7th December 2018
AP — Cuba’s government has modified a series of measures unpopular with the country’s private sector, including lifting restrictions on the number of business permits a person can have and the number of chairs there can be in restaurants, a top official said Wednesday. In July,… Read More
6th December 2018
Iran’s parliament approved a tweaked draft law against funding terrorism on Wednesday which officials hope will bring Tehran closer to global standards and help remove it from investment blacklists as it faces renewed U.S. sanctions. The official news agency IRNA said lawmakers had included amendments requested by a powerful clerical… Read More
6th December 2018
Anti-money laundering (AML) expert Denis O’Connor looks at some of the main points raised at an EU Parliament hearing by Danske Bank whistelblower Howard Wilkinson, and recommends AML and compliance professionals take note of the issues discussed. The €200 billion Danske Bank money laundering scandal is considered to be the… Read More
5th December 2018
The Council of the European Union has adopted conclusions on an action plan aimed at improving the fight against money laundering and terrorism financing, amid a rise in the number of European banks mired in financial crime scandals. The plan comprises non-legislative actions designed to address a number of issues,… Read More
5th December 2018
The United States is pressing the European Union to consider economic sanctions on Iran over its ballistic missiles, a senior U.S. official said on Tuesday, warning of a wider regional conflict if Tehran’s ambitions remain unchecked. Iran’s test of a ballistic missile this month alarmed the West and France called… Read More
5th December 2018
Sweden is likely to become cashless within the next five years, the deputy governor of the country’s central bank, Cecilia Skingsley, predicted on Tuesday. The use of notes and coins has been declining in Sweden for years and instant mobile phone payments and other new technologies means it is has… Read More
4th December 2018
International banks in Britain should resist pressure from European Union regulators to shift their non-EU business to new hubs in the bloc because of Brexit, Britain’s markets watchdog said on Monday. Around 30 lenders in Britain have applied to the European Central Bank for a license to open or expand… Read More
4th December 2018
The rise of non-bank financing is creating a major risk for financial stability in the euro zone and needs to be better regulated, European Central Bank board member Klaas Knot said on Monday. “Non-bank financial intermediaries provide a high and increasing share of financing in the high-yield debt market,” Knot,… Read More
3rd December 2018
Norway’s Financial Supervisory Authority (FSA) has reportedly found that DNB Bank has insufficient money laundering controls, following an audit of the bank. The watchdog is understood to have written to the bank expressing its concern that anti-money laundering compliance “remains insufficient,” and said it expects that the issue will prioritised. Read More
3rd December 2018
A money laundering scandal at Danske Bank (DANSKE.CO) involving billions of euros of suspicious flows is serious enough to potentially affect the country’s financial stability, the central bank warned on Friday. Denmark’s state prosecutor filed preliminary charges on Wednesday against Danske Bank, Denmark’s largest lender with a balance sheet 1-1/2… Read More