Featured Regulatory Enforcement

U.S. Fed investigating Deutsche’s role in Danske money laundering – Bloomberg

The U.S. Federal Reserve is investigating Deutsche Bank’s role in a money laundering scheme that has embroiled both it and Denmark’s Danske Bank, Bloomberg reported on Wednesday. Bloomberg, citing unnamed people familiar with the matter, said that the Fed’s investigation was at an early stage. – By Tom Sims and… Read More

London lawyer fined for anti-money laundering failures, PEP issues over wealthy clients

A solicitor, who was also a money laundering reporting officer (MLRO), has been fined £45,000 for failing to conduct anti-money laundering checks for wealthy clients believed to be linked to the Panama Papers scandal. Khalid Mohammed Sharif, a partner at London-based Child & Child, was involved in the law firm’s… Read More

French watchdog slaps Google with $57M fine under new EU law

AP — France’s data privacy watchdog fined Google 50 million euros ($57 million) on Monday, the first penalty for a U.S. tech giant under new European data privacy rules that took effect last year. The National Data Protection Commission said it fined the U.S. internet giant for “lack of transparency,… Read More
22nd January 2019
The president of German financial watchdog BaFin has urged firms to treat the fight against money laundering as a ‘very high priority,’ and called for better coordination in Europe to tackle the crime. In a recent speech, BaFin chief Felix Hufeld referred to reports of suspected cases of money laundering… Read More
21st January 2019
AP – Facebook may be facing the biggest fine ever imposed by the U.S. Federal Trade Commission for privacy violations involving the personal information of its 2.2 billion users. The FTC is considering hitting Facebook with a penalty that would top its previous record fine of $22.5 million , which… Read More
18th January 2019
The Financial Conduct Authority (FCA) has announced details of fines published so far during the calendar year ending 2019. The penalties amount to around £79 million. Tabled figures show that on 16 January this year it fined ex-Keydata Investment Services CEO Stewart Owen Ford £76 million for ‘failing to… Read More
18th January 2019
The United Kingdom’s tax authority HM Revenue and Customs (HMRC) has published a list of its top cases of 2018, which features money launderers, smugglers and a globe-trotting tax fugitive. HMRC said its fraud investigations have led to 671 individuals being convicted in over the last 12 months for their… Read More
16th January 2019
Britain’s financial watchdog has dropped a criminal probe into Credit Suisse related to an alleged fraud in Mozambique, but is still checking the bank and individuals for any breaches of conduct rules, the watchdog said on Tuesday. In 2016, the Financial Conduct Authority (FCA) launched an investigation into the Swiss… Read More
16th January 2019
The Financial Conduct Authority (FCA) has reportedly launched an investigation into working culture at investment bank RBC Capital Markets following the dismissal of RBC workers who were mistreated after they raised concerns about compliance issues at the bank. According to media reports, former RBC employees have spoken to the FCA… Read More
11th January 2019
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
9th January 2019
AP — The leaders of seven House committees are calling on Treasury Secretary Steven Mnuchin to explain why the United States is easing sanctions on companies linked to Russian oligarch Oleg Deripaska. It’s one of the first moves of the new Democratic House to scrutinize… Read More
7th January 2019
Karsten Dybvad is putting on a brave face. Danske Bank’s new chairman recently insisted that the Copenhagen-based lender did not face an “existential crisis”, despite helping clients launder up to 200 billion euros between 2007 and 2015 via a Baltic subsidiary. In 2019 that will be put to the… Read More
31st December 2018
AP — A Miami biotech billionaire with his name on the city’s science museum says he has reached an agreement with the Securities and Exchange Commission to settle a civil complaint of stock fraud. Phillip Frost and OPKO Health were charged in September in long-running fraudulent schemes that generated over… Read More