24th June 2020
The Financial Markets Authority is taking a company to court over nearly $50 million worth of transactions that it alleges breached the anti-money laundering act. The authority has filed proceedings in the High Court at Auckland against CLSA Premium New Zealand Ltd, formerly KVB Kunlun New Zealand Ltd. CLSAP NZ… Read More
23rd June 2020
Hong Kong’s market watchdog fined a unit of Chinese securities broker Guotai Junan Securities HK$25.2 million ($3.25 million) for “multiple internal control failures” concerning anti-money laundering and other areas. Guotai Junan Securities (Hong Kong) had failed to detect numerous potentially suspicious transactions or report them appropriately, the Securities and Futures… Read More
22nd June 2020
The recent Civil Monetary Penalty (CMP) imposed by the Office of Foreign Assets Control (OFAC) on BIOMIN America (“BIOMIN”) seems appropriate, although the stated reasons for the penalty’s amount seem strange, given the facts in evidence. However, if you re-examine the entire fact pattern, there are better lessons to… Read More
19th June 2020
The National Bank of Hungary (MNB), serving as the country’s financial regulator, said on Wednesday that it has fined six banks a combined 124.2 million forints (EUR 360 thousand) for shortcomings related to the prevention of money laundering and terrorist financing. MagNet Bank, UniCredit Bank, Erste Bank, Sberbank, OTP Bank… Read More
18th June 2020
The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients. The Financial Conduct Authority (FCA) said the German business bank had failed to put money-laundering controls in place over a period of five years, despite three separate warnings from the regulator. Read More
17th June 2020
The odds of Westpac settling the damaging AUSTRAC case for more than a billion dollars have shortened after the financial crime regulator showed it was willing to stick with the same strategy it used successfully just two years ago to extract a big penalty from Commonwealth Bank. As the two… Read More
15th June 2020
Westpac Banking Corp. is being investigated over a further 272 customers linked to potential child abuse, and could face tens of thousands more breaches of anti-money laundering laws. Australia’s oldest bank last month admitted to the vast majority of 23.5 million breaches of money-laundering and terrorism financing laws… Read More
11th June 2020
Swiss private bank Julius Baer (BAER.S) faces investigation by watchdog FINMA over whether it followed correct procedures against money laundering in its ties with a former Argentine client, the Neue Zuercher Zeitung newspaper said on Wednesday. The bank, which has previously been censured by FINMA over its efforts to… Read More
11th June 2020
The Solicitors Regulation Authority will test a sample of firms’ anti-money laundering policies every month as it ramps up efforts to combat misconduct in the profession. The regulator will also expand visits to every high-risk firm on a three-year rolling basis, along with visiting a sample of lower risk firms. Read More
3rd June 2020
The Cayman Islands Monetary Authority has revoked the banking licence of Hinduja Bank. The Cayman subsidiary of the Geneva-based private bank is likely to become insolvent, has contravened anti-money laundering rules, and not been managed in a fit and proper manner, according to a decision notice by the regulator. The… Read More