Reported by Romain Dillet After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at a rapid pace — it’s better to be safe than sorry. In particular, N26, a Berlin-based banking startup that raised hundreds of millions of euros and quickly became a unicorn, has had a […]
Reported by Scilla Alecci A former Standard Chartered Bank executive said in a new court filing that U.S. authorities either overlooked or concealed crucial evidence showing the bank conducted many more transactions with sanctioned Iranian entities and terror groups than it admitted to when settling a criminal case in 2012. Julian Knight, who headed a […]
Reported by Finews The Federal Department of Finance (EFD) fined UBS for failing to report suspected money laundering. The long-standing cases all revolve around the former president of Yemen. The number of unreported cases to the Financial Department is alarmingly high. Internally, UBS recorded 5,438 warning notices in connection with its relationships with former Yemeni […]
Reported by Sean Lyngaas, CNN A bipartisan pair of US senators is pressuring the Biden administration to do more to crack down on how drug cartels use cryptocurrency to traffic fentanyl, a drug that kills tens of thousands of Americans each year. Sens. Elizabeth Warren, a Massachusetts Democrat, and Bill Cassidy, a Louisiana Republican, have asked for […]
Financial Crime News Briefs 