Tuesday, January 26, 2021

AML

Capital One fined $390 million for breaching U.S. anti-money laundering law

Credit card firm Capital One Financial Corp has been fined $390 million for engaging in what the U.S. government called willful and negligent violations of the Bank Secrecy Act, an anti-money laundering law, a Treasury Department bureau said on...

UK tax authority fines money services firm MT Global $32m over anti-money laundering failures

Britain’s tax authority has slapped a record 23.8 million pound ($32.4 million) fine on MT Global Ltd, a private money services business, for significant breaches of anti-money laundering regulations. Her Majesty’s Revenue and Customs (HMRC) said on Thursday it had...

Wells Fargo released from consent order related to anti-money laundering program

Wells Fargo & Company said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank took steps to remedy the problems. The end...

Bermuda regulator fines Crown Global Life Insurance over anti-money laundering failures

The Bermuda Monetary Authority has fined two life insurers – Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. – US$400,000 for various anti-money laundering failings. Crown Global Insurance Group LLC offers variable life insurance and annuity...

Westpac escapes penalty in children exploitation probe

Australia’s Westpac Banking Corp said on Wednesday the country’s corporate regulator will not take any action against it, after a probe into allegations that the lender enabled millions of illegal payments to people exploiting children. The Australian Securities and Investments...

Cayman Islands fines Western International $482,000 over anti-money laundering breaches

The Cayman Islands Monetary Authority has fined Western International Trust Company Limited $482,717 for breaches of anti-money laundering regulations (AMLRs). In an enforcement notice published on 22 Dec., the financial regulator said the fine was imposed for failing to apply...

U.S Federal Reserve orders Credit Suisse to fix deficiencies in anti-money laundering controls

The Federal Reserve ordered Credit Suisse's US division to tighten its compliance programs after finding "deficiencies" in oversight of money laundering, according to an enforcement order Tuesday. Credit Suisse must submit a written plan to the Fed and the New...

India fines PayPal over allegations of breaching anti-money laundering laws

American online payment gateway giant PayPal has been imposed Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of "concealing" suspect financial transactions and abetting "disintegration" of India's financial system. PayPal, which...

Central Bank of Ireland accuses financial firms of disregarding money-laundering rules

Financial firms are ignoring their legal responsibilities to prevent money laundering and the financing of terrorism and leaving oversight to unqualified staff, according to the Central Bank of Ireland (CBI). A supervisory review of compliance with anti-money laundering (AML) and...

US congress updates anti-money laundering rules, bans anonymous shell companies

The United States Senate on Friday passed a bill overhauling anti-money laundering rules and banning anonymous shell companies, a victory for law enforcement and rights groups which have long sought changes to make it easier to police illicit money...

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Former LA Councilman Mitch Englander gets 14 months in prison in corruption case

Former Los Angeles City Councilman Mitchell Englander was sentenced to 14 months in federal prison and ordered to pay...
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