Reported by Mengqi Sun Deutsche Bank’s investment arm agreed to pay $25 million to settle allegations including that it overstated how it used environmental, social and governance factors in its funds, one of the first cases that questioned ESG claims by money managers. The investment arm, DWS, also settled allegations from the Securities and Exchange […]
Reported by Siddharth Venkataramakrishnan and Michael O’Dwyer EY agreed to terminate a consulting contract and refund millions of pounds to Santander’s UK business after failings in its anti-financial crime work for the bank, according to three people with knowledge of the matter. The Big Four consultancy was one of several external advisers called on by […]
Reported by Polygraph.info MTS, Russia’s largest communications provider, had presented in its Moscow store Apple’s new iPhone 15 that day – 24 hours before the start of global sales. MTS (short for Mobile TeleSystems) operatesin Russia, Belarus and Armenia providing telecommunications services to some 80 million subscribers. In July 2022 the U.S. Securities and Exchange Commission delisted it […]
Reported by Low De Wei, Chanyaporn Chanjaroen, and Andrea Tan Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion ($1.8 billion) worth of assets that has rattled the Asian financial hub. Some lenders have been reviewing new account openings and transactions with […]
Reported by JOHN BASQUILL US authorities have vowed to crack down on money laundering through offshore banks, after issuing a US$15mn fine to a Puerto Rican lender accused of facilitating payments linked to bribery, drugs and crypto scams. The Financial Crimes Enforcement Network (FinCEN) says Bancrédito, a San Juan-based bank that is now in liquidation, wilfully violated […]
Reported by Aurelien Breeden Guy Wildenstein, the international art dealer, is scheduled to return to court in Paris this week to face accusations of massive tax fraud and money laundering in a lengthy legal battle that has slowly chipped away at the prestige and secrecy of a family dynasty that once dominated the global art […]
Reported by Michelle Graff Two diamond companies and a Wagner Group official in the Central African Republic with ties to the gold trade are among the entities included in the latest round of Russian sanctions. In a member alert issued last week, the Jewelers Vigilance Committee noted that two more diamond companies are among the […]
Reported by Holly Barker A New York lawyer admitted Monday to money laundering and orchestrating an $18.8 million Ponzi scheme using his Forest Hills-based law firms, Wisnicki & Associates LLP and Wisnicki Neuhauser LLP. Robert Wisnicki, who was indicted along with seven others in January 2022, pleaded guilty in the US District Court for Southern District of […]
Reported by Charles Gasparino When you think of a “banana republic,” you think of corrupt dictators someplace distant, where the people in power control the economy and jail their political opponents. Places like this still exist in the world — and believe it or not, right here in the good ’ol US of A. Securities […]
Reported by Jordan Stutts A Puerto Rico bank seized earlier this year by regulators will pay a $15 million fine in the first enforcement action under a two-year-old federal rule aimed at closing gaps in anti-money-laundering enforcement. Bancrédito International Bank and Trust Corp. — which was placed in receivership this year by banking regulators in […]
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