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Weekly Roundup: U.S. to Launch Thousands of New Tax Evasion Investigations, Actor Sean Connery Reportedly Facing Laundering Charges, And More
printFor the anti-money laundering (AML) compliance industry, it was a week of modest fines. On Tuesday, U.S. financial regulators disclosed that they had fined Puerto Rico-based bank $25,000 for AML problems just days before the company went into receivership in April. The United Kingdom's chief financial regulator penalized a foreign exchange brokerage and its former compliance officer over 150,000 pounds for similar compliance troubles the following day. More Canada's Financial Transaction and Reports Analysis Centre (Fintrac) meted out the smallest fines of the week, penalizing a money services business C$6,000 for failing to develop an AML program on Friday and...
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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.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
The U.S. Senate is investigating HSBC Holdings PLC for money laundering, a defendant in a FCPA case is requesting to have most of the charges against him dropped, and more, in the midweek roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
A U.S. Appeals Court affirmed the convictions of five former Islamic charity leaders previously found guilty of sending millions to Hamas, OFAC launched a new Web page to help users quickly scan through the Specially Designated Nationals and Blocked Persons list, and more, in this week's roundup.
Greece plans on disclosing the names of 15,000 suspected tax evaders, FIFA President vows the association will be freed of corruption by 2013, and more, in this week's roundup.
The Justice Department launches investigations into three Israeli banks and continues its probe into the financial network of R. Allen Stanford, in this week's news roundup.
The U.S. Treasury Department blacklists four Venezuelan government officials, authorities in Nepal finalizing a five-year national anti-money laundering strategy, and more, in this week's roundup.
France gives the green light to extradite Manual Noriega to Panama, E-Trade Financial Corp. closes Dubai branch, and more, in this week's roundup.
Afghanistan arrests two former top bank officials for alleged graft, Taiwan brings corruption charges against a second former president and FATF advises countries on how to evaluate the risks of alternative financial service providers, in this week's news roundup.
President Obama signed a renewal of the Patriot Act into law late Thursday and the U.S. State Department cracked down on international companies for their ties to Iran, in this week's news roundup.
Dubai fines the UAE arm of E-Trade, and a source familiar with the U.S. Justice Department investigation of HSBC says that prosecutors may target individual bankers, in this week's news roundup.
The White House targets top Syrian officials for human rights violations as the United Nations mulls naming countries that haven't enforced Libyan sanctions, in this week's news roundup.
Antiguan officials are questioning the U.S. decision to shut down an online gambling Web site, and Indonesia investigators say that potential AML violations at Citibank may be tied to an embezzlement case, in this week's news roundup.
The OTS dings an Indiana bank for BSA violations as RBS gets an extension on its deal with the U.S. Justice Department, in this week's news roundup.
Switzerland freezes former Egyptian President's funds, IRS grants tax evaders another opportunity to come clean, and more, in this week's roundup.
New York State's Governor Andrew Cuomo reveals plans to change the state's financial regulatory system, the OTS slaps Security Federal Savings Bank with a cease and desist order, and more, in this week's roundup.
Several large U.S. banks have closed embassy accounts potentially linked to corruption, a Russian official accuses a U.S. charity of terrorist ties and more, in this week's news roundup.
Transparency International downgrades the United States in its annual corruption index, the FDIC dings a California bank for anti-money laundering troubles and more, in this week's news roundup.
Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.