7th November 2016
Last week's $215 million (173 million pound) fine for Agricultural Bank of China Ltd (AgBank), the third big Chinese bank disciplined by U.S. regulators in 16 months, shows Chinese lenders still falling short in their compliance duties. Read More
2nd November 2016
The United States on Tuesday imposed sanctions on a Yemeni money exchange and the two brothers who own it for doing business with the al-Qaida in the Arabian Peninsula terrorist group. U.S. assets belonging to the al-Omgy and Brothers Money Exchange are frozen, and Americans are now barred from doing… Read More
2nd November 2016
A backlog of suspicious financial transactions in Hong Kong’s banking industry was named as the reason for a dramatic upsurge in reports of money laundering and terrorist financing. The Joint Financial Intelligence Unit (JFIU), a 50-member outfit comprising police and customs officials, received 59,730 reports of suspicious financial… Read More
1st November 2016
Australia and China agreed on Tuesday to share intelligence about potential financial crime as part of a crackdown on cross-border money laundering and terrorism financing. Australian Justice Minister Michael Keenan, who is in Beijing, said the agreement between Australian financial intelligence agency AUSTRAC and its Chinese counterpart CAMLMAC would allow… Read More
1st November 2016
Ulster Bank has been fined €3,325,000 by the Central Bank in respect of anti-money laundering and terrorist financing failures. The move comes after Ulster Bank admitted breaching the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010. It is the highest penalty imposed by the Central Bank for such breaches. Read More
David Chenkin of US-based lawfirm Zeichner Ellman & Krause speaks to Tom Devlin about his work. Read More
28th October 2016
The revised licensing conditions and codes of practice (LCCP) will require gambling operators to “conduct an [appropriate] assessment of the risks of their business being used for money laundering and terrorist financing” and then implement “appropriate policies, procedures and controls to prevent money laundering and terrorist financing”. The new licensing provisions… Read More
25th October 2016
The Czech central bank authorities have withdrawn the license of the Russian ERB Bank, citing violations of exposure rules relating to bond investments, poor risk management and lack of controls. The central bank  submit a court proposal for naming a liquidator of ERB. ERB Bank is believed to have been involved in… Read More
25th October 2016
The Financial Action Task Force (FATF) has urged members to shut down overseas North Korean bank branches and to sever financial ties with the North, South Korea’s Financial Supervisory Service (FSS) announced on Tuesday. The FATF, an intergovernmental body combating money laundering and terrorist financing, “strongly demanded” that members blockade… Read More
25th October 2016
Plans to bring virtual currency exchanges and digital wallet providers within the scope of EU anti-money laundering (AML) legislation have been backed by the European Central Bank (ECB). he ECB said it “strongly supports” the proposals to extend the Fourth Anti-Money Laundering Directive (AMLD4), noting that “terrorists and other criminal… Read More