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Midweek Roundup: HSBC Acknowledges ‘Likely’ Enforcement Action, EU Sanctions Syria’s Central Bank, and More
printHSBC Holdings Plc acknowledged in regulatory filings Monday that an expected enforcement action against the bank is "likely." More The financial institution, which previously disclosed that it is the subject of a U.S. Justice Department probe into alleged money laundering and sanctions violations, could pay as much as $1 billion, sources told Moneylaundering.com in May. More Toronto Dominion Bank will pay $170 million to victims of South Florida Ponzi schemer Scott Rothstein for allegedly helping the convicted lawyer bilk investors of $1.2 billion. On Thursday, jury selection is scheduled to start for a lawsuit against Coral Gables-based Gibraltar Private Bank&...
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Canada's FIU fined seven financial institutions in the past 10 months for AML violations, the Reserve Bank of India is now required to share suspected money laundering violations with other agencies, and more, in the midweek roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
U.S. lawmakers called for testimony from federal investigators Thursday as part of an effort to push for more aggressive punishment of individuals and financial institutions that aid money launderers and sanctions dodgers.
High-profile sanctions cases are spurring large banks and third-party software vendors to improve how they identify when counterparts and clients secretly act on behalf of blacklisted entities, say compliance experts.
U.S. senators will question representatives from HSBC Holdings Plc and its financial regulator next Tuesday over the findings of an unreleased report outlining concerns about the bank's anti-money laundering compliance program.
Two Venezuelan politicians may be tied to five people arrested for running an alleged $10 million money laundering scheme, loopholes in New Zealand's AML legislation often let criminals go unpunished, and more, in the midweek roundup.
French magistrate Guillaume Daieff has been appointed to investigate allegations that UBS AG helped its clients evade taxes, Kenya's Anti-Money Laundering Advisory Board approved the immediate opening of a center that will be devoted to combating money laundering, and more, in the midweek roundup.
France approved an investigator's request for an arrest warrant for the son of Equatorial Guinea's President Teodoro Obiang Nguema on money laundering charges, Uganda's Parliament is pushing to pass an anti-money laundering and counterterrorist financing bill, and more, in the midweek roundup.
MidWeek Roundup: Finra Fines Firm for Ponzi Ties, Lebanon Steps Up Crackdown on Launderers, and More
The OECD recommended that Hungary strengthen its detection and prosecution of foreign bribery, Saudi Arabia's Council of Ministers approved a new AML and counterterrorist financing law, and more, in the midweek roundup.
Royal Dutch Shell is scrambling to find a way to pay Iran as much $1 billion before European Union and U.S. sanctions take effect, more than $8 billion was smuggled out of Afghanistan last year, and more, in the midweek roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
Even prior to the disclosure last month by HSBC Holdings Plc that it would "likely" be the subject of a formal enforcement action related to anti-money laundering (AML) and other violations, things did not look good for the bank, according to Saskia Rietbroek, a partner with nomoneylaundering.com.
The State Bank of Pakistan advised financial institutions to conduct enhanced due diligence procedures when establishing business relationships with charities, the OCC disclosed two separate consent orders for AML deficiencies, and more, in the midweek roundup.
The Financial Action Task Force said that China has improved its AML and counterterrorism financing regime, Saudi Arabia approved new AML and cyber crime prevention legislation, and more, in the midweek roundup.
Scottish organized crime groups are eyeing the renewable industry as a potential source for money laundering operations, Japan agreed to reduce its use of Iranian crude oil by 11 percent, and more, in the midweek roundup.
Ireland's central bank announced its top ten priorities for 2012, Thailand faces potential Financial Action Task Force blacklisting, and more, in the midweek roundup.
Efforts by the United Nations to censure Syria fell through, financial institutions in India are using anti-money laundering compliance as a benchmark to measure senior management performance, and more, in the midweek roundup.
The FDIC asked financial institutions to proceed with caution when dealing with third-party payment processors, the owners of a Los Angeles company that sold stuffed toys were sentenced for helping drug traffickers launder money, and more, in the midweek roundup.
The U.S. Senate is investigating HSBC Holdings PLC for money laundering, a defendant in a FCPA case is requesting to have most of the charges against him dropped, and more, in the midweek roundup.