Three years after a financial crisis that left its banking system in disarray, Cyprus has been rapidly revoking corporate charters in an effort to satisfy intergovernmental bailout demands.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Cyprus has missed deadlines to improve its anti-money laundering regime under terms brokered last spring to receive a €10 billion euro bailout, according to a review by the European Commission.
Following the decision to hinge a financial aid package for Cyprus on the findings of two audits, other jurisdictions seeking bailouts will likely have to prove their anti-money laundering bona fides.
Resolving the growing tension between data privacy restrictions and anti-money laundering laws and overseeing the next round of mutual evaluations will define Russia's stewardship of a global anti-money laundering group, say analysts.
A Kenyan politician has been charged with money laundering in Tanzania, the Reserve Bank of India will take action against ICICI Bank, HDFC Bank and Axis Bank for alleged money laundering violations, and more, in the weekly roundup.
As Cyprus continues its troubled efforts to fund its government, several international banks are looking at something all together different: a quiet exit from its ties to the island nation.
The head manager and AML officer of a Los Angeles-based MSB were both sentenced to prison for AML violations, a former Citigroup secretary was found guilty of money laundering and tax evasion, and more, in the midweek roundup.
The Central Bank of Iraq will soon issue new rules to tighten controls over money transfers, the U.S. and EU are urging reluctant Swiss officials to implement sanctions against Iran's oil industry and central bank, and more, in the midweek roundup.
The bank returned its banking license on Jan. 18, three months after the U.S. Justice Department sued the Bank of Cyprus over claims that it aided a Cypriot fugitive launder proceeds from an insider trading scheme.
Prosecutors are seeking nearly $300 million in penalties, charging that the two foreign-based banks helped to launder the proceeds of a massive securities fraud involving shares of software maker AremisSoft.
An Internet pharmacy racketeering operation that generated more than $126 million illustrates how accounting firms and other so-called gatekeepers can help money launderers, banking compliance professionals say.
Awareness of anti-money laundering (AML) responsibilities is low among government authorities and nonbank financial institutions in Turkey and Georgia, according to reports by two international groups focused on global AML standards.