EXCLUSIVE: Sentencing of Bashar Assad’s Uncle in France Exposes Bank’s AML Failure

Rifaat Assad, an exiled uncle of Syria’s President Bashar Assad, is photographed in Paris on Tuesday, Nov. 15, 2011. A sentencing document published Wednesday, June 17, 2020, outlines the compliance failures and decisions that allowed him to move embezzled funds into Europe. (AP Photo)


Legs & Regs


Enforcement Actions

The New York State Department of Financial Services issued a consent order against the Frankfurt, Germany bank, its New York, NY-based branch and its trust company for failure to properly monitor suspicious transactions associated with convicted sex offender Jeffrey Epstein.
The U.S. Securities and Exchange Commission issued an order requiring the Boston, MA-based pharmaceutical company to pay over $21 million to resolve Foreign Corrupt Practices Act charges.