Day: July 11, 2024

Written by FinCrime

Nordea Risks Money Laundering Fine Near $1 Billion, Experts Say

Reported by Sara Sjolin Nordea Bank could face an estimated maximum fine of almost $1 billion over alleged failures to stop money laundering if it loses its case with Denmark, according to some legal experts, an amount that would far exceed the lender’s own expectations.  The case has no precedent but a Danish court might hit […]

Written by FinCrime

US Treasury proposes long-overdue rule to bolster and modernize anti-laundering regime

Reported by Brett Wolf  The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]