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Enhancing Financial Inclusion: Telecoms and AML in Nigeria

The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it’s a payment terminal in the pocket. Every… Read More

Standard Chartered Settles Sanctions, AML Violations for $1.08bn

London-based Standard Chartered Bank will pay $1.08 billion to settle sanctions and anti-money laundering violations uncovered by US and UK investigators in a deal that will extend its deferred prosecution agreement through April 2021. Of that its total monetary outlay, $947 million will go to resolve investigations by the US… Read More

Goldman Sachs fined £34 million by UK regulator FCA over poor transaction reporting

The United Kingdom’s Financial Conduct Authority (FCA) has fined Goldman Sachs International (GSI) £34,344,700 for failing to submit accurate data relating to over 200 million transactions over a period of almost ten years, ending as recent as 2017. The lender was unable to ensure it provided complete, accurate and timely… Read More
29th March 2019
Swedbank president and CEO Birgitte Bonnesen has been dismissed from her role, a day after authorities raided the bank’s headquarters over a money laundering probe in the Baltics. The investigation is understood to be tied to the Danske money laundering scandal, which claimed the scalp of Danske… Read More
22nd March 2019
Britain’s Serious Fraud Office (SFO) has secured the forfeiture of £1.52 million over a fraudster’s properties using new powers under the 2017 Criminal Finances Act. The properties were originally purchased with fraudulently obtained cash by Birmingham-based Nisar Afzal (61), who fled Britain for Pakistan in the mid-2000’s, according to the… Read More
21st March 2019
Authorities in Kenya have arrested six individuals regarding $20 million in counterfeit notes that were stored in a personal safety deposit box at a branch of Barclays Kenya. “The fake notes in 100 Dollar denominations were recovered from the Bank’s Safe Room,” the Kenyan Directorate of Criminal Investigations (DCI) said… Read More
18th March 2019
Hong Kong’s Securities and Futures Commission (SFC) has penalised leading global lenders over due diligence failures pertaining to a number of initial public offerings (IPOs). Standard Chartered was fined HK$59.7 million for issues such as failing to make ‘reasonable’ due diligence enquiries regarding the listing of a forestry management firm. Read More
15th March 2019
Professional accounting bodies in the United Kingdom are more focused on representing their members than robustly supervising anti-money laundering standards, the government’s AML supervisory unit said. Its findings in a new report have revealed ‘poor standards,’ with an alarmingly high number saying they are worried about taking robust action. “92%… Read More
15th March 2019
The Financial Conduct Authority (FCA) has hit phone company Carphone Warehouse with a £29 million penalty for failings that resulted in the mis-selling of its insurance service Geek Squad. Carphone Warehouse failed to properly train its sales staff, the FCA found. Staff were trained to recommend Geek Squad to customers… Read More
15th March 2019
Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More
14th March 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More
14th March 2019
After suddenly withdrawing an announcement in December that it would suspend ‘golden’ visas, the United Kingdom has now announced a change to the application process for the immigration rules which have been strongly criticised for being a gateway for money launderers to settle in the country. Under the changes announced… Read More
13th March 2019
European lawmakers and member states have agreed on a new set of rules which will guarantee whistleblowers protection against demotion and dismissal when they report money laundering, tax fraud and other financial crimes. Under the provisional regulations setting EU-wide standards of protection, whistleblowers will be protected in judicial proceedings. Read More