Featured Regulatory Enforcement

UBS pays more than 10 million euros to settle Italy money-laundering probe

An Italian judge has accepted a request by UBS (UBSG.S) to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe. “We are pleased to have resolved this matter,” a UBS spokesperson said in… Read More

Estonia Says It’s Entitled to Majority of Money Laundering Fines

Estonia should get the “majority” of fines that banks under investigation for their roles in Europe’s biggest money-laundering scandals are likely to face, Finance Minister Martin Helme said. “We are talking about hundreds of millions at least, possibly about billions,” Helme said in a post on his Facebook page. Read More

India cannot sacrifice economic strength to comply with U.S. sanctions: Finance Minister

India wants to comply with global sanctions, including U.S. sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday. The United States in January imposed the toughest sanctions yet on Venezuela’s oil industry. The… Read More
15th October 2019
It was a brazen campaign to win business in China by charming and enriching the country’s political elite. The bank gave a Chinese president a crystal tiger and a Bang & Olufsen sound system, together worth $18,000. A premier received a $15,000 crystal horse, his Chinese zodiac animal, and his… Read More
14th October 2019
An Auckland-based money remitter has been penalised $4 million for failure to comply with recently introduced anti-money laundering laws. Justice Mark Woolford decided Jin Yuan Finance should pay $4 million following a lawsuit from the Department of Internal Affairs. The penalty compares with $5.29 million awarded against Ping An Finance… Read More
11th October 2019
Betfred will face a fine of £322,000 ($395,000) after a Gambling Commission (GC) investigation found the operator failed to carry out adequate source of funds checks on a customer. Over a 12-day period in November 2017, a Betfred customer deposited £210,000 and lost a total of £140,000. The customer, who… Read More
8th October 2019
When the board of Westpac approves the bank’s 2019 financial statements in the next few weeks it will have to confront the tricky issue of how to deal with nine years worth of breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act. The board looked at the issue in… Read More
7th October 2019
Malaysia has fined 80 individuals and entities for allegedly receiving money from state fund 1MDB, the country’s anti-graft chief said on Monday. Malaysian and U.S. investigators say about $4.5 billion was misappropriated from 1Malaysia Development Berhad (1MDB), set up in 2009 by former Prime Minister Najib Razak. Najib, who lost… Read More
7th October 2019
AP — The conflict between Iran and the U.S. that has created tensions throughout much of the Middle East is now also being felt in Lebanon, where Washington has slapped sanctions on the Iran-backed Hezbollah and warned they could soon expand to its allies, further deepening the tiny Arab country’s… Read More
30th September 2019
Barclays PLC has agreed to pay $6.3 million to settle charges from the U.S. securities regulator it violated bribery laws by hiring the children and relatives of high-ranking decision makers to win business. The case involves the London bank’s hiring practices in Asia. From at least April 2009… Read More
27th September 2019
Investors in Philippine Offshore Gaming Operations (Pogos) are also required to report suspicious transactions to the Anti-Money Laundering Council (AMLC) to prevent the growing online casino industry, catering mainly to Chinese players, from becoming a conduit for money laundering. At the Senate finance committee hearing on AMLC’s proposed 2020 budget,… Read More
25th September 2019
A payment company owned by Satabank’s director and shareholder was the St Julian’s bank’s main client, raising fears among the authorities that the set-up was exposing the bank to the risk of criminal activity. A source formerly associated with the bank told Times of Malta that in some cases, thanks… Read More
25th September 2019
PricewaterhouseCoopers LLP is preparing to pay about $8 million to settle claims of improper professional conduct and violating auditor independence rules, the U.S. Securities and Exchange Commission said Monday. The regulator said it also charged Brandon Sprankle, a partner at the Big Four audit firm, for causing the firm to… Read More