Democrats Call for Intel Probe of Trump’s Ties to Massage Parlor Founder
19th March 2019
Democrats Call for Intel Probe of Trump’s Ties to Massage Parlor Founder
Top Democratic lawmakers have asked U.S. intelligence officials to investigate whether the founder of a Florida-based massage parlor chain suspected of human trafficking sold access to President Donald Trump. In a letter published Tuesday, Senate Leader Chuck Schumer and Speaker of the House Nancy Pelosi said that Li “Cindy Yang… Read More
Malaysia to summon two Goldman Sachs units ahead of 1MDB case
19th March 2019
Malaysia to summon two Goldman Sachs units ahead of 1MDB case
Malaysian prosecutors on Monday said they would issue summonses to units of U.S. investment bank Goldman Sachs in London and Hong Kong, requiring them to respond by June to criminal charges filed against them last year. Soon after being elected in May, 2018, a new government charged three units of… Read More
Banca d’Italia orders client stop at ING in fight against money laundering
18th March 2019
Banca d’Italia orders client stop at ING in fight against money laundering
The Italian central bank on Saturday said Dutch lender ING is not allowed to take on new customers in Italy as long as it has not improved its monitoring of client behavior. The measure follows inspections by Banca d’Italia from October last year until the beginning of 2019, which showed… Read More
Russian oligarch sues US Treasury over sanctions
18th March 2019
Russian oligarch sues US Treasury over sanctions
AP — Russian oligarch Oleg Deripaska filed a lawsuit Friday against the U.S. Treasury Department, saying the sanctions against him have caused a “wholesale devastation” of his wealth and reputation. The billionaire argues he was unfairly and illegally targeted by the U.S. government when he was slapped with sanctions… Read More
Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator
18th March 2019
Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
Hong Kong regulator fines StanChart, Merrill Lynch, Morgan Stanley over IPO due diligence
18th March 2019
Hong Kong regulator fines StanChart, Merrill Lynch, Morgan Stanley over IPO due diligence
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
UK regulator FCA fines mobile phone firm £29 million
15th March 2019
UK regulator FCA fines mobile phone firm £29 million
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
UK fraud office failed to get key Qatar documents for Barclays trial
13th March 2019
UK fraud office failed to get key Qatar documents for Barclays trial
Britain’s Serious Fraud Office (SFO) failed to take “reasonable and appropriate” steps to get key documents from Qatar’s U.S. lawyers before a fraud trial of four former Barclays executives, a London criminal court heard on Thursday. The jury was told that Judge Robert Jay had ruled in January on the… Read More
Musk’s lawyers say tweet complied with SEC fraud settlement
13th March 2019
Musk’s lawyers say tweet complied with SEC fraud settlement
AP — Tesla CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed Monday night with the U.S. District Court in Manhattan. Musk’s lawyers wrote that a Feb. 19 tweet merely… Read More
ECB to take over supervision of Latvian bank that accused central bank head
13th March 2019
ECB to take over supervision of Latvian bank that accused central bank head
The European Central Bank will take over the supervision of Latvia’s PNB Banka, a small lender that has accused the country’s central bank governor and financial regulator of running a racket after being itself fined over money laundering. The decision followed a request by the Latvian financial watchdog, which said… Read More
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