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Weekly Roundup: EU Court Annuls Iran Sanctions, Florida Bank Reportedly Ousts CEO for AML Failures, and More
printThe European Union's second highest court ruled Friday that the bloc did not have ample evidence to prove that Post Bank of Iran, Iran Insurance Company, Good Luck Shipping and the Export Development Bank of Iran provided support for the nation's nuclear programming. The court also annulled sanctions against Bank Refah Kargaran, Persia International Bank, the Iranian Offshore Engineering and Construction Company and Naser Bateni due to assessment errors. More Coral Gables, FL-based Banesco USA ousted its President and Chief Executive Officer Rafael Salda?±a after Bank Secrecy Act issues were uncovered at the institution, three unnamed sources told the South...
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Governmental documents published Monday cleared the way for foreign financial institutions to process limited transactions for Iranians but U.S. banks will be unlikely to relax their sanctions policies, according to experts.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Lawmakers should press ahead with Iran sanctions bills despite pressure to put off new restrictions while American and Iranian officials hold nuclear talks, according to David Ibsen, executive director of United Against Nuclear Iran.
The FDIC entered into two consents with banks for BSA deficiencies, the Monetary Authority of Singapore revoked the remittance licenses of two MSBs for AML violations, and more, in this week's roundup.
FATF removed Morocco and Nigeria from its list of jurisdictions that require ongoing monitoring, the OCC entered into a consent order with 1st Century Bank for AML violations, and more, in this week's roundup.
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
A Texas woman pleaded guilty to laundering $37,200 in connection with a healthcare fraud scheme, banks in Guyana are finding it nearly "impossible to do business overseas" due to the country's lack of adequate AML controls, and more, in this week's roundup.
A Bermuda-based investment company is forfeiting $2.8 million to the U.S. in connection with a money laundering case, Kuwait approved the creation of a new financial intelligence unit, and more, in this week's roundup.
U.S. Sen. Carl Levin (D-MI) reintroduced the Stop Tax Haven Abuse Act, the creator of Beanie Babies agreed to pay over $53 million for tax evasion, and more, in this week's roundup.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
The number of people being used as money mules for criminals is on the rise in New Zealand, the former aide of a Chicago official was convicted of money laundering, and more, in this week's roundup.
A Sierra Leone man is accused of violating U.S. sanctions and the International Emergency Economic Powers Act, the UAE ordered financial institutions to freeze the assets of individuals tied to insurgent groups from Somalia and Eritrea, and more, in this week's roundup.
A former brother-in-law of the late U.S. Sen. Ted Kennedy faces money laundering charges, Chicago's former city comptroller was indicted for bribery and money laundering, and more, in this week's roundup.
Pope Francis issued a decree strengthening the Vatican's AML regulations, U.S. officials have said that they could blacklist a gas pipeline project by Iran and Pakistan, and more, in this week's roundup.
A Dutch businessman agreed to pay 34.5 million euros to the Netherlands for operating First Curacao International Bank without a license, a San Antonio, TX man pleaded guilty to running an illegal money transmitter, and more, in this week's roundup.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The European Union's Court of Justice concluded that EU authorities unfairly froze the assets of a Saudi businessman accused of terrorist financing, Kuwait's Capital Markets Authority issued new AML guidelines, and more, in this week's roundup.
Insurers could become the next target of U.S. authorities investigating Swiss institutions for abetting tax evasion, a group of ministers in India are being investigated for tax crimes and money laundering, and more, in the weekly roundup.
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
The U.S. Treasury fined Intessa Sanpaola for sanctions violations, Italy arrested a senior Vatican official for allegedly participating in a cash smuggling scheme, Costa Rica is investigating accounts controlled by the Venezuelan government, and more in the weekly news roundup.