Day: March 14, 2024

Written by FinCrime

Swiss Private Bank EFG to Settle U.S. Sanctions Violations

Reported by Mengqi Sun EFG International agreed to pay about $3.7 million to settle allegations the Swiss private bank violated U.S. sanctions by holding and investing securities on behalf of blacklisted individuals, the U.S. Treasury Department said. Between 2014 and 2018, Zurich-based EFG allegedly processed 868 securities transactions for customers in Cuba and for a […]

Written by FinCrime

Fraud Is The Number One Crime In Money Laundering

Reported by Stanley Foodman On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA)which examines the current money laundering environment and identifies the ways in which criminals and other actors seek to launder funds. The Assessment aims to: inform the understanding of illicit finance risk by governmental and private sector actors, […]