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Weekly Roundup: Bank of America Closes Angolan Embassy Account, the Colombian ‘Bernie Madoff’ Pleads Guilty to Money Laundering Charges, and More
print(Editor's note: Due to the Thanksgiving Holiday the Weekly Roundup was filed early, reflecting news and events through Wednesday, November 24, 2010.) Compliance troubles tied to diplomatic clients resurfaced this week after the Tripoli Post disclosed Monday that Bank of America and other unnamed financial institutions have dropped the accounts of 17 African embassies. Quoting both African and U.S. diplomats, the news outlet said that the bank had previously informed the Angolan embassy of plans to close its accounts by Nov. 9 over unspecified issues. Angola had opened the account just three months ago, after HSBC severed business ties with...
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Reading the documentation accompanying JPMorgan Chase's record $2.05 billion settlement for failing to report Bernie Madoff's suspicious transactions, one might reasonably ask how a fire with so much smoke could have burned for so long.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
The Justice Department launches investigations into three Israeli banks and continues its probe into the financial network of R. Allen Stanford, in this week's news roundup.
Afghanistan arrests two former top bank officials for alleged graft, Taiwan brings corruption charges against a second former president and FATF advises countries on how to evaluate the risks of alternative financial service providers, in this week's news roundup.
President Obama signed a renewal of the Patriot Act into law late Thursday and the U.S. State Department cracked down on international companies for their ties to Iran, in this week's news roundup.
Congressional leaders struck a deal Thursday to reauthorize several controversial powers of the Patriot Act though June 1, 2015, including a provision that allows investigators to seize "tangible" records from financial institutions, the New York Times reported.
Dubai fines the UAE arm of E-Trade, and a source familiar with the U.S. Justice Department investigation of HSBC says that prosecutors may target individual bankers, in this week's news roundup.
The White House targets top Syrian officials for human rights violations as the United Nations mulls naming countries that haven't enforced Libyan sanctions, in this week's news roundup.
Antiguan officials are questioning the U.S. decision to shut down an online gambling Web site, and Indonesia investigators say that potential AML violations at Citibank may be tied to an embezzlement case, in this week's news roundup.
The OTS dings an Indiana bank for BSA violations as RBS gets an extension on its deal with the U.S. Justice Department, in this week's news roundup.
Afghanistan's finance minister welcomes probe into whether he took payoffs from Kabul Bank, Argentina issues 22 new AML rules in response to international scrutiny, and more, in this week's roundup.
Wells Fargo is the target of a lawsuit filed in the Southern District Court of Florida that accuses a Miami Wachovia Bank branch of failing to perform adequate customer due diligence.
On Monday, Wikileaks founder Julian Assange said that his organization will publish tens of thousands of documents leaked from a major U.S. bank implicating the institution in "flagrant violations" of U.S. law. The leak of the cables, which began last Sunday, also sparked debate about Argentina.
The OCC slaps an Atlanta, GA-based bank with a consent order for BSA deficiencies, a California woman is charged with providing material support for a terrorist group, and more, in this week's roundup.
A Muslim charity appeals its terrorist financing conviction, U.S. and Canada sign MOU to strengthen money laundering and counterterrorist financing efforts and more, in this week's roundup.
Former Ukraine Prime Minister Pavel Lazarenko wins appeal, President Obama extends sanctions against Sudan, and more, in this week's roundup.
Transparency International downgrades the United States in its annual corruption index, the FDIC dings a California bank for anti-money laundering troubles and more, in this week's news roundup.
Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.