News
Weekly Roundup: Korea to Launch AML Probe of HSBC, Standard Chartered; Bank of England’s King Criticizes NY Regulator, And More
printBank of England Governor Mervyn King voiced objections Wednesday to the way New York regulators handled allegations of sanctions violations against Standard Chartered Bank, according to the Associated Press. King said the New York State Department of Financial Services "moved too quickly" and should have coordinated its investigation with authorities in the U.S. and United Kingdom. More South Korean authorities will review the operations of HSBC Holdings Plc (HSBA) and Standard Chartered Plc to ensure their compliance with anti-money laundering (AML) standards, Bloomberg reported Thursday. Prompted by U.S. allegations that the banks violated AML and sanctions regulations, the probe is...
TO READ THE FULL STORY
Related News
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.
Roma Bank has initiated corrective measures in response to an unpublished enforcement action by the OCC, a former leading member of ousted Egyptian President Hosni Mubarak's regime was sentenced to seven years in prison for money laundering, and more, in this week's roundup.
The foreign ministers of France, Germany and Britain urged the European Union to step-up sanctions against Iran, Nigerian officials are pushing to beef-up AML laws before an Oct. 15 FATF meeting, and more, in this week's roundup.
The Bank of Israel fined Mizrahi-Tefahot Bank 3.8 million shekels for violating AML laws, French investigators searched the Paris offices of UBS AG as part of a tax evasion probe, and more, in this week's roundup.
The U.S. Treasury Department blacklisted three top members of Hezbollah, the State Bank of Pakistan introduced new regulations aimed at strengthening the nations anti-money laundering framework, and more, in this week's roundup.
The Obama White House will reportedly blacklist the Haqqani network, the organization responsible for attacks against American troops in Afghanistan; the U.S. State Department removed the Communist Party of Nepal from its sanctions lists; and, more.
The U.K.'s Serious Fraud Office is investigating payments between Barclays PLC and Qatar Holding LLC, the U.S. Treasury Department's top sanctions official will be in Switzerland and Turkey next week to discuss sanctions against Iran and Syria, and more, in the weekly roundup.
A Trinidadian official is calling for a money laundering investigation of former FIFA Vice President Jack Warner, Thailand is looking to boost its AML regime, and more, in the weekly roundup.
Switzerland expanded sanctions against Syria to include travel bans and asset freezes on 25 more Syrians, Brazil accused 38 people of laundering money and evading taxes as part of a scheme to gain political backing for former President Luiz Inacio Lula da Silva, and more, in this week's roundup.
Two unnamed European men were arrested in Panama for allegedly laundering over $100 million, Hong Kong police arrested 130 individuals in a gang-related money laundering investigation, and more, in the weekly roundup.
Switzerland has frozen nearly $700 million belonging to ousted Egyptian President Hosni Mubarak, Israeli officials will introduce legislation next week to make tax evasion a predicate money laundering offense, and more, in this week's roundup.
The Netherlands is considering a number of measures to boost its confiscation of illicit proceeds, Bangladesh's central bank said that it has launched an investigation into two Islamic banks for alleged terrorist financing violations, and more, in this week's roundup.
Africa loses $333.778 billion annually to due to capital flight, Fiji's FIU received 728 STRs in 2011 and 318 of those reports were sent to law enforcement for further investigation, and more, in the weekly roundup.
An ex-federal prosecutor could be disbarred next month for secretly requiring now defunct American Express Bank International to fire one of its employees, the U.S. Treasury Department blacklisted six individuals Thursday over their alleged support for al-Shabaab, and more, in this week's roundup.
The FDIC dinged a Coral Gables, FL bank for BSA infractions, Vatican Bank defended its AML troubles and more, in this week's news roundup.
A new Florida law requires state-chartered banks to report any accounts they suspect are linked to Iran, Africa loses $460 billion to money laundering annually, and more, in this week's roundup.
A Pakistani company director was sentenced to over two years in prison for money laundering, suspicious transaction reporting in Italy rose 147 percent between 2010 and 2011 due to a dramatic increase in mob activity, and more, in the weekly roundup.