Monday, May 17, 2021

anti-money laundering

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...

Norway fines DNB $48 million for anti-money laundering breaches

DNB ASA on Monday confirmed that Norway’s financial supervisory authority, Finanstilsynet, will impose a fine of 400 million Norwegian kroner ($48.1 million) for inadequate compliance with anti-money-laundering rules and legislation. Norway’s largest lender said in December that the fine was...

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...

Malta fines online bank [email protected] for anti-money laundering breaches

A Malta-based online bank has been fined €359,339 for a series of anti-money laundering breaches concerning clients involved in passport sales, cryptocurrency and with potential links to organised crime. The Financial Intelligence Analysis Unit said on Friday that it had...

Singapore fines Swiss Bank J. Safra Sarasin for breaching anti-money laundering laws

The Singapore branch of a Swiss-based private bank has been fined $1 million for failing to comply with measures to counter money laundering and terrorist financing. The penalty was imposed on Bank J. Safra Sarasin (BJS) for breaches between March...

Three Jersey-based firms fined £700,000 for violating anti-money laundering laws

A FINE of more than £700,000 has been imposed on three Jersey-based firms owned by a multi-national bank for breaching rules designed to prevent money laundering and financial crime. The actions of a trio of S G Kleinwort Hambros companies, which...

Apple Bank for Savings fined $12.5 million for breaching anti-money laundering laws

Apple Bank for Savings agreed to pay $12.5 million to settle a regulator’s claims that it failed to comply with anti-money-laundering rules. The bank allegedly violated the Bank Secrecy Act, an anti-money-laundering law, between April 2014 and September 2018, the...

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...

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...

Lithuania fines Paysera LT over anti-money laundering violations

The central Bank of Lithuania has issued a fine of 370,000 euros ($439,714) to Lithuanian-capital payment company Paysera LT for its anti-money laundering violations. The company plans to appeal. The central bank says it was identified during an inspection in...

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Former Rockbridge County jail superintendent gets 51 months in prison for corruption

The former superintendent of the Rockbridge County Regional Jail has been sentenced to 51 months in federal prison for...