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Ahead of Tuesday's debate on the provisions of the EU's Fourth Anti-Money Laundering Directive, German banks' challenges include identifying transactions connected to terrorism and conducting CDD on beneficial owners, according to a senior German official.
Germany's second-largest bank will pay $1.45 billion to U.S. law enforcement agencies and regulators and fire multiple employees to settle charges that it violated sanctions laws and anti-money laundering rules.
An Andorran banking group is knowingly aiding third-party money launderers tied to organized crime groups in Russia and China and drug traffickers in Mexico, the U.S. Treasury Department said Tuesday.
The U.S. Justice Department fined Deutsche Bank $553 million Tuesday for helping 2,100 of its clients claim $29.3 billion in illegitimate tax benefits with the Internal Revenue Service.
With the $536 million penalty for sanctions violations still fresh in the minds of compliance officers, Credit Suisse faces new problems. On Sunday, Reuters reported that Germany is currently investigating 1,100 Credit Suisse clients for suspected tax evasion violations.
