Reported by Olaf Storbeck Germany’s financial watchdog has threatened to fine Deutsche Bank after the lender failed to fix flaws in its anti-money laundering controls, in the latest setback for chief executive Christian Sewing. Sewing promised to put an end to Deutsche Bank’s long-running legacy of control shortcomings and misconduct scandals after becoming chief executive […]
Reported by Juan Manuel Cendoya In response to an article published in UK media on 4th February, Santander can say categorically that, after a thorough internal investigation, it has not found any direct nor indirect sanctions breach in any part of the group. We have distributed the following communication to our teams: As we informed […]
Reported by Patrick Donachie Advisor advocates quickly decried the U.S. Treasury’s proposed rules aimed at stopping money laundering and terrorist financing in the RIA space, framing the mandates as “sweeping and duplicative.” The proposed rules, unveiled by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), would apply to advisors registered with the SEC and those […]
Reported by Associated Press The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It’s part of an ongoing effort to combat money launderingand the movement of dirty money through the American financial system. The Treasury Department’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would […]
Reported by Comply Advantage In 2023, the rising complexity of financial crime led regulators to increase the penalties imposed on financial institutions (FIs) for insufficient anti-money laundering (AML) controls. As a result, the top penalties for non-compliance almost doubled in value. In this article, we examine some of the highest fines imposed for AML violations […]
Reported by Nicholas Kuria In this review of taxation and the British Virgin Islands, Conyers Corporate Counsel Nicholas Kuria discusses some of the most commonly misunderstood notions relating to the use of offshore jurisdictions, with a focus on the BVI. We will begin with an overview of the tax position. The British Virgin Islands has […]
Reported by Miles Johnson, Stephen Morris and Lucy Fisher Iran used two of the UK’s biggest banks to covertly move money around the world as part of a vast sanctions-evasion scheme backed by Tehran’s intelligence services. Lloyds and Santander UK provided accounts to British front companies secretly owned by a sanctioned Iranian petrochemicals company based near Buckingham […]
Reported by LAURENCE DARMIENTO City National Bank was fined $65 million on Wednesday by federal regulators for failing to maintain proper risk management and internal controls, including those related to money laundering. Long known as L.A.’s “bank to the stars” for its close ties to the entertainment industry, the bank entered into a civil consent […]
Reported by HELEN SANTORO As of January 1, small businesses must report who owns and controls the company to financial regulators or face stiff penalties. The disclosure is required under a new anti–money laundering law designed to curb tax fraud and terrorism financing. But while mom-and-pop cafe and hardware store owners are now busy filling […]
Reported by Fenergo Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management, released today its annual financial institution fines analysis, shedding light on fines imposed on in the United States. The study analyzed penalties imposed by US regulators from January to December 2023, discovering a 69% […]
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