TOP STORY

Apr

18

Chinese Banks, Government Officials Failing to Prevent Money Laundering: FATF

The People’s Bank of China in Beijing as photographed on Friday, Sept. 7, 2018. On Wednesday, April 17, 2019, an international group reported that China’s efforts against illicit finance fall short of global standards. (iStock)

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MORE NEWS

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Australia's Department of Foreign Affairs and Trade updated its Consolidated List that includes all persons and entities subject to financial sanctions under the Charter of the United Nations Act 1945 and the Autonomous Sanctions Act 2011.
Andrew Bailey, Chief Executive of the United Kingdom's Financial Conduct Authority issued remarks on the future of financial conduct regulation focusing on the need for a review of the agency's principles in light of the public interest and issues related to Brexit.
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Enforcement Actions

The Financial Crimes Enforcement Network issued a civil monetary penalty against Kern County, CA-based peer-to-peer virtual currency exchanger Eric Powers for his will violation of the Bank Secrecy Act's registration, program and reporting requirements, and lack of anti-money laundering procedures.
The Board of Governors of the Federal Reserve System issued a civil monetary penalty against the Milan, Italy-based institution and subsidiaries UniCredit Bank AG, based in Munich, Germany and UniCredit Bank Austria AG, based in Vienna, Austria for inadequate sanctions control and supervision.