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SocGen Ordered to Return $150 Million of Allen Stanford Ponzi Cash

Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep. The court ruled that Societe Generale failed to do proper due diligence before accepting Stanford’s money. The… Read More

Swiss regulator censures Bank Syz over money laundering

The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client. “FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the financial watchdog said in a statement on… Read More

Ex-Goldman Banker Says He Warned Bosses About Jho Low, 1MDB

Former Goldman Sachs Group Inc. banker Roger Ng asked for the foreign bribery case against him to be dismissed, saying he “warned” the bank not to do business with Malaysian financier Jho Low. Ng, who says he told Goldman that Low was “not to be trusted,” is facing trial… Read More

19th November 2020

Prince Andrew Helped a Secretive Luxembourg Bank Woo Sketchy Clients

It isn’t much fun these days being Prince Andrew, eighth in line to the British throne. Last year he was grounded by his mother, the queen, after a disastrous TV interview about his links to the late money manager and convicted pedophile Jeffrey Epstein. The prince rarely leaves… Read More

18th November 2020

Malaysia’s Najib seeks to depose Goldman Sachs, ex-banker in 1MDB defence

Former Malaysian prime minister Najib Razak asked a U.S. court on Tuesday for permission to seek documents and testimony from investment bank Goldman Sachs to help in his defence against criminal charges in Malaysia over the 1MDB financial scandal. Najib, who is on bail after being sentenced to 12 years… Read More

13th November 2020

CIMA fines Bank Cainvest $100,000

The Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s anti-money laundering practices. The discretionary fine was for breaches of Cayman’s Anti-Money Laundering Regulations. The financial services regulator said it found instances where the bank had not applied customer due diligence and… Read More

9th November 2020

Julius Baer to pay nearly $80 million in FIFA corruption case

Julius Baer has made an agreement with the U.S. Department of Justice (DoJ) to settle allegations over its role in corruption surrounding global soccer body FIFA, the bank said on Monday. The bank has taken a provision of $79.7 million to cover expected fines after agreeing in principal to a… Read More

4th November 2020

Korean prosecutors raid brokerage firms over Lime Asset mis-selling

South Korean prosecutors have raided two brokerage firms in connection with a growing financial fraud scandal involving hedge fund Lime Asset Management, according to local media reports. Lime Asset is accused of providing inaccurate information about fund products sold to customers through banks and securities firms. Almost 4000 investors… Read More

26th October 2020

Julius Baer to Withhold Millions in Bonuses from CEOs Who Oversaw AML Lapses: FT

Switzerland’s Julius Baer will withhold millions of francs in bonuses from two former chief executives after an internal investigation faulted the pair for failing to protect the bank from a South American money laundering scandal, the Financial Times reported. The Swiss wealth manager is seeking to withhold more than… Read More

26th October 2020

UBS Cuts Ties With Ivory Coast Clients, SonntagsZeitung Reports

UBS Group AG is cutting ties with clients who reside in the Ivory Coast, according to a report from Swiss newspaper SonntagsZeitung. Switzerland’s biggest wealth manager is closing the accounts and credit cards of all clients who live in the West African country, according to the newspaper. SonntagsZeitung… Read More

14th October 2020

The billionaire who stood by Jeffrey Epstein

The billionaire financier Leon Black, one of Wall Street’s most powerful executives, was facing questions from clients after Jeffrey Epstein was arrested last year on federal sex trafficking charges. The two men had known each other for decades, and investors of Mr. Black’s investment company, Apollo Global Management, wanted… Read More

8th October 2020

German soccer federation raided on suspicion of tax evasion

AP – The headquarters of the German soccer federation and the private homes of some of its members were searched early Wednesday as part of an investigation into tax evasion. The Frankfurt public prosecutor said about 200 officers were involved in the raids in the German states of Bavaria,… Read More

2nd October 2020

Does dirty money need banking secrecy to thrive?

Prosecutors in Switzerland and abroad are investigating Swiss banking links to a range of alleged money-laundering and tax-evasion offences from Europe to South America, Asia, the Middle East and Africa. Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of… Read More

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