As Germany moves forward with plans to streamline account openings for hundreds of thousands of refugees, criminals are taking steps to exploit the process, a financial crime expert said Wednesday. Last month, German regulatory agency Bafin informed banks that they could accept paperwork issued by the country's customs agency in lieu of standard identification documents when opening new accounts for asylum seekers, according to a letter reviewed by newspaper Handelsblatt. The paperwork need only be on formal letterhead and include the stamp and signature of a German official and a photograph of the applicant, the newspaper reported. Bafin revised the...
Community banks and credit unions in recent years have seen a sharp increase in the number of accounts held by foreign nationals who are in the United States after having been granted refugee or asylum status, senior compliance officers said.
Germany is looking to introduce "more effective" curbs on terrorist financing, the EU's General Court upheld sanctions on individuals and companies linked to Zimbabwe's government, and more, in the midweek roundup.
The OCC slaps an Atlanta, GA-based bank with a consent order for BSA deficiencies, a California woman is charged with providing material support for a terrorist group, and more, in this week's roundup.
With the $536 million penalty for sanctions violations still fresh in the minds of compliance officers, Credit Suisse faces new problems. On Sunday, Reuters reported that Germany is currently investigating 1,100 Credit Suisse clients for suspected tax evasion violations.