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Midweek Roundup: Mexico Fines HSBC Affiliate Over $27 Million, OFAC Blacklists Alleged Sinaloa Agents, and More
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Plans to attract foreign capital and expertise to Mexico's oil sector could give organized crime groups and corrupt officials an opportunity to layer and integrate dirty money, say industry analysts.
Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
Scrutiny of HSBC Securities Centers on Suspicious Activity Reporting, Transaction Monitoring: Source
Examiners from the nation's top regulators of broker-dealers are investigating whether HSBC Securities USA sufficiently scrutinized and reported suspicious transactions, according to an individual with knowledge of the matter.
Without the threat of larger monetary settlements or prosecutions, financial institutions have little economic incentive to seriously enforce their anti-money laundering compliance controls, according to Peter Reuter, a professor in the Department of Criminology at the University of Maryland.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
Switzerland is investigating four Uzbek nationals with close ties to their country's president for possible money laundering, German lawmakers are likely to reject a proposed tax data exchange agreement with Switzerland ahead of parliamentary elections, and more, in the midweek roundup.
The Holy See hired Swiss lawyer Rene Bruelhart to help bolster the city-state's AML controls, Liechtenstein is weighing whether to enter a withholding tax agreement with Germany, and more, in the midweek roundup.
Afghanistan continues to transact with blacklisted Iranian banks and firms despite U.S. pressure, Argentina's new controls on international monetary flows took effect as part of a broader effort to curb tax evasion, and more, in the midweek roundup.
Bulgaria's national soccer leagues are intrinsically linked to organized crime groups, a senior Iranian military commander is suing the U.S. for blacklisting him, and more, in the midweek roundup.
Russia's Economic Development Ministry have drafted a bill to strengthen AML measures in the country, a U.S. Justice Department probe of alleged sanctions violations at the Royal Bank of Scotland has led to the departure of a senior risk manager, and more, in the midweek roundup.
Officials in India are looking to strengthen anti-money laundering and terrorist financing controls, U.S. Reps. Elijah Cummings (D-MD) and Henry Waxman (D-CA) suspect Wal-Mart's Mexico branch of money laundering, and more, in the midweek roundup.
The Federal Reserve Board ordered Asian Bank to strengthen its written Bank Secrecy Act program, a former executive at Lloyds Banking Group admitted to orchestrating a fraud and money laundering scheme worth over $3 million, and more, in the midweek roundup.
Some countries may take years to fully implement the revised FATF recommendations, China's foreign minister spokesman protested U.S. sanctions against Bank of Kunlun Co., and more, in this weeks' roundup.
Qatar has addressed most of the deficiencies previously identified in its anti-money laundering regime, Finra fined Integrated Financial Planning Services, Inc. $32,500 for AML violations, and more, in the midweek roundup.
FinCEN will hold a public hearing on July 31 to discuss potential beneficial ownership-related due diligence rules, German tax authorities searched the homes of Credit Suisse clients over alleged tax evasion charges, and more, in the midweek roundup.
The European Union tightened sanctions against Syria, Switzerland said that it will widen the power of its anti-money laundering unit, and more, in the midweek roundup.
Midweek Roundup: FSA Probing CDD Violations at U.K. Banks, Vatican Bank Risks FATF Censure, and More
Uruguay's central bank released a national action plan aimed at curbing money laundering, the Philippines President signed two laws that strengthen the nation's AML and counterterrorist financing regimes, and more, in the midweek roundup.
Armenia's former Prime Minister and recently-elected parliament member Vartan Oskanian is accused of laundering money, a Swiss advocacy group is suing UBS AG for its ties to a corrupt Malaysian politician, and more, in the midweek roundup.
The son of former Zambian President Rupiah Banda was arrested for allegedly laundering money, investigations reveal that two sons of ex-Egyptian President Hosni Mubarak engaged in money laundering and corrupt practices, and more, in the midweek roundup.
Law enforcement officials in Northern Ireland arrested eight individuals for alleged money laundering, organized crime groups in the U.K. are using litigation and alternative dispute resolution to launder illicit proceeds, and more, in the midweek roundup.
