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Weekly Roundup: Russia Posthumously Convicts Whistleblower Magnitsky, Finra Fines Firm Over $9 Million for AML and Other Failings, and More
printThe Financial Industry Regulatory Authority and four other regulators jointly fined Chicago, IL-based Newedge USA, LLC $9,500,000 for anti-money laundering violations, failure to adequately monitor the activities of its registered reps and poor supervision of client trading. Finra said that Newedge failed to conduct due diligence on potentially manipulative trading practices and failed to identify the beneficial owners of certain accounts. More Deceased whistleblower and lawyer Sergei Magnitsky was convicted of tax evasion on Thursday, Al Jazeera reported. Magnitsky's one time client, William Browder, was also found guilty of evading approximately $17 million in taxes. More Magnitsky's imprisonment and later...
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Although the grandson of a former head of the Communist Party USA, Bill Browder isn't exactly beloved by Russian officials, even those professing nostalgia for the Soviet Union's supposedly golden days.
The United States Monday blacklisted two high-ranking Chechen officials and two Russians for their alleged roles in the torture of a Chechen activist and the death of Moscow attorney Sergei Magnitsky.
Although sanctions on Russian nationals and companies might seem fairly innocuous at first blush, compliance departments at European banks are finding the task of identifying designees unusually difficult, say legal experts.
Diplomatic tension over Ukraine has raised doubts that the United States will attend an upcoming Moscow plenary of the world's largest anti-money laundering task force, say current and former officials.
As the Obama administration weighs punitive measures against Russia, part of its calculus will be the degree to which Russian officials can undermine U.S. national interests, including sanctions against Iran.
The Obama administration is "actively" considering designating Russians linked to the invasion of Ukraine under a 2012 human rights law, according to a U.S. State Department official.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
The U.S. Justice Department sued Tuesday for the forfeiture of New York property tied to a $230 million tax fraud and money laundering scheme linked to the death of a Russian attorney.
U.S. financial regulators will ratchet up monetary penalties against banks that fail to improve their compliance programs, a U.S. district judge sentenced the brother of two alleged Los Zetas members to 20 years in prison for money laundering, and more, in this week's roundup.
The number of people being used as money mules for criminals is on the rise in New Zealand, the former aide of a Chicago official was convicted of money laundering, and more, in this week's roundup.
A Sierra Leone man is accused of violating U.S. sanctions and the International Emergency Economic Powers Act, the UAE ordered financial institutions to freeze the assets of individuals tied to insurgent groups from Somalia and Eritrea, and more, in this week's roundup.
A former brother-in-law of the late U.S. Sen. Ted Kennedy faces money laundering charges, Chicago's former city comptroller was indicted for bribery and money laundering, and more, in this week's roundup.
Pope Francis issued a decree strengthening the Vatican's AML regulations, U.S. officials have said that they could blacklist a gas pipeline project by Iran and Pakistan, and more, in this week's roundup.
A Dutch businessman agreed to pay 34.5 million euros to the Netherlands for operating First Curacao International Bank without a license, a San Antonio, TX man pleaded guilty to running an illegal money transmitter, and more, in this week's roundup.
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.
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 U.S. Treasury fined Intessa Sanpaola for sanctions violations, Italy arrested a senior Vatican official for allegedly participating in a cash smuggling scheme, Costa Rica is investigating accounts controlled by the Venezuelan government, and more in the weekly news 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.