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Casino company Caesars Entertainment fined record £13m for compliance violations

A casino company has been fined a record £13m by the Gambling Commission for failures relating to VIP schemes that the regulator is considering banning. Three senior managers at Caesars Entertainment, which has 11 casinos in UK cities and seaside towns, will also lose their licence to run a… Read More

U.K. Regulator Fines KPMG, Partner for Audit Failures

A U.K. regulator on Thursday reprimanded and fined KPMG and one of its former partners for a lack of “professional skepticism” and a failure to obtain sufficient verification to do an accurate audit. The actions by the Financial Reporting Council, which oversees accounting and audit in Britain, come as concerns… Read More

Qatar fines Horizon Crescent Wealth QR30mn for violations

The QFC Regulatory Authority (QFCRA) yesterday announced that it had taken action against Horizon Crescent Wealth LLC (HCW) and imposed a fine of QR30,000,000 on it for serious legal and regulatory breaches. The action taken by the QFCRA followed an investigation of HCW identifying significant failings by the firm in… Read More

2nd April 2020

Standard Chartered Fined for Violating Russia Sanctions

U.K. authorities have fined Standard Chartered PLC for violating sanctions that the European Union imposed on Russia following its annexation of the Crimea region of Ukraine in 2014. The British bank must pay £20.47 million ($25.41 million) for violating the EU’s sanctions against Russia, the U.K. Treasury’s Office of… Read More

1st April 2020

Luxembourg regulator suspends Rothschild ex-CEO for ten years

Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More

30th March 2020

Old Mutual faces potential money laundering charges in Zimbabwe

The Securities and Exchange Commission of Zimbabwe (SECZ) has launched an investigation into suspected illicit activities surrounding trading in fungible stocks linked to three listed companies — Old Mutual, PPC Limited and Seed Co International. Government recently suspended the fungibility of the stocks. Fungibility means that shareholders from the three… Read More

30th March 2020

Westpac still some way off settlement with AUSTRAC, court hears

Money-laundering regulator AUSTRAC and Westpac say they are still a way apart in their settlement negotiations despite the court expecting a trial into the bank’s alleged breaches to be heard by summer. The Federal Court on Monday heard AUSTRAC and Westpac are moving towards a settlement that includes some admissions… Read More

27th March 2020

UK in-house lawyer was ‘puppet director’ for dubious £16m schemes

An in-house solicitor who gave a ‘veneer of respectability’ to dubious property schemes has been struck off the roll. The Solicitors Disciplinary Tribunal heard that Timothy Ackrel was one of a succession of ‘puppet directors’ used to conceal the beneficiaries of a scheme to sell apartment blocks in north west… Read More

27th March 2020

U.S. imposes fresh Iran-related sanctions despite coronavirus

The United States blacklisted five Iran- and Iraq-based companies and 15 individuals on Thursday for supporting terrorist groups, its third round of sanctions on Iranian targets in the last two weeks even as Tehran battles the coronavirus outbreak. In a statement, the U.S. Treasury Department accused those targeted of supporting… Read More

26th March 2020

Accountants at centre of multi-million-dollar ‘dummy director’ scam shut down

An accounting firm at the centre of a massive tax avoidance scheme which exploited homeless and drug-addicted people has had its registration cancelled in the wake of an ABC investigation. Last month the ABC revealed a group of Victorian accountants were using people addicted to drugs and alcohol, the… Read More

24th March 2020

Myanmar: Bank’s licence revoked due to uncertainty over sources of funding

The Central Bank of Myanmar (CBM) says it withdrew the licence of Asia Yangon Bank Ltd (AYB) due to uncertainty over its source of capital funding. Last Tuesday, the central bank announced the revocation of AYB’s banking licence without elaborating on the reasons for the move. On Sunday, the central… Read More

23rd March 2020

Malta’s FIAU slaps Credorax Bank with €51,000 fine

Credorax Bank has been slapped with a €51,000 fine by the Financial Intelligence Analysis Unit (FIAU) for failing to provide it with information in a timely manner. In a notification on the FIAU’s website, the anti-money laundering unit said Credorax Bank had given delayed replies to 37 requests for information… Read More

20th March 2020

Swedbank hit with record $386 million fine over Baltic money-laundering breaches

Sweden’s financial watchdog hit lender Swedbank (SWEDa.ST) with a record fine of 4 billion crowns ($386 million) on Thursday for serious deficiencies in its anti-money-laundering work and said the bank had withheld information from authorities. Sweden’s oldest retail bank saw its share price collapse by a third last year… Read More

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