News

Federal prosecutors and New York regulators fined Industrial Bank of Korea $86 million after finding that the lender understaffed its anti-money laundering compliance department and failed to identify $1 billion worth of prohibited transactions with Iran, ACAMS moneylaundering.com reported. More Hong Kong regulators fined the domestic securities trading division of China's Bank of Communications $2.5 million for failing to conduct adequate due diligence on third-party deposits, Reuters reported. More Moneyval, the European affiliate of the Financial Action Task Force, postponed its onsite assessment of the Vatican's measures against financial crimes in response to the coronavirus pandemic, Vatican News reported. More...