Featured Regulatory Enforcement

ING close to settling money-laundering probe in Italy: sources

Dutch bank ING Groep NV’s (INGA.AS) Italian business has reached a provisional deal with Milan prosecutors to settle a money-laundering investigation by paying 30 million euros ($33 million), two sources familiar with the matter said. The proposed settlement, known as an “agreed penalty”, has yet to be confirmed… Read More

Credit Suisse Blocks Prosecutor Using Critical Finma Report

Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More

€131m worth of suspicious transactions at Satabank

Over 300 reports of suspicious transactions at Satabank worth in excess of €130 million have been flagged by global services firm EY since it was entrusted to administer the bank’s assets by the financial regulator. The move had followed the suspension of the bank’s licence by the Malta Financial Services… Read More
6th December 2019
As the fallout from Westpac’s massive money-laundering scandal continues, compliance officers would be well advised to spend some time reviewing how the bank’s troubles began. For that, we can turn to AUSTRAC’s recent civil action against the lender alleging over 23-million breaches of domestic AML/CTF legislation, each carrying a maximum fine… Read More
5th December 2019
Take the arrest of an Iranian-born Turkish citizen during a jaunt to Disney World. Factor in the irrepressible Rudy Giuliani, who briefly served as the arrested man’s lawyer. Add a dash of Turkey’s authoritarian leader, Recep Erdogan, a favorite of President Donald Trump. Mix in a massive leak of more… Read More
5th December 2019
The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More
4th December 2019
Citigroup has been identified as one of the four correspondent banks in AUSTRAC’s filing against Westpac, initially referred to as ‘Bank A’ in its statement of claim. According to Investor Daily, the Citi transactions came from one of its European arms, using Westpac to clear the payments and… Read More
4th December 2019
U.S. financial regulators need to issue additional guidance for bank examiners charged with reviewing how lenders monitor accounts held for money transmitting businesses, the Government Accountability Office (GAO) said Tuesday.  In a 79-page report on why banks have shed accounts for the firms in recent years, the GAO concluded… Read More
4th December 2019
Swiss financial markets supervisor FINMA must reconsider its confiscation of 95 million Swiss francs ($95.27 million) from Banca della Svizzera Italiana (BSI), after a court called its calculation of the amount seized “incomprehensible”. BSI was bought by EFG International in 2016 from Brazil’s BTG Pactual after becoming tangled in legal… Read More
4th December 2019
Europe’s finance chiefs are to confront a wave of money-laundering scandals within the banking industry by recommending that a regional agency be formed to prevent such crimes. Officials will call on the European Commission, the EU’s executive arm, to further consider and make a proposal for setting up a common… Read More
2nd December 2019
Last week, the Global Forum on Transparency and Exchange of Information for Tax Purposes convened in Paris to discuss international efforts to advance tax transparency. Comprising 158 member jurisdictions, the Global Forum is an OECD initiative that works to address the risks to tax compliance posed by non-cooperative jurisdictions. “Ten… Read More
29th November 2019
Ukraine’s central bank has issued an unprecedented statement accusing local oligarch Ihor Kolomoisky, the former owner of nationalized lender PrivatBank, of orchestrating a campaign of intimidation against the institution and its staff. The National Bank of Ukraine (NBU) has been targeted by protesters accusing the bank’s management of corruption and… Read More
29th November 2019
HSBC Holdings Plc’s head of operational risk, who has been in the role for almost six years, has asked to take a sabbatical. Mark Cooke, whose role involves overseeing non-financial risks such as financial crime, staff misconduct and compliance breaches, has requested a sabbatical, the bank said in an email. Read More