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Midweek Roundup: HSBC Sets Aside $700 Million for Expected Settlement, U.K. Court Limits Extraterritorial Asset Seizures, and More
printHSBC Holdings PLC has set aside $700 million for a potential anti-money laundering (AML) settlement with the U.S. Justice Department, the bank disclosed in a 6-K Securities and Exchange Commission filing Monday. HSBC, which is also cooperating with the U.S. Treasury Department and the Manhattan District Attorney's Office as part of the investigation, paid approximately $27 million to Mexican authorities last week for lapses in customer due diligence and other violations. More The United Kingdom does not have the authority to seize the proceeds of crime committed abroad, under a U.K. Supreme Court ruling, Step Journal reported Monday. Ruling in...
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Over 2,000 new anti-money laundering jobs were created at U.K. commercial banks through June, Cuba's Ministry of Justice ordered lawyers to report suspicious transactions tied to money laundering, and more, in the midweek roundup.
Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
Standard Chartered Bank finalized its $340 million settlement with New York State , U.S. officials lifted sanctions against Myanmar's Mayflower Bank and Asia Wealth Bank, and more, in the midweek roundup.
Switzerland is investigating four Uzbek nationals with close ties to their country's president for possible money laundering, German lawmakers are likely to reject a proposed tax data exchange agreement with Switzerland ahead of parliamentary elections, and more, in the midweek roundup.
The Holy See hired Swiss lawyer Rene Bruelhart to help bolster the city-state's AML controls, Liechtenstein is weighing whether to enter a withholding tax agreement with Germany, and more, in the midweek roundup.
Afghanistan continues to transact with blacklisted Iranian banks and firms despite U.S. pressure, Argentina's new controls on international monetary flows took effect as part of a broader effort to curb tax evasion, and more, in the midweek roundup.
Bulgaria's national soccer leagues are intrinsically linked to organized crime groups, a senior Iranian military commander is suing the U.S. for blacklisting him, and more, in the midweek roundup.
Russia's Economic Development Ministry have drafted a bill to strengthen AML measures in the country, a U.S. Justice Department probe of alleged sanctions violations at the Royal Bank of Scotland has led to the departure of a senior risk manager, and more, in the midweek roundup.
Officials in India are looking to strengthen anti-money laundering and terrorist financing controls, U.S. Reps. Elijah Cummings (D-MD) and Henry Waxman (D-CA) suspect Wal-Mart's Mexico branch of money laundering, and more, in the midweek roundup.
The Federal Reserve Board ordered Asian Bank to strengthen its written Bank Secrecy Act program, a former executive at Lloyds Banking Group admitted to orchestrating a fraud and money laundering scheme worth over $3 million, and more, in the midweek roundup.
The world's wealthiest hid at least $21 trillion in tax havens by the end of 2010, Ethiopia's financial intelligence unit wants to amend the nation's AML law in order to meet international standards, and more, in the midweek roundup.
Qatar has addressed most of the deficiencies previously identified in its anti-money laundering regime, Finra fined Integrated Financial Planning Services, Inc. $32,500 for AML violations, and more, in the midweek roundup.
FinCEN will hold a public hearing on July 31 to discuss potential beneficial ownership-related due diligence rules, German tax authorities searched the homes of Credit Suisse clients over alleged tax evasion charges, and more, in the midweek roundup.
The European Union tightened sanctions against Syria, Switzerland said that it will widen the power of its anti-money laundering unit, and more, in the midweek roundup.
Midweek Roundup: FSA Probing CDD Violations at U.K. Banks, Vatican Bank Risks FATF Censure, and More
Uruguay's central bank released a national action plan aimed at curbing money laundering, the Philippines President signed two laws that strengthen the nation's AML and counterterrorist financing regimes, and more, in the midweek roundup.
Armenia's former Prime Minister and recently-elected parliament member Vartan Oskanian is accused of laundering money, a Swiss advocacy group is suing UBS AG for its ties to a corrupt Malaysian politician, and more, in the midweek roundup.
The son of former Zambian President Rupiah Banda was arrested for allegedly laundering money, investigations reveal that two sons of ex-Egyptian President Hosni Mubarak engaged in money laundering and corrupt practices, and more, in the midweek roundup.
Law enforcement officials in Northern Ireland arrested eight individuals for alleged money laundering, organized crime groups in the U.K. are using litigation and alternative dispute resolution to launder illicit proceeds, and more, in the midweek roundup.