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Sep

19

Danske Bank Alleges Former Staff Knowingly Assisted Money Launderers

Danske Bank CEO Thomas Borgen discloses the Danish lender’s financial results in Copenhagen on Thursday, Feb. 6, 2014. Borgen resigned Wednesday, Sept. 19, 2018 after internal auditors recommended criminal investigations against eight former employees of Danske Bank Estonia. (Getty Images)

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MORE NEWS

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The Financial Action Task Force released a mutual evaluation report on Saudi Arabia, concluding that the jurisdiction overall has developed a good sense of its money laundering and terrorist financing risks through national risk assessments. 
The Office of Foreign Assets Control of the U.S. Treasury Department issued a reminder notice to financial institutions to file their annual reports on blocked property held as of June 30 of the current year. The reports are due by Sept. 30, 2018.
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Enforcement Actions

The Swiss Financial Market Supervisory Authority initiated two enforcement procedures against Credit Suisse AG due to anti-money laundering deficiencies related to corruption involving three different entities and a politically exposed person.
The Office of Foreign Assets Control of the U.S. Treasury Department issued the fine against the Montebello, CA-based company, which also does business as Power Acoustik Electronics, Sound Stream, Kole Audio and Precision Audio, for its alleged violation of the Iran sanctions regulations.