Featured Regulatory Enforcement

UK’s financial watchdog goes real-time to catch online criminals

Britain’s financial regulator has to make daily sweeps of the internet to warn about online scams in real time and keep pace with fraudsters who are often based outside the country, one of its officials said on Monday. Mark Steward, the Financial Conduct Authority’s (FCA) director for enforcement, said the… Read More

U.K.’s Financial Conduct Authority Bans Lithuanian FinTech Linked to Wirecard Fraud

U.K. officials have banned UAB Finolita Unio from operating in the country following a decision last week by the Bank of Lithuania to revoke the firm’s license over its alleged “severe infringement” of anti-money laundering (AML) and counterterrorism financing (CTF) laws. The U.K.’s Financial Conduct Authority (FCA) published the decision… Read More

ECB tells Deutsche Bank to find new chairman fast – sources

The European Central Bank has asked Deutsche Bank a number of times in recent months to name a successor to chairman Paul Achleitner as the end of his term nears, two people with knowledge of the matter said. Achleitner is due to retire next May after 10 difficult years in… Read More
11th June 2021
Victoria’s royal commission into Crown Resorts has been extended substantially and had its funding doubled “due to the seriousness of evidence” heard so far, which has broadened the scope of the probe. Acting Premier James Merlino granted Commissioner Raymond Finkelstein’s request to continue the investigation until mid-October and increase its… Read More
10th June 2021
The National Australia Bank has extensively used casual workers in its financial crimes department, adding to concerns about its ability to clean up its anti-money laundering compliance following a rebuke from the regulator this week. The Age and Sydney Morning Herald can reveal that NAB has been using contractors in… Read More
9th June 2021
Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More
7th June 2021
Australia is expanding an investigation into casinos over a potential breach of money laundering laws. Owners of the main casinos in Australia’s five biggest cities are now under formal investigation. National Australia Bank (NAB) and casino operators Crown Resorts, Star Entertainment Group and SkyCity Entertainment Group have all been included. Read More
7th June 2021
A proposed framework guiding decisions to bring enforcement actions against financial sector chief compliance officers aims to address growing concern over the individual liability of compliance professionals. The proposed framework, released Wednesday by the New York City Bar Association, asks regulators to evaluate 12 affirmative factors and three mitigating factors… Read More
4th June 2021
Having hunted everyone from high-powered politicians to lowly bureaucrats, China’s graft busters are now trying to reach back in time, scouring old case files to find possible wrongdoing that authorities had overlooked or chosen not to pursue. Communist Party investigators have hauled in a string of long-serving and former officials… Read More
3rd June 2021
Many cryptocurrency firms are not meeting Britain’s anti-money laundering and financing rules and, as a result, unprecedented numbers of them have withdrawn applications to register with the country’s financial watchdog, it said on Thursday. The Financial Conduct Authority (FCA) said it would extend the date of its temporary registrations regime… Read More
1st June 2021
The Federal Reserve told Deutsche Bank AG in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter. The Fed’s frustration has escalated to a point that the bank could be fined, the people said. Deutsche Bank… Read More
31st May 2021
Michael McDowell warned his fellow senators in February to think twice before rubber-stamping the EU’s latest anti-money laundering (AML) directive. Even though Ireland was more than a year late in putting the directive on the statute books, a delay that is likely to cost €2 million in fines from Brussels,… Read More
28th May 2021
For a savvy banker, the way Jean-Marc Forneri moved funds around in 2014 was curious, to say the least. That year, Forneri — who over a high-profile career advised a French finance minister, climbed to the top ranks at Credit Suisse Group AG and ran his own M&A firm… Read More