6th February 2020
A Middle-Eastern bank has been fined £475,000 by Jersey’s Royal Court for failing to abide by money-laundering laws. The Abu Dhabi Commercial Bank Jersey Branch (ADCBJ) pleaded guilty to failing to have appropriate or consistent policies and procedures in place relating to risk management and transaction monitoring. The Court said… Read More
6th February 2020
Compliance officers in the financial services industry face “unnecessary risks” that undermine effectiveness and regulatory goals, according to a new report by the Compliance Committee of the New York City Bar Association, which explored ways in which the compliance community and regulatory agencies can better achieve their shared goals. Read More
5th February 2020
The U.S. Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc executive from the banking industry over his role in Malaysia’s multi-billion-dollar 1MDB corruption scandal. Andrea Vella, who was co-head of Goldman’s Asia investment bank in 2012 and 2013, failed to escalate information he… Read More
31st January 2020
It could be difficult for U.S. authorities to fine Danske Bank A/S for its involvement in a multibillion-dollar money-laundering scandal in the Baltics, according to legal experts speaking to S&P Global Market Intelligence. In previous money-laundering cases, U.S. authorities have issued penalties under regulation that only covers U.S.-licensed banks, making… Read More
31st January 2020
By Robert Diab, Thompson Rivers University People have long been drawn to Vancouver’s idyllic coastal mountain setting. The region’s strong civil liberties and stable economy convince many of them to stay, and Vancouver has thrived with its diverse set of residents. But the city has also become a… Read More
31st January 2020
Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal. The Danish Business Authority said the auditors’ work on the bank’s 2014 financial statements “was… Read More
30th January 2020
On January 23, 2020, the Internal Revenue Service published a news release titled “Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasion.” The announcement highlighted a coordinated effort across the United Kingdom, United States, Canada, Australia and the Netherlands to combat money laundering and… Read More
30th January 2020
The Trump administration on Wednesday placed sanctions on leading Russian-backed officials in Crimea, the Black Sea peninsula that was part of Ukraine before Russia claimed it in 2014 and set off the biggest East-West confrontation since the Cold War. The sanctions targeting seven officials and a railway company connecting Russia… Read More
30th January 2020
As British Columbia’s government rolled out new laws aimed at cracking down on massive, questionable transactions flowing through casinos on Canada’s West Coast, the number of suspicious cash investigations in Ontario’s casinos more than doubled in 2018, a Global News investigation has found. Experts fear the international drug cartels… Read More
30th January 2020
On December 12th of last year, OFAC issued a Finding of Violation (“Finding”) to Aero Sky Aircraft Maintenance, Inc. (“Aero Sky”) for two apparent violations of the Global Terrorism Sanctions Regulations (GTSR). At the time of OFAC’s action, Aero Sky was no longer in business. However, OFAC noted in… Read More