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Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
printWhile 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. More The U.S. Treasury Department's Office of Thrift Supervision (OTS) slapped Coral Gables, FL-based Gibraltar Bank with a cease-and-desist order for BSA problems, including the failure to hire a full-time anti-money laundering (AML) officer. The thrift regulator also ordered the bank to hire third-party auditors to conduct a look-back of all accounts and customer relationships established since Jan. 1, 2009, according to the order issued Monday....
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For a territory with a population of 829, many of whom are sworn to poverty, chastity, and obedience, the Vatican has always had more than its fair share of financial intrigue. But now the 110-acre city-state, capital of the 1.2 billion-member Roman Catholic Church, is trying to reform.
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.
India is investigating Adani Ports & Special Economic Zone Ltd. over alleged money laundering violations, SARs filed by casinos and card clubs have increased since 2004, and more, in this week's roundup.
The National Futures Association handed out three separate fines to entities and individuals over AML violations, four Vatican priests have been charged with laundering hundreds of thousands of dollars, and more, in this week's roundup.
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.
Argentina's Senate approves new anti-money laundering legislation, New Jersey rabbi receives probation for money laundering conviction, and more, in this week's 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.
The Obama Administration's choice for undersecretary of terrorism and financial intelligence in the U.S. Treasury Department clears one hurdle towards confirmation, FINTRAC releases STR report, and more, in this week's roundup.
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.
A new Vatican anti-money laundering law and watchdog organization could do little to allay the concerns of European authorities about the city-state's secretive financial system, say analysts.
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.
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