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Midweek Roundup: Suspicious Wires Sail Through Canadian Banks, US Senator Urges AML Upgrades at Wells Fargo, and More

Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank and Bank of Montreal allegedly failed to flag tens of millions of dollars of wires tied to a Chinese property developer accused of bribery in his home country and involvement with a crime syndicate in Hong Kong, according to the Organized Crime and Corruption Reporting Project. More Sen. Sherrod Brown (D-OH) urged Wells Fargo & Co. to upgrade its governance and risk-management controls to address "longstanding" anti-money laundering deficiencies and discriminatory hiring and lending practices. More Dutch lender Rabobank, which is the subject of a criminal investigation in the...

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