New U.S. sanctions intended to block a blacklisted Lebanese Shiite group from accessing the global financial system will likely raise compliance risks for lenders with operations in Lebanon and Europe, say analysts.
A pair of civil complaints relying on a Colombian insurgent group's ties to Hezbollah could prompt a rise in similar lawsuits and related subpoenas sent to banks, according to legal experts.
The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
Pending civil complaints and recently unsealed documents in a case against a Luxembourg-based financial institution show the difficulty in collecting a landmark monetary penalty assessed against Iran for sponsoring terror, say analysts.
U.S. lawmakers Thursday questioned how a blacklisted Lebanese terrorist organization works with political leaders and narco-traffickers in Latin America.
A Beirut-based lender acted as a "primary money laundering concern" by handling hundreds of millions of dollars for drug traffickers and a designated terrorist organization, U.S. officials said Thursday.
More than a dozen lawsuits against banks that allegedly provided accounts for terrorist organizations have stalled in court over the past five years, with none yet getting a trial date, court documents show.
A federal court's dismissal of a two-year old lawsuit against five Lebanese banks for allegedly providing financial services to Hizbollah could impact lawsuits against other banks facing similar cases.
The dismissal last month of a $500 million civil lawsuit against UBS AG for allegedly contributing to terrorist attacks won't impact rulings on similar lawsuits against other banks, say analysts.
The number of lawsuits against banks accused of providing financial services to designated terrorist groups may increase by more than fourfold this year, say terrorism analysts and attorneys.
Over 100 victims of Israeli terrorist attacks are suing one of China's largest banks for knowingly wiring millions of dollars to two blacklisted terrorist groups, even after Israeli counterterrorism agents commanded the institution to stop.
A Toronto-based non-profit group raised money in Canada and moved the funds through five separate Canadian banks to fund terrorists in Sri Lanka, the Royal Canadian Mounted Police said in a report made public Monday.
A group of 90 American, Israeli and Canadian citizens are suing American Express Bank and Lebanese Canadian Bank for $650 million, alleging the institutions provided financial services to blacklisted terror group Hizbollah.
Swiss bank UBS faces its second civil lawsuit in five months for allegedly processing transactions tied to Middle Eastern terrorist organizations. Plaintiffs in the suit say the bank should pay no less than $500 million for providing financial services to Iran, a "state sponsor of terrorism"
Plaintiffs charge in the lawsuit that Switzerland-based UBS knowingly provided financial services for Hamas, a Palestinian political organization blacklisted in the U.S. for terrorism since 1995. The group is purportedly responsible for 2004 bombing in Bethlehem that resulted in 11 deaths.
A ruling against National Westminster Bank in a lawsuit claiming it knowingly provided services to terrorists could make financial institutions reluctant to openly endorse anti-money laundering standards or best practices that are not legally binding, compliance consultants say.