Featured Regulatory Enforcement

Jersey trust company fined $835,000 for opening ‘gateway to possible money laundering’ in Angola

By Will Fitzgibbon, ICIJ, 4 March 2021 ICIJ — A court in the Channel Islands has fined a team of accountants and economists who for years ignored “obvious” risks of possible corruption and embezzlement when providing services to an investment management company working with the government… Read More

UBS May Use Money-Launderer Case to Appeal $5.4 Billion Penalty

Just over two years ago, UBS Group AG got a nasty shock when a Paris judge handed it a record $5.4 billion penalty for helping French clients avoid taxes. As the Swiss bank returns to the French capital on Monday for a three-week long appeal, its team of lawyers… Read More

Deloitte to Pay Malaysia $80 Million in 1MDB-Related Settlement

Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More
4th March 2021
ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
1st March 2021
A national 80-branch real estate agency Property Brokers got the first formal warning in the real estate sector for not complying with anti-money laundering law but the chain’s chairman Tim Mordaunt said the state only was trying to make an example of them. Te Tari Taiwhenua Department of Internal Affairs… Read More
23rd February 2021
With its plenary beginning on Monday (today), Pakistan may remain in the grey list of the Financial Action Task Force (FATF) though the authorities assert that the country qualifies to be moved out on merit. Background discussions with key officials and foreign diplomats suggest that the jury is divided —… Read More
18th February 2021
Germany’s financial watchdog BaFin has ordered the Frankfurt branch of Greek lender Piraeus Bank to take measures to prevent money laundering and terror financing. BaFin disclosed the order on Wednesday, which was made on Jan. 13. The statement offered no further detail. Piraeus Bank is one of Greece’s four largest… Read More
17th February 2021
A fine of more than £700,000 has been imposed on three Jersey-based firms owned by a multi-national bank for breaching rules designed to prevent money laundering and financial crime. The actions of a trio of S G Kleinwort Hambros companies, which were found to have made a series of compliance breaches… Read More
16th February 2021
More than HK$8.33 billion (US$1.07 billion) conned from the victims of online, phone and investment scams was laundered through thousands of Hong Kong bank accounts last year, the Post has learned. The police force’s anti-fraud squad intercepted nearly HK$3.07 billion collected from local and international victims, though the remaining… Read More
8th February 2021
Britain’s efforts to combat international fraud have been dealt a “serious blow” after top judges ruled powers to investigate foreign companies are limited. Supreme Court judges on Friday decided the Serious Fraud Office cannot unilaterally demand documents and… Read More
5th February 2021
Germany’s financial watchdog has ordered Goldman Sachs’ European arm to comply with rules to prevent money laundering and terrorist financing, it said on Thursday. The watchdog, BaFin, said it had asked Goldman Sachs to comply with due diligence obligations regarding customers and risk analysis requirements under Germany’s anti-money laundering laws. Read More
3rd February 2021
Two Australians owe the country more than 32 million Australian dollars ($25 million) in dodged taxes and penalties, according to officials behind a probe sparked by the Panama Papers investigation. CE Wang and Zhao Hui “Sophie” Shao were handed the bill following a review of 12 years of tax assessments… Read More
2nd February 2021
Apple Bank for Savings agreed to pay $12.5 million to settle a regulator’s claims that it failed to comply with anti-money-laundering rules. The bank allegedly violated the Bank Secrecy Act, an anti-money-laundering law, between April 2014 and September 2018, the Federal Deposit Insurance Corporation said. The order was issued in… Read More