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What to Expect From U.S. White-Collar Prosecutions in 2020

The new year promises to be an interesting one in white-collar crime. Goldman Sachs is negotiating with the Justice Department to pay a penalty of about $2 billion for its role in the 1Malaysia Development Berhad scandal, known as 1MDB. Accounting fraud became a particular focus of the Justice… Read More

India Court Allows Seizing JPMorgan’s Assets in Real Estate Case

India’s Supreme Court has allowed the federal anti-money laundering agency to seize assets of JPMorgan Chase & Co.’s India unit, if needed, for allegedly violating foreign investment rules, according to a lawyer who was part of the proceedings. The court had in July asked the Enforcement Directorate to probe… Read More

Australia’s prudential regulator lashes banks over risk failures

The prudential regulator has described the risk and compliance functions of the nation’s largest financial institutions as in need of urgent overhaul, as it completes a deep dive of the systems that permitted banks to break money laundering laws millions of times and wrongly charge customers billions in fees. Early… Read More

31st December 2019

$10,000 in a Coffee Cup: 8 Swept Up in N.J. Political Corruption Cases

One aspiring politician is accused of getting her bribe in a coffee cup chock-full of $100 bills. Another, a mayoral hopeful, of receiving his at his campaign headquarters in a bag stuffed with $10,000. There was also a councilman who accepted a cash-stuffed envelope from a man who explicitly asked… Read More

24th December 2019

Ex-HSBC North America Interest Rate Head Sued for Fraud

The former head of HSBC Holdings Plc’s North American interest rates business was sued for fraud by the U.S. Commodity Futures Trading Commission. Christophe Rivoire helped manipulate the price of an interest rate swap between the bank and a bond issuer, the CFTC said in a complaint filed Friday in… Read More

23rd December 2019

The “12 days of Compliance”

On the first day of Christmas, the industry gave to me…the most common recurring issues and potential pitfalls across a firm’s governance, compliance and control environment. Christmas comes but once a year, but compliance obligations apply all year round. Unfortunately, when it comes to compliance programmes this Christmas, UK financial… Read More

16th December 2019

UK Regulators Mandating More External Probes in Financial Crime Crackdown: FT

UK regulators are increasingly ordering independent investigations into financial institutions due to concerns over money laundering and white-collar crime, according to data cited by the Financial Times. The Financial Conduct Authority (FCA) and the Bank of England (BoE) ordered 51 “skilled persons’ reports” in the 2018-2019 fiscal year—a 16-percent… Read More

29th November 2019

The Case of Sergei Magnitsky: Questions Cloud Story Behind U.S. Sanctions

There’s a tombstone in northeastern Moscow that bears the portrait of a man with a friendly yet somewhat uneasy smile. His name is Sergei Leonidovich Magnitsky. He was born in April 1972 in Odessa, Ukraine, and died in November 2009 in Moscow. To this day, 10 years after the fact,… Read More

29th November 2019

Top HSBC Risk Head to Take Sabbatical as Bank Faces BOE Warnings

HSBC Holdings Plc’s head of operational risk, who has been in the role for almost six years, has asked to take a sabbatical. Mark Cooke, whose role involves overseeing non-financial risks such as financial crime, staff misconduct and compliance breaches, has requested a sabbatical, the bank said in an email. Read More

29th November 2019

Scandal-Hit Westpac to Refund Some Buyers of New Shares

Australia’s Westpac Banking Corp offered to refund people who bought new shares weeks before a lawsuit accusing it of millions of breaches of money laundering laws, a move some investors said was to fend off criticism about its transparency. The country’s oldest and second-largest bank has… Read More

15th November 2019

Activists Worry Britain’s Financial Watchdog Is Losing Its Zeal

About seven years ago, the U.K. agency set up to prosecute errant executives and publicly traded companies started taking on some meaty cases. The Serious Fraud Office investigated everything from derivative traders to top brass at blue-chip darlings Barclays Plc and engine maker Rolls-Royce Holdings Plc. Now some academics,… Read More

14th November 2019

State Bank of Pakistan fines HBL over non-compliance of regulatory requirements

The State Bank of Pakistan (SBP) had fined Habib Bank Limited (HBL) an amount of Rs35.62 million on October 4 for violating regulations. According to a notice issued by the SBP, the penalty was imposed mainly on the “deficiencies” in HBL’s foreign exchange operations and Customer Due Diligence (CDD). “The… Read More

14th November 2019

Basel Committee Seeks Cooperation Between Prudential and AML Supervisors

The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting. The BCBS (Basel Committee on Banking Supervision) is proposing revisions to strengthen the interaction and cooperation between prudential and AML/CFT supervisors. The proposed changes to its June 2017… Read More

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