OFAC Settlements: When Good Intentions Aren’t Enough
27th February 2019
OFAC Settlements: When Good Intentions Aren’t Enough
On February 7th, Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia, agreed to a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for six apparent Iran sanctions regulations violations by its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”). Despite significant preventative, investigatory, and remedial… Read More
Dutch shell firms used to pay millions in Brazilian bribes: prosecutors
26th February 2019
Dutch shell firms used to pay millions in Brazilian bribes: prosecutors
Prosecutors raided locations across the Netherlands on Tuesday as part of an investigation into the alleged use of shell companies to distribute $100 million in bribes on behalf of Brazilian conglomerate Odebrecht SA. Data and financial records were seized from half a dozen homes and businesses, the Dutch financial prosecutors… Read More
Swedbank replaces EY with forensic auditors to investigate money laundering report
26th February 2019
Swedbank replaces EY with forensic auditors to investigate money laundering report
Swedbank said on Tuesday it had hired external forensic auditors to investigate information in a media report linking the bank to a Baltic money laundering scandal, replacing recently appointed audit firm EY. Sweden’s public broadcaster alleged last week that money laundering could have occurred in relation to at least 40… Read More
Former Barcelona president Rosell in handcuffs for trial
26th February 2019
Former Barcelona president Rosell in handcuffs for trial
AP — Former Barcelona president Sandro Rosell arrived in handcuffs Monday to stand trial on charges of money laundering related to the sale of television rights for matches involving the Brazil national team. Rosell, a former Nike executive in Brazil who presided over Barcelona from 2010-14, has been accused… Read More
U.S. prosecutors say no leniency needed for Trump ex-aide Manafort
26th February 2019
U.S. prosecutors say no leniency needed for Trump ex-aide Manafort
Special Counsel Robert Mueller’s team told a U.S. judge on Saturday that President Donald Trump’s former campaign chairman Paul Manafort “repeatedly and brazenly” broke the law, and argued he did not deserve leniency at sentencing. The recommendation from Mueller, who is investigating Russia’s role in the 2016 U.S. election and… Read More
Money Laundering: Bank Vice President Busted in Undercover Sting
26th February 2019
Money Laundering: Bank Vice President Busted in Undercover Sting
A California court sentenced a vice president of East West Bank to two years in prison for conspiring to launder more than $25,000 in suspicious funds through cashier’s checks, the U.S. Justice Department said. A federal jury convicted Vivian Tat for coordinating with bank client Ruimin Zhao and her husband,… Read More
EU Sixth Anti-Money Laundering Directive (6AMLD): Countdown to Enforcement Begins
26th February 2019
EU Sixth Anti-Money Laundering Directive (6AMLD): Countdown to Enforcement Begins
With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More
UK: Serious Fraud Office drops investigation into Rolls-Royce execs, GlaxoSmithKline
25th February 2019
UK: Serious Fraud Office drops investigation into Rolls-Royce execs, GlaxoSmithKline
The Serious Fraud Office has decided to scrap its Rolls-Royce and GlaxoSmithKline cases, citing issues around evidence and ‘public interest.’ The SFO was pursuing executives at Rolls-Royce after it clinched a deferred prosecution agreement (DPA) with the firm over bribery and corruption allegations in a number of countries, including Russia,… Read More
U.S. seeks to recover $38 million in assets from 1MDB case
25th February 2019
U.S. seeks to recover $38 million in assets from 1MDB case
The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard – or 1MDB – case, bringing the assets now subject to forfeiture to a total of about $1.7 billion. “These new lawsuits target… Read More
U.S. bank regulator reprimands Japan’s MUFG over money-laundering lapses
25th February 2019
U.S. bank regulator reprimands Japan’s MUFG over money-laundering lapses
The U.S. Office of the Comptroller of the Currency (OCC) said on Friday it had reprimanded MUFG Bank, Ltd. for lapses in its anti money-laundering controls and other compliance issues at its New York, Chicago and Los Angeles branches. The Tokyo-based bank did not accept or deny the charges dating… Read More
Popular

Toronto Seen as ‘Destination’ for Money Laundering: Watchdog Groups

UK Serious Fraud Office’s first use of Criminal Finances Act tool nets £1.5 million

UK regulator fines UBS £27.6m for making millions of errors, poor transaction reporting

Basel Warns Banks on Financial Crime Risks of Crypto-Assets

ING Italy investigated over alleged money laundering – source

Must Read

Michael Avenatti charged with extortion and wire, bank fraud

Wife of missing Interpol chief seeks Macron’s help during Xi visit

Norway’s FSA finds gaps in banks’ anti-money laundering measures

NCA Sees Sharp Rise in Scammers Posing as Agency Officers

Expense report of the future reduces fraud and headaches