31st October 2018
A recent review into Nordea Bank by Sweden’s Financial Supervisory Authority (FSA) has identified some deficiencies in its anti-money laundering controls. The FSA picked up weaknesses in areas such as risk assessment and client knowledge, Bloomberg reports, citing a FSA letter to Nordea’s management. “The regulator has given Nordea a… Read More
31st October 2018
Switzerland’s Federal Tax Administration (FTA) exchanged the details of 2 million financial accounts in its first year of participating in the global standard on the automatic exchange of information (AEOI). The FTA said it sent information on around 2 million financial accounts to the partner states and received information in… Read More
31st October 2018
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows. The law, which is in line with the requirements and recommendations of the Financial… Read More
31st October 2018
Britain may ban some retail financial products based on bitcoin and other cryptoassets and widen its regulatory net to capture potentially “illicit activity” that could harm consumers and markets, a government-backed taskforce reported on Tuesday. The report from the finance ministry, Bank of England and Financial Conduct Authority begins to… Read More
30th October 2018
A European Union plan to counter money laundering at banks urges a review of a series of recent high-profile cases but defers a comprehensive reform, a draft document seen by Reuters showed. The plan is a response to alleged money-laundering scandals involving banks in Denmark, Estonia, Latvia, Luxembourg, Malta, Spain,… Read More
30th October 2018
Britain will seek to boost its efforts to combat tax evasion and avoidance at home and offshore by launching measures that could raise billions for the Treasury, Chancellor Philip Hammond said in his Budget speech. Over the years, HMRC has announced various plans to tackle tax evasion and avoidance, and… Read More
30th October 2018
Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy and… Read More
29th October 2018
Deutsche Bank’s financial position and its image could be badly hit if ongoing regulatory investigations and compliance measures find against it, the lender warned in its latest results. Last month, the bank was ordered by German banking watchdog BaFin to improve its anti-money laundering controls two months after it… Read More
26th October 2018
The European Union should set up a new agency to counter money laundering after a series of high-profile cases at banks bared weaknesses in the system, an influential think-tank said in a report, urging full disclosure of fines imposed on wrongdoers. Over the last months, lenders in Denmark, Estonia, Latvia,… Read More
26th October 2018
Denmark plans to strengthen its financial regulator to make it better able to fight money launderng, its business minister said on Thursday, as the country’s largest bank, Danske Bank (DANSKE.CO), is embroiled in a major scandal. The scandal involves 200 billion euros ($230 billion) in payments through Danske’s Estonian branch… Read More