Featured Regulatory Enforcement

Internal Affairs probes second Auckland church over cryptocurrency links

The Department of Internal Affairs (DIA) is investigating an Auckland church with links to a multi-billion dollar cryptocurrency labelled a scam. It’s the second church to be investigated by the department involving the OneCoin scheme, whose leaders have been charged with fraud by US authorities. In New Zealand, according… Read More

Maltese gaming firm averts sanctions after record fine

A company that illegally processed millions of euros worth of payments for an online gambling operation will not face any criminal charges after reaching a €2.34 million settlement with the Malta Gaming Authority. An industry source familiar with the settlement said the authorities had decided to close off the case… Read More

Italian court confirms ING new customer ban in money laundering case

An Italian court on Thursday backed a decision last year by supervisors at the Bank of Italy prohibiting Dutch lender ING from taking on new customers in Italy over a money laundering case. The central bank also ordered the lender to remove its Italian CEO. The Bank of Italy measure,… Read More
17th January 2020
Portugal’s central bank is carrying out an inspection of small local lender Eurobic, in which Angolan billionaire and former first daughter Isabel dos Santos is the main shareholder, to assess its procedures against money laundering, Eurobic said. Responding to questions from Reuters, the unlisted bank said on Thursday it was… Read More
14th January 2020
India’s Supreme Court has allowed the federal anti-money laundering agency to seize assets of JPMorgan Chase & Co.’s India unit, if needed, for allegedly violating foreign investment rules, according to a lawyer who was part of the proceedings. The court had in July asked the Enforcement Directorate to probe… Read More
14th January 2020
In the years since South Sudan declared independence in 2011, the U.S. has been its principal backer, supporting the government of the world’s newest nation despite its wars, rights abuses and corruption. Now, with the threat of famine looming after a series of missed deadlines for the country’s warring factions to form a unity government,… Read More
13th January 2020
British companies were fined nearly £300 million for breaching anti-money laundering rules last year, with the UK second only to the US in terms of the number of penalties handed out. Regulators in the UK imposed 12 money laundering fines last year — about half the number in the… Read More
13th January 2020
At Danske Bank A/S, the cost of adapting to a world intensely focused on financial crime just keeps growing. In an interview in Stockholm, the chief executive of Danske in Sweden, Johanna Norberg, said “the peak” level of investment to meet anti-money laundering requirements has “not yet been reached.”… Read More
10th January 2020
Poland’s state prosecutor has indicted the former head of the country’s financial regulator on corruption charges, in one of the most prominent cases of alleged corruption in the European Union member state in recent years. A spokeswoman for the prosecutor said on Thursday the indictment of Marek Chrzanowski was sent… Read More
10th January 2020
Chaos theory is a branch of mathematics that says that random events actually follow patterns that are heavily dependent on the initial conditions. Simply put, how things behave chaotically depends on the initial shove to the otherwise-stable environment – but, ultimately, they are logical, not random. Sadly, this describes the… Read More
8th January 2020
The prudential regulator has described the risk and compliance functions of the nation’s largest financial institutions as in need of urgent overhaul, as it completes a deep dive of the systems that permitted banks to break money laundering laws millions of times and wrongly charge customers billions in fees. Early… Read More
8th January 2020
Malaysian investigators played audio recordings of former premier Najib Razak seeking help from people including a member of Abu Dhabi royalty and former prosecutors to try to untangle himself from the 1MDB scandal in 2016. One of the clips show Najib reaching out to Abu Dhabi’s Crown Prince… Read More
7th January 2020
A “dual filing system” at the shuttered Pilatus Bank meant key documents may have been withheld from the MFSA and FIAU during a 2016 review of the bank’s operations. The existence of this ‘hidden’ filing system was revealed to the Egrant inquiry during testimony by Pilatus auditors KPMG. KPMG managing… Read More