Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges
18th February 2019
Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges
Roger Ng, a former Goldman Sachs Group Inc banker caught up in the 1Malaysia Development Berhad (1MDB) fraud scandal, will be allowed to return to the United States to face criminal charges against him there, a Malaysian court ruled on Friday. Ng has been detained in Kuala Lumpur since Nov. Read More
FBI raids Puerto Rico bank amid Venezuela sanction probe
18th February 2019
FBI raids Puerto Rico bank amid Venezuela sanction probe
AP — FBI agents raided a bank in Puerto Rico Wednesday amid allegations over violations of U.S. sanctions imposed on those who do business with Venezuela’s government. FBI spokesman Luis Rivera-Santana told The Associated Press that agents had a search warrant to identify funds that might… Read More
London money laundering: Faces behind scam targeting elderly man revealed
15th February 2019
London money laundering: Faces behind scam targeting elderly man revealed
(Convicted launderer: Avinash Kakumanu) Two men have been jailed and another given a suspended sentence for their part in a fraud which saw a London-based 84 year-old man lose over £70,000. Avinash Kakumanu, Dinesh Alavala and Ranjit Nellikondi tricked the victim into believing he was helping the authorities. According to… Read More
Banks have not moved enough staff from London to EU for Brexit: Bundesbank
15th February 2019
Banks have not moved enough staff from London to EU for Brexit: Bundesbank
FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More
Prominent art dealer sentenced to prison for tax fraud
15th February 2019
Prominent art dealer sentenced to prison for tax fraud
AP — A prominent New York City art dealer once accused by Alec Baldwin of fraud was sentenced to 2½ years in prison Thursday for evading over $3 million in federal taxes, a crime that left her rejected in some art circles and saying she feels… Read More
EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)
15th February 2019
EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)
The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and… Read More
Cyber attack on Malta bank tried to transfer cash abroad
15th February 2019
Cyber attack on Malta bank tried to transfer cash abroad
Bank of Valletta which accounts for almost half of Malta’s banking transactions, had to shut down all of its operations on Wednesday after hackers broke into its systems and shifted funds overseas. Prime Minister Joseph Muscat told parliament the cyber attack involved the creation of false international payments totaling 13… Read More
Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership
15th February 2019
Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership
Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues. The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up… Read More
Q and A: EU money laundering blacklist explained
15th February 2019
Q and A: EU money laundering blacklist explained
The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More
UK Valentine’s Day: Bank warning as victims lose £50 million to romance scams
14th February 2019
UK Valentine’s Day: Bank warning as victims lose £50 million to romance scams
A British banking industry body has urged customers to be wary of romance scams in response to a rise in the number victims. The UK Finance warning comes as new figures show that 4,555 reports of romance fraud were made to UK-based Action Fraud, with victims reporting to have lost… Read More
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