A court on the Caribbean island of Saint Maarten ruled in two separate but related cases that RBC Royal Bank must continue its relationships with nine casinos and ordered the lender to pay for monetary damages caused by closing their accounts to mitigate compliance risks, Daily Herald reported. More A U.S. federal court jailed Wells Fargo's former Glendale branch manager and two associates for scamming trademark holders out of nearly $2 million and laundering the proceeds through fake bank accounts before using false identities to withdraw the funds in cash and cashier's checks, the Los Angeles Times said. More and...
The Trump Organization allegedly partnered with corrupt local official to develop hotel in Azerbaijan that never opened, Russia plans to close more banks involved in illicit finance, and more, in the midweek roundup.
HSBC disclosed that its U.S. court-appointed monitor has voiced "significant concerns" about its AML efforts, Italian authorities fined Bank of China for money laundering violations, and more, in the midweek roundup.
The U.S. Justice Department's new FCPA chief previously called for more corruption-related prosecutions of individuals, U.K. banks want EU laws implemented before Brexit, and more, in the midweek roundup.