News
Weekly Roundup: Citigroup AML Investigation Expands, RBC in Hot Water for Bahamas Unit, and More
printCitigroup and its Los Angeles-based subsidiary, Banamex USA, have been asked by the Financial Crimes Enforcement Network and California's Department of Business Oversight to supply information related to its anti-money laundering (AML) program, Bloomberg reported Wednesday. The bank disclosed last year that it had received subpoenas from federal prosecutors in Massachusetts and the Federal Deposit Insurance Corp. (FDIC) More The FDIC published a consent order against Tri-State Bank of Memphis, ordering the bank to ensure independent Bank Secrecy Act testing and adequate employee training. More The Royal Bank of Canada disclosed in a regulatory filing Wednesday that it may face...
TO READ THE FULL STORY
Related News
The U.S. Justice Department is probing the Israeli arm of Credit Suisse for allegedly helping clients evade the taxes, Swiss private bank BSI is appealing a $99 million fine imposed by Finma, and more, in this week's roundup.
Group of Seven nations are expected to agree to bolster their efforts against money laundering and terrorist financing, the Bank of England ordered the banks it regulates to strengthen controls around their Swift terminals, and more, in this week's roundup.
A settlement by the U.S. Justice Department requires Swiss private bank BBVA Suiza S.A. to pay a $10.4 million penalty, France and the United Nations are considering imposing sanctions against individuals from the Central African Republic, and more, in this week's roundup.
The U.S. Justice Department announced a non-prosecution agreement with Swiss bank Ersparniskasse Schaffhausen AG, Spanish authorities are calling for Gibraltar to be added to an EU list of uncooperative tax havens, and more, in this week's roundup.
HSBC has agreed to pay Swiss authorities $43 million to settle an AML investigation, Myanmar's economic growth and soaring property values are largely being fueled by heroin trafficking, and more, in this week's roundup.
The U.K., Brazil and Costa Rica have opened their own corruption and money laundering probes of FIFA officials, Cuba's designation as a State Sponsor of Terrorism was formally rescinded by the U.S., and more, in this week's roundup.
Finter Bank Zurich AG reached a non-prosecution agreement that requires the lender to pay $5.4 million for tax-related offenses, authorities in Switzerland plan to revise the country's data-sharing laws, and more, in this week's roundup.
FinCEN is seeking to better define and understand the money-laundering risks associated with real estate closings, a senior Israeli tax official told a gathering of attorneys in Tel Aviv that the country is close to concluding its investigation of UBS, and more, in this week's roundup.
The UN could impose targeted sanctions against Mali in response to recent violence, Israeli authorities arrested three individuals for allegedly transferring money on behalf of Hamas, and more, in this week's roundup.
The possible nuclear accord between Iran and six nations could galvanize the country's languishing automobile sector, hundreds of Russian banks are closing as a result of a sanctions-induced economic crisis, and more, in this week's roundup.
HSBC must pay a $1.1 billion bail after French officials filed criminal tax evasion charges, Greek Prime Minister Alexis Tsipras called on the EU to end its sanctions against Russia, and more, in this week's roundup.
A federal court approved the terms of a U.S. settlement with Commerzbank AG for sanctions violations, Bangladesh approved a national AML and counterterrorist financing strategy, and more, in this week's roundup.
Russian lawmakers are considering legislation that would give amnesty to anyone bringing capital back to Russia, Canadian lawmakers pledged to approve a so-called Magnitsky Act that would blacklist Russian officials complicit in human rights violations, and more, in this week's roundup.
France's financial state prosecutor is seeking a criminal trial of HSBC's Switzerland-based private banking arm, China's yuan now accounts for roughly 80 percent of global Bitcoin transactions, and more, in this week's roundup.
An expected U.S. settlement with Commerzbank AG could come as soon as next week, roughly $572 million of Moscow-based Bank Rossiya's assets have been blocked in the U.S. since sanctions took effect, and more, in this week's roundup.
The EU extended sanctions against Zimbabwe, the OCC disclosed two enforcement actions for AML deficiencies, and more, in this week's roundup.
Tunisia will investigate 256 of its citizens who have secret HSBC accounts in Switzerland, Canada's Supreme Court ruled that lawyers should be exempt from filing STRs on their clients, and more, in this week's roundup.
EU officials are expected to blacklist nine entities and nine individuals for their alleged roles in ongoing insurgency in Ukraine, Al-Shabaab and other terrorist organizations may be using companies in South Africa to transfer funds, and more, in this week's roundup.
Islamic State is using Bitcoin and the Dark Web to recruit and fundraise, European Union leaders are mulling blocking Russia from Swift, and more, in this week's roundup.
North Korea is demanding that South Korea lift sanctions as a condition for bilateral talks, Billionaire Rinat Akhmetov was questioned over his suspected involvement in terrorist financing, and more, in this week's roundup.