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Regulatory Update

3rd January 2017

Nigel Farage ex-aide facing jail after admitting posing as money launderer

Nigel Farage has distanced himself from a former aide who faces up to 20 years in jail in the US after admitting attempting to defraud criminals on the “dark web” by masquerading as a money launderer. Read More

3rd January 2017

U.S. hits Credit Suisse, Deutsche Bank with toxic debt penalties

Credit Suisse (CSGN.S) and Deutsche Bank (DBKGn.DE) have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe's leading investment banks as they struggle with weak earnings. Read More

3rd January 2017

U.S. Justice Dept. orders whistleblower to testify in Wells Fargo probe

The U.S. Department of Justice has subpoenaed a high-profile whistleblower in its criminal investigation into Wells Fargo & Co's (WFC.N) opening of accounts without customer permission. Read More

3rd January 2017

Feds target Japanese crime network with financial sanctions

The Treasury Department targeted three members of a Japanese organized crime network for their connections to United States-based money-laundering and illegal drug sales, it announced Friday. Read More

3rd January 2017

Fears that EU measures against financial crime will be weakened

Efforts to tackle tax abuse and financial crime are at risk of being weakened by new European council proposals that would restrict public access to key company information, civil society groups have warned. Read More

3rd January 2017

China Tightens Anti-Money Laundering Regulations for Banks

China’s central bank said it tightened requirements for lenders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering. Read More

3rd January 2017

Jan Dhan accounts may be used for money laundering

Expressing apprehensions that the Jan Dhan accounts may be used for money laundering in the 2017 UP assembly polls, social organisation Association for Democratic Reforms (ADR) said that demonetisation would bring to the fore a new type of broker of black money, while a significant portion of the black money would be spent on media. Read More

3rd January 2017

Foreign currency purchase loophole closed by regulator

Chinese residents now need to fill an application form indicating the purpose of foreign exchange purchases, reflecting strengthened scrutiny from the nation's top currency regulator amid renewed pressure from capital flight. Read More

29th December 2016

A Ukrainian Anti-Corruption Activist Is Now Being Investigated for Corruption

A young activist who became prominent in Ukraine's 2014 uprising and was later appointed to work on a major project to reform the corruption-plagued customs of Odessa is herself being investigated for corruption. Read More

29th December 2016

Regulatory update: HM Treasury’s consultation on imposing monetary penalties for breaches of financial sanctions

On the 1st December 2016, the Office of Financial Sanctions Implementation (OFSI) launched its latest consultation on the imposition of monetary penalties for breaches of financial sanctions rules. OFSI (part of HM Treasury) is seeking views on its consultation paper, which sets out its proposed approach to financial sanction breaches. Read More

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