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
20th May 2020
Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More
20th May 2020
First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers. The agency alleged that ex-vice… Read More
19th May 2020
Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined Southwest Securities HKD 5 million (USD 645,000) for failures to comply with AML/CFT requirements in 2016. Specifically, the SFC found that Southwest failed to implement adequate and effective policies and procedures to mitigate the risk of money laundering and… Read More
15th May 2020
Australia’s Westpac Banking Corp (WBC.AX) said in a defence filing in Federal Court on Friday it was admitting to a number of failures in a case where it has been accused of 23 million breaches of anti-money laundering and counter-terrorism laws. The country’s second largest bank admitted it had… Read More
14th May 2020
The Federal Reserve has issued a fresh rebuke over Deutsche Bank AG’s money-laundering controls, according to a person familiar with the situation. The Fed’s move comes as Deutsche Bank tries to prove to investors and regulators that it is cleaning up its act under an overhaul that started last… Read More