4th May 2020
As bank regulators have moved their examination process off-site in the midst of the coronavirus pandemic, a debate is unfolding about whether remote supervision should be the way of the future. Off-site monitoring and electronic exchange of documents and data were already key components of exams. And before the virus… Read More
4th May 2020
The United States on Friday imposed sanctions on an Iranian-Iraqi businessman and his mining company, accusing him of involvement in efforts by Iran’s elite Quds Force to generate revenue illegally and smuggle weapons abroad, the U.S. Treasury Department said. Amir Dianat has supported Quds Force smuggling operations for years, including… Read More
4th May 2020
The Financial and Capital Market Commission (hereinafter – the FCMC) and the Joint Stock Company “Citadele banka” (hereinafter – the Bank) have entered into an administrative agreement regarding the inspection of the Bank’s activities carried out by the FCMC in 2018, reaching an agreement by both parties on taking the… Read More
1st May 2020
Bank Hapoalim agreed to pay $874 million to settle U.S. charges that it conspired with American taxpayers to hide more than $7.6 billion in secret Swiss and Israeli accounts, federal prosecutors said, the second-biggest settlement in a decade-long crackdown on offshore tax evasion. The Swiss unit of the bank,… Read More
1st May 2020
An American Express Co. subsidiary mistakenly issued a prepaid card to a German engineer with alleged ties to a black market in nuclear-weapons technology, the Treasury said Thursday. The subsidiary, American Express Travel Related Services Co., provided the card to Gerhard Wisser, whom U.S. authorities have accused of playing… Read More
1st May 2020
Cricket has been almost entirely shut down globally due to the coronavirus pandemic but unwanted scandals continue to taint the sport. Pakistan batsman Umar Akmal has been banned from all levels of cricket for three years after being found guilty of breaking his country’s anti-corruption codes. The 29-year-old, a talented… Read More
30th April 2020
Sanctions are intended to exert economic pressure on targeted groups of persons and countries to either prevent conducting business as usual or, at the very least, make it more expensive to do so. It is hoped that such impediments will cause sanctioned parties to reconsider their course of action and… Read More
30th April 2020
Several Swiss companies and banks have found themselves in the line of fire as the United States ramps up pressure on the Venezuelan government. Washington has sanctioned numerous top officials for money laundering and drug trafficking in the oil-rich but economically flailing Latin American nation. The Venezuelan economy is in… Read More
29th April 2020
Roger Jenkins, a former feted Barclays (BARC.L) rainmaker who was acquitted of fraud charges by a London jury two months ago, has now also been cleared of wrongdoing in a separate regulatory investigation, his lawyer said on Tuesday. Brad Kaufman, co-president of law firm Greenberg Traurig, who has been… Read More
29th April 2020
In February, Abu Dhabi Commercial Bank PJSC Jersey Branch admitted failing to comply with counter-terror and anti-money-laundering regulations relating to two customers who withdrew huge sums of cash at a branch in the United Arab Emirates. It was fined £475,000 and ordered to pay costs of £25,000, after the Royal… Read More