Featured Regulatory Enforcement

JPMorgan Chase Unit to Pay $250 Million Penalty Over Poor Internal Controls

A top banking regulator fined a JPMorgan Chase & Co. unit $250 million over deficiencies in internal controls and internal audit practices. JPMorgan Chase Bank N.A. entered into a resolution with the Office of the Comptroller of the Currency to pay the civil penalty, the company said in a… Read More

Swiss regulator censures Bank Syz over money laundering

The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client. “FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the financial watchdog said in a statement on… Read More

‘MaltaFiles’ firm Credence fined €261,000 over money laundering shortcomings

Corporate services provider Credence, which featured in an extensive European Investigation Collaborations exposé on tax avoidance in Malta, has been fined €261,000 by the Financial Investigation Analysis Unit for breaches of various money laundering obligations. Credence Corporate Advisory Services is a Maltese law firm which featured in stories on the… Read More
23rd November 2020
Lebanese President Michel Aoun said on Saturday that a forensic audit of the central bank was vital to combat corruption and that he would put it back on track following the withdrawal of the consultancy hired to do the audit. Aoun said “interest-driven roadblocks” had derailed the audit, which is… Read More
20th November 2020
Crown Resorts cannot be trusted to hold the gaming licence for its new Sydney casino because it continually resisted warning signs money laundering was occurring at its Melbourne and Perth venues and had to be “led by the nose” to the “obvious” and “irresistible” realisation, an inquiry has heard. The… Read More
17th November 2020
The central Bank of Lithuania has issued a fine of 370,000 euros to Lithuanian-capital payment company Paysera LT for its anti-money laundering violations. The company plans to appeal. The central bank says it was identified during an inspection in April-May that Paysera LT failed to properly assess money-laundering and terrorist… Read More
16th November 2020
Colombia’s banking watchdog fined one of the banks of Colombia’s richest man for the 12th time for evading money laundering prevention regulations, according to local media. The Superintendent for Finance’s imposed the $137,000 fine on the Banco de Occidente, one of the banks of Luis Carlos Sarmiento‘s banking conglomerate… Read More
13th November 2020
The Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s anti-money laundering practices. The discretionary fine was for breaches of Cayman’s Anti-Money Laundering Regulations. The financial services regulator said it found instances where the bank had not applied customer due diligence and… Read More
10th November 2020
InSight Crime – Paraguayan authorities have announced historic sanctions against a major Brazilian bank in the latest case of Latin American governments cracking down on financial institutions that do not comply with anti-money laundering regulation. On October 29, Paraguay’s Ultima Hora announced that the Central Bank of Paraguay… Read More
9th November 2020
Latvia’s financial regulator, the Financial and Capital Market Commission (FKTK) said November 6 it had decided on November 3 to impose a fine of EUR 473,076 on Reģionālā investīciju banka (Regional Investment Bank, RIB) for “irregularities in detecting the source of funds, which were identified during a FKTK inspection in large value cash… Read More
6th November 2020
OCCRP – The Danish State Prosecutor for Serious Economic and International Crime (SØIK) has fined Danske Bank nine million Danish kroner (US$1.4 million) for misleading investors and this way violating the country’s Executive Order on Investor Protection, the SØIK said in a statement on Tuesday. The bank was sanctioned… Read More
5th November 2020
The U.S. derivatives watchdog is planning to offer rewards to companies that turn themselves in, following in the footsteps of other regulators and law-enforcement agencies. The Commodity Futures and Trading Commission is expected to release guidance Thursday spelling out how companies that self-report potential misconduct, cooperate with investigators and take… Read More
4th November 2020
A JPMorgan Chase & Co. subsidiary is facing a potential regulatory fine over internal controls, the bank disclosed late Monday. The potential fine would address historical deficiencies it has already taken steps to fix, JPMorgan said. The bank said it was in discussions with an unnamed U.S. regulator to… Read More