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Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More

Pence urges Europe to quit Iran deal, stop busting sanctions

AP — The Trump administration lashed out at some of America’s closest traditional allies Thursday, accusing Britain, France and Germany of trying to bust U.S. sanctions against Iran and calling on European nations to join the United States in withdrawing from the Iranian nuclear deal. In… Read More

20th February 2019

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More

20th February 2019

China seizes $1.5 billion in online lending crackdown

AP — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs… Read More

19th February 2019

Chinese in Spain stage protest over blocked bank accounts

AP — Hundreds of Chinese have protested outside a Spanish bank in Madrid, claiming they are being unfairly denied access to their accounts while the bank insists it’s merely complying with money-laundering laws. Spanish media report that the protesters are demanding access to their money. The… Read More

19th February 2019

German watchdog widens Deutsche monitor mandate over Danske

German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More

18th February 2019

Russia’s Gazprombank freezes accounts of Venezuela’s PDVSA: source

Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday. While many foreign firms have been cutting their exposure to PDVSA… Read More

18th February 2019

Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges

Roger Ng, a former Goldman Sachs Group Inc banker caught up in the 1Malaysia Development Berhad (1MDB) fraud scandal, will be allowed to return to the United States to face criminal charges against him there, a Malaysian court ruled on Friday. Ng has been detained in Kuala Lumpur since Nov. Read More

18th February 2019

JPMorgan creates its own US-bank backed cryptocurrency

JPMorgan has announced the launch its digital coin representing a fiat currency. Called JMP Coin, the unit is based on blockchain-based technology and will enable the instant transfer of payments between institutional accounts. Exchanging value, such as money, between different parties over a blockchain requires a digital currency. “The JPM… Read More

18th February 2019

FBI raids Puerto Rico bank amid Venezuela sanction probe

AP — FBI agents raided a bank in Puerto Rico Wednesday amid allegations over violations of U.S. sanctions imposed on those who do business with Venezuela’s government. FBI spokesman Luis Rivera-Santana told The Associated Press that agents had a search warrant to identify funds that might… Read More

15th February 2019

Banks have not moved enough staff from London to EU for Brexit: Bundesbank

FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More

15th February 2019

EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)

The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and… Read More

Must Read

Estonia orders Danske Bank to shut down following money laundering scandal

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Teenager who joined IS group in Syria to lose UK citizenship

Pence urges Europe to quit Iran deal, stop busting sanctions

MTN faces more problems in Uganda as authorities query its sales figures