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Weekly Roundup: OCC Dings Three for BSA Deficiencies, Cyprus Audit Reveals Money Laundering Vulnerabilities, and More
printAnti-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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A new U.S. Treasury Department strategy to improve bank oversight will entail more closely reviewing how consistently examiners evaluate risk modeling and transaction monitoring programs, say regulators.
Cyprus has missed deadlines to improve its anti-money laundering regime under terms brokered last spring to receive a €10 billion euro bailout, according to a review by the European Commission.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The European Union's Court of Justice concluded that EU authorities unfairly froze the assets of a Saudi businessman accused of terrorist financing, Kuwait's Capital Markets Authority issued new AML guidelines, and more, in this week's roundup.
Insurers could become the next target of U.S. authorities investigating Swiss institutions for abetting tax evasion, a group of ministers in India are being investigated for tax crimes and money laundering, and more, in the weekly roundup.
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
The OECD says Portugal needs to better enforce its anti-bribery laws, the U.S. Treasury Department voices concerns about Iranian investments in Georgia, and more, in this week's news roundup.
The vice-governor of Austria's central bank and eight others were charged with bribery and money laundering, ten money services businesses were raided by police in London on suspicion of money laundering, and more, in this week's roundup.
Following the decision to hinge a financial aid package for Cyprus on the findings of two audits, other jurisdictions seeking bailouts will likely have to prove their anti-money laundering bona fides.
France has expanded its probe of whether UBS AG has helped clients evade taxes, two Liberty Reserve employees pleaded not guilty to money laundering and operating an unlicensed MSB, and more, in this week's roundup.
U.K. leaders intend to review whether facilitation should be legal again, CFATF warns countries about the risks of Belize, Guyana and Dominica, and more, in this week's news roundup.
Italian prosecutors seize $10.5 billion from one of Europe's wealthiest families, a judge questions HSBC's agreement with the U.S. Justice Department, and more, in this week's news roundup.
The brother of two drug cartel leaders was convicted of money laundering conspiracy, Sudan needs to revamp its overall AML and counterterrorist financing regime, and more, in this week's roundup.
President Barack Obama extended targeted sanctions against Myanmar for another year, Kenya approved regulations requiring money services businesses to register with the central bank, and more, in this week's roundup.
The Federal Deposit Insurance Corporation issued a pair of consent orders for Bank Secrecy Act violations, Germany and France urged the EU to strengthen its efforts against money laundering, and more, in this week's roundup.
The Office of the Comptroller of the Currency issued enforcement actions against two banks for BSA violations, the son of Senegal's ex-president was charged with corruption tied to $1.4 billion in illicit assets, and more, in the weekly roundup.
A Kenyan politician has been charged with money laundering in Tanzania, the Reserve Bank of India will take action against ICICI Bank, HDFC Bank and Axis Bank for alleged money laundering violations, and more, in the weekly roundup.
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.
Twenty people who tried to smuggle $13 million out of Moscow's Vnukovo airport were arrested on money laundering charges, former Florida GOP Chairman Jim Greer was sentenced to nearly two years in prison for theft and money laundering, and more, in this week's roundup.
The U.S. State Department and OFAC blacklisted a Mali-based group, Finra fined KJM Securities $20,000 for failing to develop and implement an adequate written AML program, and more, in the weekly roundup.