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Midweek Roundup: Caesars Reportedly Readies $20 Million Fine, AML Legal Fees Cost Banks $15 Billion Since Recession, and More
printCaesars Entertainment Corp will pay $20 million as part of a deferred prosecution agreement settling alleged money-laundering violations, Reuters reported, citing an anonymous source. The deal would satisfy criminal charges by the U.S. Justice Department and civil allegations by the Financial Crimes Enforcement Network. More Lawsuits citing money-laundering issues account for approximately $15 billion of the $260 billion in litigation costs major banks have incurred since the 2008 economic crisis, Financial Times reported, citing research by Morgan Stanley. The firm researched outlays by the five largest American banks and 20 biggest in Europe. More Standard Chartered's Zimbabwe-based affiliate will soon...
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The EU extended sanctions imposed in response to Russia's annexation of Crimea and Sevastopol, KPMG resigned as FIFA's auditor, and more, in the midweek roundup.
Japan's Financial Services Agency is expected to propose regulating virtual currencies as it does cash, French officials have completed a 5-year investigation of suspected tax evasion at UBS AG, and more, in the midweek roundup.
An internal review by Deutsche Bank AG has uncovered at least $10 billion in suspicious transactions in its Russian branches, Cyprus' central bank revoked the license of FBME Bank Ltd for undisclosed reasons, and more, in the midweek roundup.
China asked the United States to more closely coordinate on terrorist financing cases, Greek police searched a UBS location in Athens for possible evidence of tax evasion, and more, in the midweek roundup.
Bank of America has cut off its supply of U.S. banknotes to Angola, President Obama signed an executive order imposing asset freezes and visa restrictions against individuals in Burundi, and more, in the midweek roundup.
EU officials plan by June to issue recommendations for reducing the bloc's vulnerability to money laundering, Trinidad and Tobago is at risk of losing its membership in CFATF, and more, in the midweek roundup.
German authorities raided the headquarters of the country's top football association in Frankfurt, regulators in the Netherlands and Dubai have fined Dutch bank ABN Amro $625,000 and $640,000 respectively, and more, in the midweek roundup.
Former U.S. House Speaker Dennis Hastert pleaded guilty to violating federal banking laws by structuring cash withdrawals, residents of China are increasingly using underground banks to transfer funds abroad, and more, in the midweek roundup.
FBI officials and U.S. federal prosecutors are investigating Goldman Sachs' involvement in several transactions tied to 1MDB, HSBC whistleblower Herve Falciani failed to show up for trial in a Swiss court, and more, in the midweek roundup.
Swiss banking giants Credit Suisse and UBS AG are ramping up their efforts to secure business from wealthy Asian clients, Standard Charted hired former OFAC attorney Steve Munro to direct its sanctions compliance efforts, and more, in the midweek roundup.
Crédit Agricole will set aside an additional $384 million for a potential U.S. settlement of sanctions violations, the IMF recommended that Rwanda step up its efforts to prevent terror financing, and more, in the midweek roundup.
Western Union will commit additional resources beyond the $250 million it spends annually to prevent fraud and money laundering, the Dubai Financial Services Authority fined Arqaam Capital $50,000 for unspecified AML violations, and more, in the midweek roundup.
The suspected father-in-law of former Zetas cartel boss Omar Treviño was arrested on criminal conspiracy and money laundering charges, Iraq's parliament is expected to approve an AML bill that will help bring the nation in line with international standards, and more, in the midweek roundup.
The U.N. Security Council is preparing a draft resolution to comply with the terms of an international nuclear accord, Italy's FIU said that STRs filed by banks jumped 10 percent last year to an all-time high of 71,700, and more, in the midweek roundup.
U.S. officials extended temporary sanctions relief for Iran through July 10, Nigerian officials are exploring measures to curtail the inflow of undeclared foreign currency into the country, and more, in the midweek roundup.
South Korea's FIU fined Woori Bank nearly $2 million for failing to report around 300 transactions, the United Arab Emirates inked a deal to implement FATCA, and more, in the midweek roundup.
White House officials are mulling over whether to sanction Chinese hackers for theft of government records on 4-million employees, Sepp Blatter faces interrogation in the FIFA corruption probe, and more, in the midweek roundup.
The Holy See will submit information on Americans with Vatican bank accounts to the U.S., German investigators raided Deutsche Bank's headquarters in Berlin on suspicion of tax fraud in securities transactions, and more, in the midweek roundup.
Credit unions are increasingly vulnerable to money laundering, Standard Charted and Barclays have launched internal investigations of payments by FIFA officials, and more, in the midweek roundup.
French prosecutors have dropped a money laundering investigation against an Iranian dissident group, a new set of AML rules is increasing the pressure on Chinese banks to flag suspicious activity, and more, in the midweek roundup.