Monday, January 18, 2021

anti-money laundering

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...

Colombia fines Banco de Occidente for breaching anti-money laundering laws for the 12th time

Colombia’s banking watchdog fined one of the banks of Colombia’s richest man for the 12th time for evading money laundering prevention regulations, according to local media. The Superintendent for Finance’s imposed the $137,000 fine on the Banco de Occidente, one...

Cayman Islands fines Cainvest Bank over anti-money laundering failures

The Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s anti-money laundering practices. The discretionary fine was for breaches of Cayman’s Anti-Money Laundering Regulations. The financial services regulator said it found instances...

UK’s gambling commission fines BoyleSports £2.8 million over anti-money laundering failures

Irish bookmaker Boylesports must pay a £2.8 million sterling (€3.14m) fine and abide by tougher conditions added to its licence, following an investigation by British regulators. Boylesports offers online betting to UK customers through a company called Boylesports Enterprise, which is licensed...

EU finance ministers agree to central anti-money laundering body

European Union finance ministers agreed on Tuesday to set up an EU body that would fight money laundering across the 27-nation bloc, supporting a European Commission proposal from May. The council of finance ministers also gave their backing for the...

Swiss bank Banca Credinvest accused of anti-money laundering failures over PDVSA dealings

The Swiss Financial Market Supervisory Authority (FINMA) announced Tuesday its finding that Banca Credinvest, an independent Swiss bank, “seriously breached” anti-money laundering (AML) regulations with regard to dealings with Venezuelan state-owned and state-controlled energy company PDVSA. The findings conclude an...

BitMEX cryptocurrency founders charged with violating anti-money laundering laws

U.S. prosecutors on Thursday filed criminal charges accusing four founders and executives of BitMEX, one of the world’s largest cryptocurrency derivatives exchanges, of evading rules designed to stop money laundering. The Department of Justice charged Arthur Hayes, Samuel Reed and...

Australia’s Austrac fines State Street bank $1.24 million over anti-money laundering breaches

The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws. The US-based State Street bank has been hit with a $1.24 million infringement notice for failing to declare international transfer...

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Samsung heir Jay Lee gets to two years prison sentence for bribery

Samsung Electronics Co. heir Jay Y. Lee was sentenced to 30 months in prison over bribery charges, a dramatic...
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