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Weekly Roundup: Leaked FBI Report Cites Bitcoin Risks, Standard Chartered Exits Iran, and More
printStandard Chartered PLC has exited Iran, closing branches in Tehran and the tourist island of Kish, Dow Jones Newswires reported Thursday. The British bank said in 2007 that it would cease taking on new business in the Islamic republic, and closed its few remaining open branches in the country during the first quarter of this year. More Swiss officials have denied a breakdown in talks with the United States over a potential settlement related to a large tax-evasion probe, Bloomberg reported. The denial follows a report by Swiss paper Tages-Anzeiger that Swiss banks won't agree to the terms of the...
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Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
New York States financial regulator will soon hold a public hearing to determine whether it should license digital currency companies that comply with regulations aimed at money launderers and fraudsters.
The indictment Wednesday of an online black market for narcotics and weapons vendors could further hamper proponents of a growing digital currency in the eyes of bank compliance officers.
As digital currencies like Bitcoin continue to gain popularity, banks may have to train their compliance officers on the technical means to trace such money movements, according to Daniel Wood, an assistant general counsel with the Texas Department of Banking.
Even as the use of Bitcoin grows, the differences in opinion about the risks the digital currency poses only seems to get larger.
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.
The U.S. Justice Department is expected to decide within the fiscal year whether prosecutors can bring charges against entities using a controversial virtual currency, an FBI official said Thursday.
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.
Indian officials are calling for currency transaction reporting requirements for travel agents, a New York City councilman is against facing bribery, fraud and money laundering charges, and more, in this week's 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.
A Boston-based lawyer famed for defending organized crime bosses is accused of money laundering, the European Union blacklisted Guinea-Bissau's leaders in response to the military junta's continued repression of constitutional order, and more, in this weeks' roundup.
HSBC Bank will lay off 77 employees that serve on its AML team in Buffalo, NY, Belarus' central bank will audit Credexbank after the U.S. Treasury Department accused it of money laundering, and more, in this week's roundup.
While the popularity of virtual worlds has grown in recent years, lawmakers and regulators have been slow to address related vulnerabilities to financial crime, according to Dr. Clare Chambers-Jones, an associate professor in banking and finance law at the University of West England Bristol.
Kazakhstan's Senate approved a new anti-money laundering and counterterrorist financing bill, two former First Republic Bank employees claim that they were fired for investigating suspicious activity in an account that was later found to be connected to a fraudster, and more, in the weekly roundup.
The EU imposed sanctions on six individuals who are responsible for leading a recent coup d'état in Guinea-Bissau, Gaddafi's family members transferred approximately $1.97 million in stolen government funds to its embassy in Brussels last year, and more, in this week's roundup.
France updated its blacklist list of jurisdictions deemed to be uncooperative in tax matters, Associated Bank spent $5 million in the first quarter of this year to comply with an enforcement action related to AML violations, and more, in this week's roundup.
Transparency International is calling on the European Union to strengthen controls on beneficial ownership reporting, Jamaica will boost its AML laws and regulations in order to meet Financial Action Task Force standards, and more, in this week's roundup.
British Prime Minister David Cameron said that the European Union should suspend certain sanctions against Myanmar. The Joint Committee of the European Supervisory Authorities said Wednesday that EU member-states differ significantly in how they implement rules on beneficial ownership, and more.