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Weekly Roundup: Citi’s Banamex Troubles Draw Criminal Probe, Credit Suisse Raises Estimate of U.S. Settlement, and More
printFederal officials have launched a criminal investigation into the purported $400 million fraud tied to Citigroup's Mexico-based Banamex, The New York Times reported, citing individuals briefed on the matter. The investigation into whether Citigroup ignored warning signs of the fraud that arose in its anti-money laundering unit is led by the FBI and federal prosecutors in New York. More Credit Suisse has set aside an additional 425 million Swiss francs ($480 million) for a potential settlement with the United States that could cost a total 895 million francs, Reuters said. The bank, which has been accused by U.S. officials of...
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A $400 million settlement with an Israeli bank accused of facilitating tax evasion and an ongoing probe into loan fraud and AML violations at a Citigroup affiliate seemingly have little in common, but they share at least one trait: the exploitation of a typically low-risk, trade-finance instrument.
Commerzbank may pay more than $1 billion as part of a DPA to resolve AML and sanctions violations, Swiss lawmakers passed a bill that requires banks to classify sporting officials as PEPs, and more, in this week's roundup.
Argentina's tax enforcer raided the offices of HSBC in Buenos Aires as part of a money laundering probe, Canada is in the processing of creating a single, comprehensive sanctions list, and more, in this week's roundup.
Should suspicions that drug traffickers infiltrated the compliance department of a U.S.-owned bank in Mexico prove valid, it won't be the first example of such a scheme, or the last.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
The Supreme Court nears a ruling on the long-running Arab Bank case, FATF spares Afghanistan from its blacklist, and more, in this week's news roundup.
The Camorra crime syndicate is expanding in Malta, Romania, Corsica and other regions of Italy, Switzerland approved a law that will ease asset freezes related to corrupted politically exposed persons, and more, in this week's roundup.
Criminals are laundering $140 million annually through bets placed on sporting events, Dutch authorities seized approximately 10 million euros in assets during a money laundering investigation, and more, in this week's roundup.
The New York State Department of Financial Services will begin testing how prepared banks are for cyber-threats, Brazil's central bank approved legislation that allows individuals to conduct financial transactions via their cell phones, and more, in this week's roundup.
The UAE's Federal National Council approved legislation requiring cross-border declarations of cash, the U.S. Treasury Department will view 2014 and 2015 as a "transition period" when enforcing the Foreign Account Tax Compliance Act, and more, in this week's roundup.
Brazil's Supreme Court ruled that a congressional inquiry into purported corruption by state-owned Petroleo Brasileiro SA can move forward, Southern Italy's organized crime groups are expanding their commercial reach, and more, in this week's roundup.
AUSTRAC revoked the license of a money remitter for AML deficiencies, Belgium will sign an intergovernmental agreement with the U.S. next week to implement FATCA, and more, in this week's roundup.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
The European Union added 12 names to a blacklist of Russians and Ukrainians subject to asset freezes and travel bans, FATF removed Mexico from its mutual evaluation follow-up process, and more, in this week's roundup.
Singapore will bolster client identification requirements for exchangers of digital currency, Hong Kong's fifth richest man was sentenced to five years in jail for bribery and money laundering, and more, in this week's roundup.
Iran will soon receive its second tranche of funds once frozen under U.S. sanctions, the owner of the English soccer club Birmingham City was sentenced to six years in jail for money laundering, and more, in this week's roundup.
The FDIC handed out two consent orders for BSA violations, China's central bank imposes AML controls on its Shanghai Free Trade Zone, and more, in this week's roundup.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
Guyana failed to approve AML legislation ahead of this week's FATF plenary, Fiji is expanding the powers of its law enforcement by allowing phone tapping in order to boost its fight against money laundering, and more, in this week's roundup.