2nd June 2020
The Chinese unit of European banking giant BNP Paribas SA was fined 2.7 million yuan ($378,200) by China’s central bank for failure to verify client identification and report large and suspicious transactions as required. Three senior executives of BNP Paribas (China) Ltd., a wholly owned subsidiary of the Paris-based bank, were also… Read More
27th May 2020
Polish prosecutors have started an investigation into suspected money laundering at a small state-controlled lender BOS Bank, Dziennik Gazeta Prawna daily said on Tuesday, quoting an unnamed source. The regional prosecutor’s office in Katowice in southern Poland said in an emailed statement to Reuters: “An investigation has been initiated in… Read More
27th May 2020
The UK’s HM Revenue & Customs significantly ramped up its use of a new authority to freeze dirty money during the tax year that ended in March, the Financial Times reported Wednesday. During the 12-month period, the tax agency invoked account freezing orders (AFOs) to target 166 bank and building society… Read More
27th May 2020
The hashish was packed in milk cartons, a total of four tons of the stuff, carefully packed in 19,000 individual Tetra Paks. Customs officials discovered the cargo in mid-April on a ship in the Egyptian port of Said. It had come from Syria, and it was presumably bound for Libya,… Read More
27th May 2020
The novel coronavirus outbreak and economic fallout is proving to be a bonanza for whistleblower lawyers as the U.S. securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid. The Securities and Exchange Commission (SEC) fielded about 4,000 complaints from… Read More
26th May 2020
Pilatus Bank has been fined for past failures to provide information to the Financial Intelligence Analysis Unit, Malta’s anti-money laundering body. In a letter tabled in parliament, the bank’s administrator Lawrence Connell acknowledged payment of the €10,000 fine in December 2019. Connell said the bank was fined for its failure… Read More
26th May 2020
The value of a prudential standard that demands banks review their risk management framework but does not require the bank or the regulator to act on it has been questioned by a Labor senator. Senator Deborah O’ Neill said confusion over the purpose of CPS 220 Risk Management rendered the… Read More
22nd May 2020
Brazil’s biggest private banks are not out of the woods yet. On Wednesday, Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (CADE), voted to continue its investigation of banks who denied financial services to crypto brokers in alleged violation of Brazilian competition law. CADE’s nearly two-year-old inquiry into… Read More
22nd May 2020
A plan to boost European Union powers to curb the flow of dirty money through banks faced resistance at an EU meeting from member states recently hit by major money-laundering and financial fraud scandals, three officials told Reuters. The EU is discussing how to strengthen its scrutiny of the financial… Read More
21st May 2020
The novel coronavirus could slow investigations into corporate wrongdoing by prosecutors, regulators and federal agents as shelter-in-place orders and other restrictions force delays to crucial steps in their work. Some investigative activities, including ones requiring travel or face-to-face meetings, are taking more time, and that could raise concerns for time-sensitive… Read More