Friday, August 19, 2022

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UK removes AISPs from AML regulation

The UK government has decided to remove account information service providers (AISPs) from anti-money laundering regulation. Last year, the Treasury launched a consultation on amendments to money laundering regulations in which it proposed excluding AISPs from the regulated sector after...

European Banking Authority calls for streamlined anti-money laundering rules

The European Union should create a single set of rules that are binding on member states to deal more effectively with money laundering and terrorist financing, the bloc’s banking watchdog said on Thursday. The European Banking Authority (EBA) said strengthening...

Malta’s AML agency warns lawyers about sham litigation used for money laundering

Sham litigation and out-of-court settlements, not an uncommon sight in the Maltese courts, have been identified by the Financial Intelligence Analysis Unit as a way of laundering criminal gains. The FIAU said that although litigation cases do not fall within...

Investors files class action lawsuit against Deutsche Bank over AML failures, Epstein relationship

Pomerantz LLP announces that a class action lawsuit has been filed against Deutsche Bank Aktiengesellschaft ("Deutsche Bank" or the "Bank") (NYSE: DB) and certain of its officers.   The class action, filed in the United States District Court for the...

EU sues Austria, Belgium, Netherlands over partial implementation of AML

The European Commission said on Wednesday it is suing Austria, Belgium and the Netherlands because the three countries have not fully integrated EU rules on anti-money laundering into their national laws. The 27-nation bloc's executive cited a lack of action on...

Hong Kong fx broker CLSA faces New Zealand AML probe

New Zealand’s financial regulator has launched civil proceedings against the local unit of Hong Kong-based foreign exchange broker CLSA Premium Ltd for “multiple” alleged breaches of anti-money laundering laws. The Financial Markets Authority (FMA) said CLSA Premium’s local unit failed...

Cyprus passport still up for sale amid tougher AML checks

Cyprus says it is introducing tougher anti-money laundering checks in its “golden passports” program, under which it gives citizenship to foreigners who invest large sums in the east Mediterranean country. Interior Minister Nicos Nouris said Wednesday that the government is...

Hong Kong Securities Commission fines brokerage firm over AML failings

Hong Kong’s Securities and Futures Commission (SFC) on Monday fined Southwest Securities (HK) HK$5 million ($650,000) for failing to meet anti-money laundering and counter-terrorist financing laws. The listed brokerage firm violated provisions of the rules between January and December 2016,...

Denmark gambling regulator warns online casino operator Winteq over AML failings

Denmark’s gambling regulator has spanked online casino licensee Winteq for anti-money laundering (AML) shortcomings at its locally licensed sites. On Tuesday, Denmark’s Spillemyndigheden regulatory body announced that an assessment had concluded Winteq ApS has “neglected to update their anti-money laundering and counter-terror...

Westpac internal probes identify thousands of more AML breaches

Westpac has disclosed in its latest financial accounts that its internal investigations have revealed thousands more potential AML breaches, on top of the 23 million breaches alleged by AUSTRAC last November. Last month, Westpac said it expects to pay a AUD 900...

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India seizes $46 million from crypto exchange Vauld in money-laundering probe

India’s anti-money laundering agency has frozen assets worth $46.4 million from the local entity of Vauld for facilitating “crime-derived”...
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