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Weekly Roundup: OCC Dings Three for BSA Deficiencies, Cyprus Audit Reveals Money Laundering Vulnerabilities, and More

Anti-money laundering safeguards are not being properly implemented by banks in Cyprus, according to a summary audit report written by Deloitte and cited by Reuters. The audit, mandated under a $13 billion European Union bailout package, found that many banks in Cyprus lack adequate customer identification procedures and fail to report suspicious transactions to authorities, Reuters said. More Indonesia's Corruption Eradication Commission continued its probe of the nation's Islamic-based political party in connection with a widespread corruption case dubbed "Beef-gate," The New York Times reported Thursday. The chief patron of the Prosperous Justice Party (P.K.S.) on Monday became the latest...

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