Friday, July 1, 2022

AML

Credit Suisse found guilty in money laundering case linked to Bulgarian drugs ring

Credit Suisse has been found guilty and fined for involvement in money laundering related to a Bulgarian drugs ring. Switzerland's criminal court found that the bank did not do enough to prevent members of the crime syndicate from profiting off...

U.K. Regulator FCA Fines Ghana International Bank $7.1M for Weak Anti-Money-Laundering Controls

The U.K.'s Financial Conduct Authority (FCA) said Thursday that it fined U.K.-based Ghana International Bank PLC about GBP5.8 million (US$7.1 million), for alleged failures in its anti-money-laundering and counter-terrorist-financing controls in relation to its correspondent-banking activities. By using correspondent-banking relationships,...

Credit Suisse Prosecutor Finds $60 Million in Money Laundering

A prosecutor has identified more than $60 million that he believes was laundered through Credit Suisse Group AG, in the precursor to what would be just the second Swiss criminal indictment ever against a major local lender. Geneva’s top financial-crime prosecutor,...

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...

Wells Fargo Advisors fined $7 million as SEC probes failures in money-laundering oversight

Wells Fargo Advisors, a subsidiary of banking giant Wells Fargo & Company, has agreed to pay $7 million to settle charges that it violated federal anti-money laundering statutes by failing to file suspicious activity reports, the U.S. Securities and...

USAA is fined $140 million for weak anti-money laundering controls

Federal regulators have fined USAA Federal Savings Bank, a century-old institution that mainly does business with members and veterans of the U.S. military, for failing to follow anti-money laundering laws. The Office of the Comptroller of the Currency and the...

Financial crime watchdog adds UAE to ‘grey’ money laundering watch list

Global financial crime watchdog the Financial Action Task Force (FATF) on Friday said Middle East business hub the United Arab Emirates had been included on a list of jurisdictions subject to increased monitoring, known as its 'grey' list. In addition...

Pakistan’s National Bank fined $55 mln by U.S. regulators, shares slide 7%

National Bank of Pakistan (NBP) (NBPK.PSX) said on Friday it had reached an agreement with U.S. regulators to pay $55 million in fines imposed on its New York branch, triggering a more than 7% drop in its shares. The Federal Reserve Board...

Australia financial crime watchdog slaps money laundering lawsuit on Crown Resorts

An Australian government agency filed a lawsuit on Tuesday accusing casino operator Crown Resorts Ltd (CWN.AX) of "serious and systemic noncompliance" with anti-money laundering laws, complicating a $6.3 billion buyout by Blackstone Inc (BX.N). In a Federal court filing, the Australian Transaction Reports...

BitMEX Founders Hayes, Delo Plead Guilty to Violating U.S Bank Secrecy Act

The founders of cryptocurrency exchange BitMEX pleaded guilty to violating the bank secrecy act by failing to establish an anti-money laundering program, the U.S. Attorney's Office in Manhattan said on Thursday. Arthur Hayes and Benjamin Delo, who founded BitMEX in...

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Baltimore attorney Kenneth Ravenell sentenced to nearly 5 years in prison for money laundering conviction

A federal judge sentenced Baltimore defense attorney Kenneth Ravenell to four years and nine months in prison plus three...