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ING close to settling money-laundering probe in Italy: sources

Dutch bank ING Groep NV’s (INGA.AS) Italian business has reached a provisional deal with Milan prosecutors to settle a money-laundering investigation by paying 30 million euros ($33 million), two sources familiar with the matter said. The proposed settlement, known as an “agreed penalty”, has yet to be confirmed… Read More

Credit Suisse Blocks Prosecutor Using Critical Finma Report

Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More

€131m worth of suspicious transactions at Satabank

Over 300 reports of suspicious transactions at Satabank worth in excess of €130 million have been flagged by global services firm EY since it was entrusted to administer the bank’s assets by the financial regulator. The move had followed the suspension of the bank’s licence by the Malta Financial Services… Read More

6th December 2019

U.S. Targets Russian ‘Evil Corp’ Hacker Group With Sanctions, Indictments

The Trump administration Thursday placed a $5 million bounty on the leader of a Russian hacker group called Evil Corp for his alleged work for Moscow’s intelligence agency, part of what U.S. officials say is a broader reprisal for a Kremlin-directed cyber offensive against the U.S. The State Department’s action against Maksim Yakubets… Read More

6th December 2019

Glencore Under Investigation for Bribery by U.K. Authorities

Glencore Plc is being investigated for bribery by U.K. authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The shares fell as much as 8.6% to a three-year low. The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the… Read More

6th December 2019

Kyrgyz MP Calls on Gov’t to Investigate Money Laundering Allegations

A member of the Kyrgyzstan Parliament is proposing further government investigation following reports by OCCRP and its media partners that the country has harbored money laundering that is worth hundreds of millions of dollars and has cost the lives of currency couriers crossing its borders. Maksat Sabirov on Thursday… Read More

6th December 2019

Netanyahu’s personal lawyer to be charged with money laundering

Israel’s state prosecutor has plans to indict prime minister Benjamin Netanyahu’s cousin and personal lawyer, alongside six other people, on charges related to a possible conflict of interest over a $2bn purchase of German submarines. Shai Nitzan said in a statement on Thursday the seven would be charged on various corruption offences,… Read More

6th December 2019

What Westpac’s Woes Tell Us About AML Compliance

As the fallout from Westpac’s massive money-laundering scandal continues, compliance officers would be well advised to spend some time reviewing how the bank’s troubles began. For that, we can turn to AUSTRAC’s recent civil action against the lender alleging over 23-million breaches of domestic AML/CTF legislation, each carrying a maximum fine… Read More

5th December 2019

Panama Papers-style leak — and a Miami arrest — lift veil on how Iran ducks sanctions

Take the arrest of an Iranian-born Turkish citizen during a jaunt to Disney World. Factor in the irrepressible Rudy Giuliani, who briefly served as the arrested man’s lawyer. Add a dash of Turkey’s authoritarian leader, Recep Erdogan, a favorite of President Donald Trump. Mix in a massive leak of more… Read More

5th December 2019

228 Arrested in Global Crackdown on Money Laundering: Europol

More than 200 people have been arrested in 31 countries following a three-month global investigation into money laundering, Europol said Wednesday. The investigation, known as the European Money Mule Action, targeted those who help money launderers transfer funds. The action resulted in 228 arrests, as well as identifying 3,833 mules… Read More

5th December 2019

Formations House set up accounts at bank part-owned by Celtic boss Dermot Desmond

The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More

5th December 2019

The Dark Money Men

On the last night of his life, Khusan Kerimov had a package to deliver: $1.6 million in cash. Late in the evening on October 22, he headed for Manas International Airport, a half hour outside of Bishkek, Kyrgyzstan. It was a routine the 39-year-old taxi driver had down cold, having… Read More

4th December 2019

Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements

Citigroup has been identified as one of the four correspondent banks in AUSTRAC’s filing against Westpac, initially referred to as ‘Bank A’ in its statement of claim. According to Investor Daily, the Citi transactions came from one of its European arms, using Westpac to clear the payments and… Read More

Must Read

EU agrees steps toward tighter money-laundering supervision

Formations House leak shows need for reforms on creating companies, says anti-corruption chief

ING close to settling money-laundering probe in Italy: sources

Credit Suisse Blocks Prosecutor Using Critical Finma Report

€131m worth of suspicious transactions at Satabank