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Deloitte fined record £15m over ‘serious and serial failures’ in Autonomy audit

Deloitte has been ordered to pay a record £15 million fine for “serious and serial failures” in its audit of Autonomy, the British software company at the centre of one of the country’s largest civil fraud cases. The accounting firm and two of its former partners were found by a… Read More

US imposes sanctions on Iranian intelligence, Hezbollah-linked targets in Lebanon

The United States rolled out sweeping new sanctions on Thursday, blacklisting cyber actors the Donald Trump administration says are backed by Iranian intelligence and Lebanon-based targets it says are linked to Hezbollah. The US Department of Treasury sanctioned two Lebanon-based companies, Arch Consulting and Meamar Construction, for alleged links to the… Read More

State Street bank hit with million-dollar money laundering fine in Australia

The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws. The US-based State Street bank has been hit with a $1.24 million infringement notice for failing to declare international transfer instructions that potentially left it exposed to organised crime, terrorism,… Read More

15th September 2020

U.S. Regulators Prepare to Reprimand Citigroup for Failing to Improve Risk Systems

Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures designed to detect problematic transactions, risky trades and anything else that could harm the bank. The expected rebuke from the Office of the Comptroller of the Currency and… Read More

14th September 2020

FCA Dropped Half of Its Criminal Money Laundering Cases in 2020: FT

The UK’s Financial Conduct Authority (FCA) has dropped half of its criminal probes into alleged violations of money laundering rules since the beginning of the year and has yet to bring a single prosecution of the crime, the Financial Times reported Monday. Citing data obtained via a freedom of… Read More

14th September 2020

Deutsche’s Compliance Procedures Limit Damage of Sanctions Settlement

A U.S. unit of Deutsche Bank AG paid a fraction of the maximum penalty it could have faced to settle alleged sanctions violations, as the Treasury Department pointed to the bank’s compliance efforts and cooperation as mitigating factors. Deutsche Bank Trust Co. Americas agreed to pay $583,100 in settlements… Read More

14th September 2020

B.C. court orders Mexican businessman to produce documents in alleged money-laundering case

B.C. Supreme Court has stipulated that a Mexican businessman must produce documents within 30 days in a B.C. forfeiture case. The case involves two Kelowna-areas properties the province alleges were used to launder money linked to a $200-million plus international stock fraud. Following the consent of the parties, the court… Read More

11th September 2020

Deutsche Bank will Pay $583K to Settle Violation of Sanctions

The U.S. Department of Treasury announced on Wednesday that the largest German investment and financial services provider Deutsche Bank has agreed to pay two settlements totaling US$583,100 for facilitating transactions that violated Ukraine-related sanctions. According to the department’s Office of Foreign Assets Control (OFAC) enforcement release, Deutsche Bank would… Read More

11th September 2020

Westpac’s Peter King cautious on Pacific after AUSTRAC

Westpac chief Peter King said the consequences of breaching anti-money laundering laws are so large that the bank can’t guarantee it will be able to continue to provide remittance services for workers in Australia looking to send money home to the Pacific. Briefing the House of Representatives economics committee on… Read More

11th September 2020

Ex-VW CEO to face charges of organized commercial fraud

Former Volkswagen (VOWG_p.DE) Chief Executive Martin Winterkorn will face charges of conspiracy to commit organized commercial fraud with a high likelihood of conviction, a court probing the carmaker’s diesel emissions scandal said on Wednesday. A court in Braunschweig, Germany, near where Volkswagen is headquartered, expanded the list of charges… Read More

11th September 2020

Deutsche Bank hires Barr friend to up its game in Washington

Deutsche Bank AG, whose global operation is under the microscope of U.S. lawmakers and criminal investigators, has enlisted an old friend of U.S. Attorney General William Barr to help the bank navigate the political waters in Washington. The decision came from Frankfurt, where the bank’s supervisory board led by… Read More

10th September 2020

Regulators investigate elite London law firm Mishcon de Reya

One of the UK’s most prestigious law firms is being investigated by regulators who have spent at least two years examining it, sending investigators into its central London offices. The Guardian has established that the Solicitors Regulation Authority (SRA) is conducting a complex investigation into Mishcon de Reya, involving… Read More

10th September 2020

Credit Suisse Wins Bid to Keep Money Laundering Report Secret

Credit Suisse Group AG won a bid to stall the release of a report into how it failed to prevent fraud and money laundering by one of its former star bankers, Patrice Lescaudron. A Geneva appeals court issued a suspension order late last month to temporarily keep the two-year-old… Read More

Must Read

Inside scandal-rocked Danske Estonia and the shell-company ‘factories’ that served it

HSBC moved vast sums of dirty money after paying record laundering fine

European Regulators Failed to Spot Suspicious Money Flooding Through Latvia’s Banks

How banks helped Venezuela’s ‘boligarchs’ extract billions

ING Bank Worked for Russian Money Laundering Network