Bangladesh's long fight against an informal remittance channel popularized centuries ago is inching toward a close, according to Atiur Rahman, the governor of the country's central bank.
PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
Recent regulatory guidance on banks use of consultants for anti-money laundering remediation work places a renewed focus on the personal connections that can affect the independence of consultants, according to compliance professionals.
A federal court ruling reversing convictions against a former financial adviser for running an unlicensed money remitter that accepted money from Iran highlights little known exceptions to prohibitions on accepting Iranian money.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
A Manhattan court Wednesday indicted a New York man for allegedly transferring money illegally to Faisal Shahzad, the 31-year-old man who attempted to detonate a homemade bomb in Times Square.
Three weeks before he attempted to detonate a car bomb in Times Square on May 1, Faisal Shazhad, a naturalized U.S. citizen living in Connecticut, was in New York picking up $7,000 in cash sent by a suspected member of a Pakistani terrorist group using an age-old informal transmission network.
Additional banking and trade restrictions that target the finance and supply of Iran's nuclear and ballistic missile programs were passed by the U.N. Security Council Wednesday.