Featured Regulatory Enforcement

Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership

Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues. The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up… Read More

Australia: ‘Greedy’ bankers put profit before customers, Commission findings show

A key government-appointed inquiry into misconduct and other issues within the Australian banking sector has highlighted a need to reform culture within the industry, and revealed issues of ‘greed’ within industry, where the drive for profit supersedes customer care. In its final report published on Monday, the Royal Commission said… Read More
1st February 2019
Danish and Estonian financial regulators are blaming each other for the Danske Bank money laundering scandal, which has highlighted the need for better cross-border surveillance. Denmark’s largest lender is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its… Read More
1st February 2019
Standard Chartered has landed in trouble with US authorities after it was found to have failed to effectively supervise its forex (fx) business and ensure compliance with laws. On Tuesday, the New York Department of Financial Services (DFS) said it has fined the bank $40 million for attempting to rig… Read More
31st January 2019
A US court has ordered the owner of a company that ran a billion-dollar Ponzi scheme to pay a $100 million penalty and disgorge about $19 million in ill-gotten gains. The company and its 281 related firms were also ordered to pay $892 million in disgorgement. According to the… Read More
29th January 2019
The European Commission has urged member states to ensure that applicants for investor citizenship and residency, dubbed golden passports and golden visas respectively, comply with EU anti-money laundering rules after a new study revealed financial crime risks associated with the schemes. The ‘comprehensive’ study identified the existing practices and risks… Read More
29th January 2019
The Financial Reporting Council (FRC) has opened a new probe into Big Four accountancy firm KPMG regarding collapsed business Carillion. British construction firm Carillion went into liquidation after stacking up huge debts and losing money on contracts. Following the development, the regulator launched an investigation in January 2018 into… Read More
28th January 2019
Malaysia’s securities regulator said on Saturday it was looking into the conduct of auditors of 1Malaysia Development Bhd (1MDB), a state fund that was wound up after losing billions of dollars in a scandal that erupted under the country’s previous government. “The Securities Commission’s review of the conduct of… Read More
24th January 2019
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
24th January 2019
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
22nd January 2019
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