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Midweek Roundup: Banks Pay U.K. Grads a ‘Reputational Risk’ Premium, Greece and Switzerland Finalize Tax Treaty, And More
printIn response to the HSBC Plc and Standard Chartered money laundering investigations, London banks are offering top college graduates higher salaries than in previous years, the Mail Online announced Monday. Pay for graduates increased five percent due to the reputational harm caused by the recent investigations. College graduates are now typically paid between £45,000 and £50,000 a year, an average of 20 percent more than other sectors. More India says its will continue to purchase the majority of its crude oil from Iran despite U.S. pressure to curtail its reliance on the blacklisted nation, according to the Tehran Times on...
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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.
The former head of the now defunct Brazilian lender Banco Cruzeiro do Sul was arrested on money laundering charges, a prominent Chinese businessman and at least 80 others were arrested in Spain for allegedly laundering over $1 billion, and more, in the midweek roundup.
Plans by the Royal Bank of Scotland to sell its U.S. subsidiary Citizens have been delayed due to ongoing AML compliance problems and potential sanctions violations, Turkey, Myanmar and Kenya could be added to the FATF list of noncompliant nations, and more, in the midweek roundup.
Singapore is adding tax evasion to its list of predicate money laundering offenses, eighty foreign MSBs have registered with FinCEN since August, and more, in the midweek roundup.
The Central Bank of Nigeria approved AML legislation that had been pending since 2009, Hong Kong financial institutions filed 29 percent more STRs in the first six months of 2012 than during the same period last year, and more, in the midweek roundup.
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.
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.
Some countries may take years to fully implement the revised FATF recommendations, China's foreign minister spokesman protested U.S. sanctions against Bank of Kunlun Co., and more, in this weeks' 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.