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In the first trial of its kind, a federal court said Monday that Arab Bank is liable for deaths caused by Hamas and a Saudi charity that used its accounts to reward terrorism.
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.
A ruling by a U.S. District Court dismissing a case against a Jordanian bank accused of supporting Hamas won't likely resolve whether banks are liable for the terrorist actions of clients they no longer serve.
Banks were the subject of praise and a warning at a press conference on Monday unveiling a 317 count indictment against 11 corporations and five individuals for their alleged participation in a conspiracy involving an Iranian shipping company.
A U.S. District Court judge's decision this week to allow a jury to assume that a Jordanian bank knowingly processed transactions funding suicide bombings could galvanize separate lawsuits targeting banks.
The U.S. Treasury Department blacklisted a Palestinian bank and television station Thursday for their alleged relationship with Hamas, a U.S.-designated terrorist organization.
We never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry.
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 U.S. Treasury Department clarified Wednesday the circumstances under which it can blacklist an organization or person for providing material support to terrorist groups.
A federal court sentenced the five leaders of an Islamic charity to a total of 180 years in prison Wednesday for funneling $12 million to a blacklisted Palestinian terrorist group.
The United States will likely sanction a newly opened Gaza Strip-based bank said to have Hamas members on its board of directors, say former government officials.
Israeli anti-money laundering regulations fail to address gaps in identifying beneficial owners and threats to non-bank financial institutions, a global watchdog group said Wednesday.
Online transactions tied to sanctioned countries could lead to monetary fines for individuals, businesses and banks, even when it's unclear that the Web sites involved are blacklisted, say former OFAC officials and consultants.
Betsy Sue Scott, former head of the civil penalties division, says a recent increase of the maximum fines for OFAC violations will better fit the punishment to the crime. Violators previously were only receiving a "slap on the wrist" for serious offenses, she says.
Wachovia in Philadelphia rejected a payment destined for a "Specially Designated Global Terrorist," on or about October 29, 2004, instead of blocking the payment, according to OFAC.
The law, enacted last week, increases civil penalty amounts fivefold but will be used chiefly in the enforcement of "major cases," an OFAC official said Monday.
The list of specially designated nationals falls short because little information, often only a name and potential aliases, is provided about individuals named on the list, some say.
National Australia Bank's remittance of $100,000 to the U.S. Treasury's Office of Foreign Assets Control to settle charges that it violated economic sanctions against Cuba and other countries marked the largest settlement with OFAC by a bank this year. But the penalty could have been much larger.
The Securities and Exchange Commission has suspended its public list of companies disclosing business ties to rogue nations after receiving complaints about the list being misleading.
Families of suicide bombing victims say a U.S. judge's decision allowing a class-action lawsuit against a Middle Eastern bank sends a clear message that financial institutions can be held accountable for terrorist acts committed on foreign soil.
