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Swedbank revamps management after money laundering probe

Swedbank (SWEDa.ST) said on Monday its chief risk officer was leaving as the Swedish bank’s new CEO revamps its structure to regain customer trust after a money laundering scandal sent its shares down 40% in the past year. Helo Meigas will leave the bank along with head of… Read More

Money Laundering Battle Drives Japan Banks to JPMorgan’s Payments Network

JPMorgan Chase & Co.’s blockchain-based payments network is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. More than 80 Japanese banks have expressed a willingness to join the Interbank Information Network, said Daizaburo Sanai, an executive director at the U.S. firm. Read More

U.S. sanctions Latvian oligarch charged with corruption

The United States on Monday sanctioned Aivars Lembergs, the suspended mayor of Latvia’s seaport city of Ventspils and an oligarch with substantial influence in the country’s politics, over alleged corruption, the U.S. Treasury said in a statement. According to the Treasury’s Office of Foreign Assets Control (OFAC), Lembergs controls “entities… Read More

10th December 2019

Belgian lawyer guilty in ‘Catch Me if You Can’ Swiss money-laundering case

A Swiss court convicted a Belgian lawyer on Monday of money-laundering and forgery for taking shares now worth more than 60 million Swiss francs ($60 million) from Belgium’s richest family and stashing them in accounts and offshore companies. The unidentified defendant, who denied the charges, was sentenced to 30 months,… Read More

9th December 2019

Deutsche Bank Agrees to Pay €15 Million in Money-Laundering Probe

Deutsche Bank AG said Friday it agreed to pay €15 million ($16.6 million) in penalties to end a probe into possible money-laundering and tax evasion involving German clients, closing an investigation that featured a high-profile raid of the bank’s Frankfurt headquarters in November 2018. The bank and the Frankfurt… Read More

9th December 2019

Vatican investments linked to global money laundering investigations

A fund in which the Vatican’s Secretariat of State has invested tens of millions of euros has links to two Swiss banks investigated or implicated in bribery and money laundering scandals involving more than one billion dollars. The fund is under investigation by Vatican authorities. The fund, Centurion Global Fund,… Read More

9th December 2019

U.S. Is Discussing Goldman 1MDB Settlement Below $2 Billion

Goldman Sachs Group Inc. could end up paying less than $2 billion to resolve U.S. criminal and regulatory probes over its role in raising money for scandal-ridden Malaysian investment fund 1MDB, said three people familiar with the negotiations. The Justice Department and other federal agencies, in internal discussions… Read More

9th December 2019

Westpac external audits flag ‘partially effective’ systems

Westpac has not completed a comprehensive external audit of how it manages risk in more than two years, with the last review finding the bank’s systems were only “partially effective”. In a letter to Westpac’s then chief risk officer Alexandra Holcomb in August 2017, audit firm EY said the design… Read More

9th December 2019

Latvia fines Baltic International Bank over anti-money laundering controls

Latvia’s financial watchdog said on Friday it had fined Baltic International Bank 1.56 million euros ($1.72 million) for lax anti-money laundering controls. The Financial and Capital Market Commission (FCMC) said in a statement that a review of the country’s eighth-biggest bank had shown it did not have an adequate control… Read More

9th December 2019

Nord Stream 2 Sanctions to Be Included in Must-Pass Defense Bill

Sanctions aimed at blocking the Nord Stream 2 natural gas pipeline from Russia to Germany were included by U.S. lawmakers a must-pass defense bill, according to two people familiar with the legislation. The sanctions, which would apply to companies building the pipeline project of Russian energy company Gazprom PJSC, are… Read More

9th December 2019

EU agrees steps toward tighter money-laundering supervision

European Union finance ministers on Thursday backed plans for greater powers to combat money laundering after a series of revelations about large amounts of dirty money flowing through European banks. The EU last year experienced its largest money-laundering scandal when it emerged that 200 billion euros ($220 billion) in suspicious… Read More

6th December 2019

Formations House leak shows need for reforms on creating companies, says anti-corruption chief

Boris Johnson’s anti-corruption champion has said that the UK must “clamp down harder” on corruption after an investigation revealed how a British company registered a global web of businesses linked to international crime gangs. John Penrose, who co-ordinates the response to corruption, said that Britain’s reputation for integrity was vital… Read More

6th December 2019

ING close to settling money-laundering probe in Italy: sources

Dutch bank ING Groep NV’s (INGA.AS) Italian business has reached a provisional deal with Milan prosecutors to settle a money-laundering investigation by paying 30 million euros ($33 million), two sources familiar with the matter said. The proposed settlement, known as an “agreed penalty”, has yet to be confirmed… Read More

Must Read

Swedbank revamps management after money laundering probe

Money Laundering Battle Drives Japan Banks to JPMorgan’s Payments Network

U.S. sanctions Latvian oligarch charged with corruption

Greed drove former SNC-Lavalin exec’s alleged fraud, corruption scheme: Crown

Belgian lawyer guilty in ‘Catch Me if You Can’ Swiss money-laundering case