Featured Money Laundering

Danske Bank executives waive 2018 bonuses after scandal

Former and current members of Danske Bank’s executive board have waived bonuses for 2018 because of the money laundering scandal linked to the bank’s Estonian branch. Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over 200 billion euros ($226 billion) in payments that were… Read More

Banca d’Italia orders client stop at ING in fight against money laundering

The Italian central bank on Saturday said Dutch lender ING is not allowed to take on new customers in Italy as long as it has not improved its monitoring of client behavior. The measure follows inspections by Banca d’Italia from October last year until the beginning of 2019, which showed… Read More

Malaysia to summon two Goldman Sachs units ahead of 1MDB case

Malaysian prosecutors on Monday said they would issue summonses to units of U.S. investment bank Goldman Sachs in London and Hong Kong, requiring them to respond by June to criminal charges filed against them last year. Soon after being elected in May, 2018, a new government charged three units of… Read More
18th March 2019
AP — As the Hungarian prime minister’s conflicts with the European Union appear headed to a breaking point, calls are increasing for greater scrutiny of his government’s spending of the bloc’s funds. An opposition lawmaker in Hungary has gathered more than 470,000 signatures to pressure Prime Minister Viktor Orban into… Read More
18th March 2019
Brazil’s Supreme Court ruled on Thursday that corruption cases involving illegal campaign donations should be handled by electoral courts, a move that some prosecutors warned could hurt their groundbreaking crusade against graft. Six justices on the nation’s top court cast votes in favor of sending to electoral courts all cases… Read More
18th March 2019
KYC360.com readers will be aware of the asset forfeiture order granted to UK authorities in February to seize more than £466,000 from a London student living in a luxury apartment off Cadogan Square in Knightsbridge. The young man, as one might imagine, was no ordinary student. Rather, the agency had targeted… Read More
18th March 2019
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
14th March 2019
After suddenly withdrawing an announcement in December that it would suspend ‘golden’ visas, the United Kingdom has now announced a change to the application process for the immigration rules which have been strongly criticised for being a gateway for money launderers to settle in the country. Under the changes announced… Read More
13th March 2019
European lawmakers and member states have agreed on a new set of rules which will guarantee whistleblowers protection against demotion and dismissal when they report money laundering, tax fraud and other financial crimes. Under the provisional regulations setting EU-wide standards of protection, whistleblowers will be protected in judicial proceedings. Read More
13th March 2019
A Philippine bank has filed a lawsuit accusing Bangladesh’s central bank of defamation, hitting back at what it says are baseless claims of its complicity in the world’s biggest cyber heist. In February 2016, criminals used fraudulent orders on the SWIFT payments system to steal $81 million from the Bangladesh… Read More
13th March 2019
A London-based compliance officer looks back at some of the requests he came across and tells KYC360 how he reacted on the occasions he smelt trouble. He did not wish to disclose his name and details. Being a compliance officer has some highs and lows, and some colourful moments too. Read More
12th March 2019
Foreign deposits dropped in most euro zone states in the second half of 2018, after banks were hit by money-laundering scandals, European Central Bank data showed, a trend that could expose one of the bloc’s weak spots in tackling financial crime. Large holdings of foreign deposits and outsized cross-border financial… Read More
12th March 2019
A leading Putin critic has reportedly hit out at the United Kingdom’s attempts to address financial crime and sanctions against the Russian government and oligarchs, saying ‘nothing is happening’ to tackle money laundering. Russian opposition leader Alexei Navalny slammed existing Western sanctions as “chaotic” and urged authorities to refocus to… Read More