News
Midweek Roundup: U.K. Seeks Use of Prosecution Agreements for Sanctions Violations, Germany Closes Canadian Bank, and More
printThe Financial Action Task Force (FATF) said in a largely positive mutual evaluation report that Italy should improve its efforts to fight abuses of cash reporting requirements by certain remittance services and criminalize so-called "self-laundering," in which criminals directly spend the illicit proceeds they've generated. FATF deemed Italy compliant or largely compliant with 37 of its 40 recommendations. More Italian authorities are stepping up efforts to recoup tax revenue from accountholders with banks in the Swiss state of Ticino, The Wall Street Journal reported. More Regulators in Germany have ordered the closure of the German arm of Canada's Maple Bank...
TO READ THE FULL STORY
Related News
Credit Suisse is set to forfeit around $110 million to Italian authorities to settle tax evasion-related charges, the EU is considering sanctions on military and government officials in the Democratic Republic of the Congo, and more, in the midweek roundup.
FinCEN imposed a $2.8 million monetary penalty against a Californian-based card club, House lawmakers approved legislation that would block a planned deal between Boeing and Iran Air, and more, in this week's roundup.
The Philippines launched a unit to develop new cybersecurity policies, U.S. lawmakers are considering several bills that would extend the Iran Sanctions Act so that "snapback" sanctions could be imposed, and more, in the midweek roundup.
Singapore's central bank revoked BSI Bank's license to operate in the city-state, about $11 billion in illegal proceeds derived from an estimated 23,000 crimes were transferred out of Russia last year, and more, in the midweek roundup.
JPMorgan Chase took steps to limit the number of employees with access to the bank's portal with Swift, North Korea has imposed new customer identification and suspicious activity reporting rules, and more, in the midweek roundup.
British regulators criticized Deutsche Bank AG for insufficiently verifying the identities of its clients, Sri Lanka will establish a panel to investigate possible misconduct by citizens whose names appear in the Panama Papers, and more, in the midweek roundup.
Qatar National Bank is investigating an alleged leak of some 1.4 gigabytes of data, former Citigroup broker James Van Doren has been barred from the securities industry, and more, in the midweek roundup.
Panamanian President Juan Carlos Varela is pushing for the adoption of new transparency rules, Brazil's former soccer chief Ricardo Teixeira allegedly used shell companies to buy a $7.4 million mansion, and more, in the midweek roundup.
HSBC's independent compliance monitor has identified a number of potential regulatory lapses at the institution, criminals from around the world are increasingly turning to China to launder illicit funds, and more, in the midweek roundup.
The Kremlin has asked the U.S. Treasury Department to produce proof that Russian President Vladimir Putin is corrupt, a U.N. panel advised the Security Council to place travel bans and asset freezes on South Sudan's president, and more, in the midweek roundup.
The U.S. Office of the Comptroller of the Currency is preparing an enforcement action against the Bank of China, Guernsey is looking to raise the cap on AML fines, and more, in the midweek roundup.
Countries around the globe could suspend their economic sanctions against Iran by Monday, the UAE revoked the license of Al Zarooni Exchange for its alleged violation of AML rules, and more, in the midweek roundup.
Criminal gangs in the United Kingdom are recruiting teenagers on Facebook to move illicit funds, the UN and U.S. lawmakers are weighing new sanctions against North Korea, and more, in the midweek roundup.
Sen. Ben Cardin and other lawmakers will seek to extend the soon-to-expire Iran Sanctions Act for another 10 years, Swiss officials have frozen approximately $80 million of assets linked to 14 FIFA officials, 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.
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.
More than $200 million in donations given last year to nongovernmental organizations in Kenya originated from unknown sources, FATF said in a report that terrorist groups are primarily funding themselves through traditional methods, 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.
U.S. lawmakers will seek to impose additional economic sanctions on North Korea, former Nigerian oil minister Diezani Alison-Madueke was arrested on suspicion of corruption and money laundering, and more, in the midweek roundup.