U.S. and EU officials are considering asset freezes and travel bans on the leaders of rebel groups in Libya, India's Reserve Bank issued simplified due diligence rules for low-risk customers, and more, in the midweek roundup.
A diamond trading group tied to one of India's largest bank loan defaults is suing over allegations that the soured deal was part of an elaborate fraud that violated the country's anti-money laundering laws.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered.
U.S. officials Wednesday accused three former client advisors of an unnamed Swiss bank of helping American customers hide over $420 million in offshore accounts.
Standard Chartered Bank's pending settlement with U.S. authorities for violating sanctions against Iran demonstrates the high-stakes compliance challenge inherent in holding U.S. dollar clearing accounts, say analysts.
New York's $340 million sanctions settlement with Standard Chartered Plc will likely serve as a model for similar compliance-related agreements, even as it deters some banks from obtaining state licenses.
A New York agency's threat to revoke Standard Chartered Bank's state license for alleged sanctions violations is based on a flawed understanding of U.S. Treasury regulations, say former U.S. officials.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
A London bank in talks with the United States for potential violations over its economic sanctions compliance program spent $150 million in 2010 on related transaction reviews and upgrades.
More sensitive diplomatic communiqués leaked by Wikileaks.org, prosecutions against former UBS AG account holders for tax evasion continue, and more, in this week's roundup.
Lax regulatory oversight of offshore financial centers and banks in developed countries is facilitating illicit financial activity in India, a Washington, D.C.-based advocacy group said Wednesday.
A federal court Monday dismissed criminal charges against UBS AG after determining that the Swiss banking giant fulfilled its obligations under a high-profile deal made with U.S. authorities in August 2009.
The Indian government has convicted too few money launderers and terrorist financiers, an intergovernmental organization said in a report that followed India's accession to the group.
Switzerland will begin disclosing account data on nearly 4,000 UBS AG clients within a week after Swiss lawmakers Thursday approved the handover, marking an unprecedented exception to the country's bank secrecy laws.
A decision by Swiss lawmakers to block a deal allowing UBS AG to turn over client data to the United States has left supporters of the agreement scrambling to find an alternative.
A Swiss official warns that the United States plans legal action if a deal to hand over UBS account data is blocked, China announces that it has tweaked its counterterrorism laws and Ecuador says it will be off of FATF's blacklist by June, in this week's news roundup.
A decision by a Swiss court suspending challenges of a U.S. investigation of UBS AG accounts has cleared the way for Swiss lawmakers to decide in June whether to turn over account data.
The Republic of India is likely to be the next nation to join the Financial Action Task Force, which sets global anti-money laundering standards, according to a report Monday by an Indian news organization.