Featured Regulatory Enforcement

FinCEN Issues First Penalty Against P2P Cryptocurrency Exchange

The U.S. Treasury Department’s financial intelligence unit fined a California man for running an unlicensed Bitcoin money services firm, marking the bureau’s first-ever monetary penalty against a peer-to-peer virtual currency exchange. The $35,000 fine against Eric Powers of Kern County, Calif. comes six years after the Financial Crimes Enforcement… Read More

EU banking watchdog clears Estonian, Danish regulators over Danske Bank

The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law. Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank… Read More

Russia needs another $10 bln on banking sector clean-up – Fitch

Russia may need to spend another $10 billion in the next two or three years to continue a banking sector clean-up, which has already required eight times as much, Fitch rating agency said on Tuesday. Russia started cleaning up its banking sector in 2013 after President Vladimir Putin appointed Elvira… Read More
16th April 2019
A UniCredit Group affiliate bank will plead guilty to US federal and state criminal violations and pay $1.3 billion to regulatory and prosecutorial agencies to resolve breaches of sanctions against Iran and other nations, officials disclosed. Under terms of a non-prosecution agreement with the US Justice Department, the group’s German… Read More
15th April 2019
Accountant EY’s audit of scandal-hit Danske Bank came under scrutiny on Friday as Danish authorities asked the state prosecutor for financial fraud to investigate the matter. Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over payments from Russia, ex-Soviet states and elsewhere. It has… Read More
12th April 2019
Latvia’s prime minister has promised to accelerate an overhaul of the banking sector as fears grow that money laundering scandals could single the country out as high risk, prompting Swedish lenders to leave and isolating the Baltic state. In an interview with Reuters, Krisjanis Karins said he would take earlier… Read More
11th April 2019
The European Central Bank (ECB) is looking into Swedbank’s Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank’s Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the… Read More
10th April 2019
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
10th April 2019
Swedish bank SEB’s fund management arm has cut its stake in rival Swedbank by just over half, citing risks Sweden’s biggest mortgage lender faces due to its alleged involvement in a fast-growing Baltic money laundering scandal. Swedbank has come under heavy criticism from politicians, investors and the general public over… Read More
9th April 2019
London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential U.S. sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related U.K. probe, according to a person familiar with the matter. Authorities are aiming… Read More
8th April 2019
Swedbank Chairman Lars Idermark has quit only a week after the lender’s chief executive was ousted over her handling of a money laundering scandal, saying the controversy threatened to distract from his role as head of forestry group Sodra. The bank, Sweden’s biggest mortgage lender, had fired its CEO Birgitte… Read More
5th April 2019
The Financial Conduct Authority will not shy away from criminally prosecuting individuals responsible for egregious anti-money laundering failures, the head of enforcement at the agency said Thursday. The supervisory authority, known as the FCA, currently has a “large number of investigations” on its docket, some of which are entering significant… Read More
4th April 2019
KYC360 readers will remember that in May 2018 the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) jointly fined Barclays CEO Jez Staley £642,430 for violating a conduct rule requiring individuals to act with due skill, care and diligence. The penalty related to his two attempts to identify whistleblowers… Read More