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Midweek Roundup: Justice Department Indicts Swiss Bank, Indian Financial Institutions See Rise in Oversight, and More
printThe U.S. Justice Department has accused Wegelin & Co., Switzerland's oldest bank, and three of its client advisors of helping 100 American evade at least $1.2 billion in taxes, USA Today reported Monday. More The indictment follows the bank's closure earlier this month, the newspaper said. More Separately, Julius Baer Group, which saw its profits decline due to a similar U.S. investigation, said it expects to pay a monetary penalty, Bloomberg reported. More Efforts by the United Nations to censure Syria, potentially with sanctions, fell through on Saturday after China and Russia vetoed a Security Council resolution against the Middle...
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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.
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.
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.
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.
Toronto Dominion Bank will pay $170 million to victims of South Florida Ponzi schemer Scott Rothstein, the U.S. has pressured Dubai-based Noor Islamic Bank to stop processing transactions relating to Iran's oil sales, 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.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news 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.
Zambian police questioned the spouse of Zambia's former president about alleged money laundering, Malaysia is installing airport and border scanners meant to curb bulk cash smuggling, and more, in this week's 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.
Iran said it is considering a preemptive embargo of oil exports to the European Union, Bangladesh is tightening up its AML controls, and more, in the week's 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.
The Indian government announced that it's looking into creating a "gaming regulator" to oversee casinos for AML compliance, a Miami woman was sentenced to nearly three years in prison for laundering money connected to $200 million Medicare fraud scheme, and more, in this week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
Commerzbank AG agrees to pay OFAC $175,500 for allegedly violating the Cuban Assets Control Regulations, the FDIC discloses two enforcement actions for AML violations, and more, in this week's roundup.
Credit Suisse AG says it will disclose U.S. client names to the IRS, Swiss authorities are conducting enforcement proceedings against two banks that willfully violated AML rules involving PEPs, and more, in this week's roundup.