Standard Chartered faces Treasury fine over sanctions breaches
19th August 2019
Standard Chartered faces Treasury fine over sanctions breaches
The Treasury is to slap Standard Chartered, the emerging markets lender, with a multimillion-pound fine for failing to prevent sanctions breaches, dealing a further blow to the FTSE-100 bank’s reputation. Sky News has learnt that the Office of Financial Sanctions Implementation (OFSI) has notified Standard Chartered that it intends to… Read More
Austrac flags tough action after being ‘flooded’ with money laundering breaches
19th August 2019
Austrac flags tough action after being ‘flooded’ with money laundering breaches
The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of… Read More
New money-laundering rules change everything for cryptocurrency exchanges
16th August 2019
New money-laundering rules change everything for cryptocurrency exchanges
One of the biggest knocks against cryptocurrency has always been its status as a refuge for tech-savvy criminals. Even as some bigger players—particularly exchanges that handle many billions of dollars in crypto-wealth each day—have gone out of their way to play nice with regulators, the image persists, in part… Read More
FinCEN Director Urges Casinos to Step Up SARs on Virtual Currency Transactions
15th August 2019
FinCEN Director Urges Casinos to Step Up SARs on Virtual Currency Transactions
US casinos have not been “robust” in reporting suspicious transactions linked to virtual currencies despite the issuance of federal guidance in May, the director of the Financial Crimes Enforcement Network (FinCEN) said Wednesday. In a speech at that the 12thAnnual Las Vegas Anti-Money Laundering Conference, Kenneth Blanco urged casinos… Read More
ECB tells UK banks to speed up staff moves to EU as Brexit looms
15th August 2019
ECB tells UK banks to speed up staff moves to EU as Brexit looms
UK banks are significantly behind schedule in moving staff to the European Union ahead of Brexit and risk being caught off guard if Britain leaves without a deal, the European Central Bank said on Wednesday. Many London-based banks are having to expand their EU operations to continue doing business in… Read More
EU Members Adopt Tougher Crypto Rules Than AML Directive Requires
14th August 2019
EU Members Adopt Tougher Crypto Rules Than AML Directive Requires
Europe is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s… Read More
Singapore steps up scrutiny of shell firms to combat money laundering
14th August 2019
Singapore steps up scrutiny of shell firms to combat money laundering
Singapore’s central bank is raising its guard against money launderers increasingly using onshore shell companies to mask their transactions, a senior official said. Valerie Tay, who heads the anti-money laundering department at the Monetary Authority of Singapore (MAS) said banks had closed accounts of several onshore shell companies over the… Read More
Pope caps reform of Vatican bank with new statutes
12th August 2019
Pope caps reform of Vatican bank with new statutes
Pope Francis has approved new statutes for the Vatican Bank, making an external audit obligatory and introducing other changes to bolster reforms that have turned around the once scandal-ridden institution. The statutes, approved in a papal document released by the Vatican on Saturday, cap more than six years of changes… Read More
Mexico Considers Banning Cash for Gasoline Purchases, Highway Tolls
12th August 2019
Mexico Considers Banning Cash for Gasoline Purchases, Highway Tolls
Mexico is considering a ban on the use of cash for purchasing gasoline and to pay for tolls as a way to fight tax evasion and money laundering, according to people with direct knowledge of the discussions. The plan, which has been discussed between the banking industry and the government,… Read More
Latin America was making progress fighting corruption. Now impunity is roaring back.
12th August 2019
Latin America was making progress fighting corruption. Now impunity is roaring back.
Five years ago, everything changed in Latin America—or so it seemed. Investigations into a money-laundering operation in Brazil beginning in 2014 revealed a massive bribery scheme involving energy and construction companies. The “Car Wash” scandal saw dozens jailed and billions of dollars in fines—and implicated politicians in Argentina, Colombia, Peru and… Read More
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