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Weekly Roundup: JPMorgan Sued for Sanctions Lapses, Credit Suisse Says It Will Turn Over Client Names, and More
printA former Citibank relationship manager at the institution's Indonesia unit allegedly stole more than $5 million from clients between January 2007 and February of this year, according to prosecutors cited by Bloomberg Tuesday. Indonesia's central bank barred Citibank in May from opening new branches and adding new wealth management clients for a year in response to the allegations. The bank also prohibited the institution from using third-party debt collectors for two years, the news agency said. Inong Malinda Dee, the accused ex-employee, purportedly forged customer signatures and had clients sign blank transfer forms. More Louisiana's Municipal Police Employees Retirement System...
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Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
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.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.
Efforts by the United Nations to censure Syria fell through, financial institutions in India are using anti-money laundering compliance as a benchmark to measure senior management performance, and more, in the midweek 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.
Mexican drug cartels are turning to trade-based laundering involving common goods to transfer narcotics proceeds, while the Financial Crimes Enforcement Network told banks Tuesday that it was postponing the deadline for new currency transaction and suspicious activity reports.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
The United Nations is considering imposing tougher financial restrictions on Eritrea, a think tank in Ghana says 60 percent of all remittances in the country are sent through illegal channels, and more, in this week's roundup.
India proposes new anti-money laundering measures, two brothers are indicted in Miami over alleged laundering of drug proceeds, and more, in this week's roundup.
Switzerland freezes former Egyptian President's funds, IRS grants tax evaders another opportunity to come clean, and more, in this week's roundup.
More sensitive diplomatic communiqués leaked by Wikileaks.org, prosecutions against former UBS AG account holders for tax evasion continue, and more, in this week's roundup.
The Bank of Israel is set to fine two Israeli banks for AML problems, FinCEN and the SEC penalize a brokerage $50,000 and Japan introduces new sanctions against Iran, in this week's news roundup.
While many eyes are on Switzerland and an anticipated June 18 vote that will determine if the names of 4,450 UBS AG account holders will be handed over to U.S. authorities, Liechtenstein is offering its British bank clients an opportunity to fess up to unpaid taxes.
Former Alavi president sentenced to three months in prison, Nigerian leaders rush to pass new AML legislation and Hong Kong eyes ways to strengthen AML controls, in this week's roundup.
U.S. efforts to stifle al-Qaida's finances are paying off and Swiss financial institutions filed a record number of SARs in 2009, in this week's news roundup.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.
The U.S. Justice Department continues to seized more than $3.2 million in nearly 400 accounts tied to narcotics dealers, Transparency International published its annual corruption report and more, in this weeks roundup.