Weekly Roundup: Vatican Bank Accused of Money Laundering, FDIC Dings Three Banks for AML Deficiencies, and More

It wasn't a good public relations week for the papacy. On Tuesday, Italian investigators disclosed that they had launched an inquiry into two attempted transactions potentially linked to money laundering and originating from a Rome bank account controlled by the Vatican's Institute of Religious Works (IOR). Rome officials froze $31 million in the account after officials at Italy's central bank voiced concerns that the suspicious transactions were not in compliance with the country's anti-money laundering (AML) laws because they did not include data on beneficial owners and the purpose of the transfers, the Financial Times reported Thursday. While the investigation...