JPMorgan Retained Epstein Accounts Years After Compliance Raised Concerns: NYT
9th August 2019
JPMorgan Retained Epstein Accounts Years After Compliance Raised Concerns: NYT
Following the discovery of Bernard Madoff’s multibillion-dollar Ponzi scheme in late 2008, US Treasury Department officials ordered the hedge fund manager’s primary bank, JPMorgan Chase, to determine whether any other clients were violating laws or regulations.   Compliance officers in JPMorgan’s private banking arm subsequently launched a review of… Read More
Bags Stuffed With Cash Add to Pressure for Cannabis Banking Law
8th August 2019
Bags Stuffed With Cash Add to Pressure for Cannabis Banking Law
Senator Jeff Merkley once shadowed a cannabis grower and dispenser as he tried to pay his state taxes. He stuffed a backpack with $70,000 in $20 bills and drove 50 miles — unguarded — with the bulging bag in the back seat. Once he arrived at the Oregon Department of… Read More
U.S. Imposes More Sanctions on Russia for Chemical Agent Use
5th August 2019
U.S. Imposes More Sanctions on Russia for Chemical Agent Use
The U.S. imposed a second round of sanctions on Russia for using a banned nerve agent in an attempt to kill a former Russian spy in the U.K. in 2018. The measures will prohibit U.S. banks from participating in the issuance of Russian sovereign debt, the State Department and Treasury… Read More
Ministry urges strengthening of anti-money laundering in realty
5th August 2019
Ministry urges strengthening of anti-money laundering in realty
The Ministry of Construction has recently requested the Departments of Construction in cities and provinces to urge enterprises in the real estate sector to report suspicious transactions and cash transactions worth 300 million VND (13,000 USD) and above. This is in line with the ministry’s strengthened efforts to prevent money laundering… Read More
HM Treasury Report Shows Shifting Supervisory Efforts, Few AML Penalties
5th August 2019
HM Treasury Report Shows Shifting Supervisory Efforts, Few AML Penalties
The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the… Read More
FCA Finalizes Guidance on Types of Cryptoassets It Will Regulate
1st August 2019
FCA Finalizes Guidance on Types of Cryptoassets It Will Regulate
The United Kingdom’s Financial Conduct Authority (FCA) finalized a policy statement Wednesday on the kinds of crypto-related products that fall under its regulatory remit. The final guidance, which does not address pending anti-money laundering (AML) obligations for crypto-related firms, clarifies that the FCA has supervisory authority over security tokens, which… Read More
Dirty Money Spotlights Role of Family Offices as Enablers
1st August 2019
Dirty Money Spotlights Role of Family Offices as Enablers
The signs were there. Jahangir Hajiyev, chairman of the biggest bank in Azerbaijan, and his wife, Zamira, appeared to be living on dirty money. Between 2003 and 2015, the couple spent a fortune in the U.K. They dished out 11.5 million pounds ($14.3 million) for a townhouse in the ritzy… Read More
Trump administration will again waive nuclear sanctions on Iran
31st July 2019
Trump administration will again waive nuclear sanctions on Iran
After an internal policy battle, the Trump administration is set to announce later this week that it will once again waive five different nuclear-related sanctions on Iran, preserving a key part of the Obama-era Iran nuclear deal. The decision will upset Iran hawks in Washington and be welcomed by Russia, China,… Read More
German law targets money laundering in property market
31st July 2019
German law targets money laundering in property market
German Finance Minister Olaf Scholz said the draft bill will bring Germany in line with “the highest international standards in the fight against money laundering.” The law is expected to be approved by Chancellor Angela Merkel’s Cabinet on Wednesday. Among other changes, it will give the government’s Financial Intelligence Unit (FIU) greater powers and… Read More
Swiss UBS ruling could open new doors on client data
29th July 2019
Swiss UBS ruling could open new doors on client data
Switzerland’s highest court has ruled that historical data about 40,000 UBS (UBSG.S) clients must be handed to French tax authorities in a landmark case that could set a precedent for foreign governments seeking information from Swiss banks. Three of the five judges presiding at the Swiss Supreme Court… Read More
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