
President Muhammadu Buhari has approved the payment of a controversial $418 million in Paris Club refund-related judgment debts to six creditors, ignoring the Nigerian governors’ objection to the legitimacy of the claims. PREMIUM TIMES on Tuesday exclusively obtained a finance ministry’s correspondence asking the Debt Management Office (DMO) to commence… Read More
1st September 2021
A predecessor’s failure to safeguard trust assets against a massive fraud scheme involving pre-need funeral contracts will cost PNC Bank $107 million, the 8th U.S. Circuit Court of Appeals held Monday. PNC, represented by Dowd Bennett, argued that the $100 million judgment should be reduced to $46 million and that… Read More
31st August 2021
A global financial crimes watchdog urged Japan on Monday to improve cooperation between different government agencies as part of efforts to combat money-laundering and the financing of terrorism. Responding to the report by the Financial Action Task Force (FATF), Japan’s finance ministry announced a three-year action plan that will include… Read More
31st August 2021
The TSB Bank has been penalised $3.5 million for breaches of anti-money laundering rules. The Reserve Bank (RBNZ) brought the case after TSB failed to fix faults in its systems that it was warned about in 2016, with what the RBNZ called an “inadequate and ineffective” effort to fix… Read More
31st August 2021
Colombia’s police on Saturday detained a senior drug trafficker for allegedly laundering money for the Sinaloa Cartel. According to local media, Nestor Tarazona was reportedly arrested near Pereira, the capital of the Risaralda province and one of the cities where the senior drug lord allegedly laundered money for the… Read More
31st August 2021
Two banks conducting reviews of transactions recently reached settlements with the U.S. Treasury Department after finding sanctions violations during the lookback process. Each bank, the London-based Bank of China (UK) Limited and Romania-based First Bank SA,  voluntarily self-disclosed the allegations and the cases were deemed non-egregious, according to enforcement… Read More
31st August 2021
Switzerland’s Federal Criminal Court has sentenced a German woman, who was at the helm of a trading company, to 45 months behind bars in a hefty fraud case. The 71-year-old woman, a former director of the Lucerne-based trading company Fera, was accused of obtaining loans from banks by producing fictitious… Read More