Saturday, September 18, 2021

AML

German prosecutors raided finance, justice ministries in money laundering probe

German prosecutors raided the finance and justice ministries on Thursday as part of an investigation into the government’s anti-money laundering agency, putting a spotlight on Germany's failings in tackling financial crime. The probe into the Financial Intelligence Unit, an agency...

Maltese business tycoon Yorgen Fenech charged with money laundering

Yorgen Fenech has been charged with money laundering and the misappropriation of funds from a company he owns with his uncle Ray Fenech. Fenech, who is facing separate charges in which he is accused of masterminding the murder of journalist Daphne...

Malta fines Pilatus Bank €5m over ‘total disregard’ of money laundering rules

The Financial Intelligence Analysis Unit has imposed an administrative penalty of €4,975,500 on Pilatus Bank in view of the notorious – and now defunct – bank’s ‘total disregard’ towards the necessary safeguards against money laundering or the financing of...

Taipei Fubon Commercial Bank fined for violating anti-money laundering laws

The Financial Supervisory Commission (FSC) yesterday fined Taipei Fubon Commercial Bank (台北富邦銀行) NT$2 million (US$71,508) for failure to comply with rules against money laundering, as its Hong Kong branch activated a bank account following oral instructions from bank president...

UK fintech Monzo under investigation over breaches of anti-money laundering rules

The UK’s financial watchdog has said it is investigating digital bank Monzo over potential breaches of anti-money laundering and financial crime rules. Monzo, which was founded in 2015 and is known for its hot coral bank cards, said it was...

National Australia Bank probed over serious anti-money laundering breaches

National Australia Bank (NAB.AX) said on Monday it is under investigation for suspected serious and ongoing breaches of anti-money laundering and counter-terrorism laws, sparking concerns about potential fines and higher compliance costs. The financial crime regulator said there were "areas of serious...

Two Taiwan banks fined for breaching anti-money laundering laws

The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it...

Malta fined Tumas Gaming €233,156 over failed anti-money laundering controls

Tumas Gaming has been slapped with a €233,000 fine after an investigation by the Financial Intelligence and Analysis Unit found it had failed to implement measures to address major threats to their money laundering supervision. Tumas Gaming operates the gaming...

Ireland stops anonymity in trading of cryptocurrency

BUYERS and sellers of Bitcoin and other cryptocurrencies are no longer able to trade virtual assets anonymously in Ireland under an expanded anti-money laundering regime. As of today, cryptocurrency service providers in Ireland will have to comply with money laundering rules and other basic...

California fines Bay Area card room $5.3m for violating anti-money laundering laws

One of California's more profitable card rooms agreed Thursday to a record $5.3 million penalty for misleading gambling regulators and violating a federal law designed to deter money laundering, the state attorney general's office said. Artichoke Joe’s Casino in San...

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Kenyan court sentenced former sports minister to six years for corruption

A Kenyan court on Thursday sentenced a former sports minister to six years in prison after finding him guilty...