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Austrac flags tough action after being ‘flooded’ with money laundering breaches

The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of… Read More

Standard Chartered faces Treasury fine over sanctions breaches

The Treasury is to slap Standard Chartered, the emerging markets lender, with a multimillion-pound fine for failing to prevent sanctions breaches, dealing a further blow to the FTSE-100 bank’s reputation. Sky News has learnt that the Office of Financial Sanctions Implementation (OFSI) has notified Standard Chartered that it intends to… Read More

Danske wields risk axe after Estonia money laundering scandal

In an era when compliance heads have unprecedented importance in banking, there is perhaps no other major financial institution in the world where the role is quite as crucial as it is at Danske Bank. Philippe Vollot became the Danish lender’s new chief compliance officer in November last year, just… Read More

18th August 2019

Humanitarian Groups Face Banking Challenges as Venezuelan Sanctions Escalate

The prospect of hefty fines for skirting U.S. sanctions on Venezuela has made some banks skittish about doing business with the humanitarian organizations distributing food and other supplies in the troubled South American country. Independent nonprofit groups in Venezuela have had U.S. bank accounts closed and transactions frozen as financial… Read More

18th August 2019

Malaysia set to begin biggest 1MDB trial involving ex-PM Najib

Malaysia’s former prime minister, Najib Razak, on Monday faces the biggest of five trials linked to a multi-billion-dollar scam at state fund 1MDB, although lawyers are seeking a delay to allow time for the completion of a previous trial. Najib, who lost a general election last year, has been hit… Read More

16th August 2019

U.S. Threatens Sanctions Over Iranian Tanker After Court Release

The U.S. is gravely disappointed with the U.K. after a Gibraltar court allowed the release of an Iranian tanker suspected of hauling oil to Syria, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said. The court’s decision… Read More

16th August 2019

Prosecutors seek sale of luxury homes linked to stepson of Malaysian ex-PM

U.S. prosecutors are seeking to sell three luxury homes linked to the stepson of former Malaysian prime minister Najib Razak, court documents showed, in the latest effort to recover money allegedly stolen from Malaysian fund 1MDB. Malaysian and U.S. authorities allege that about $4.5 billion was misappropriated from 1Malaysia Development… Read More

16th August 2019

Turkish Bank Ziraat Closes Door on Venezuela Amid U.S. Sanctions

Ziraat Bank, Turkey’s largest bank by assets, has stopped offering services to Venezuela’s Central Bank in wake of tougher U.S. sanctions that raise the stakes for companies that do business with the Caribbean nation. The Ankara-based state bank confirmed the closing of its account without providing further details. Venezuela’s… Read More

16th August 2019

Goldman’s Star in Hong Kong Turns Into 1MDB Scandal’s Enigmatic Man

Andrea Vella was Goldman Sachs’s top dealmaker in Hong Kong. He had a nose for splashy trades, a fondness for the Bentley Continental, and a vague enough resemblance to George Clooney that there was even a joke among some bankers: “What would George do?” That was almost a year ago. Read More

16th August 2019

Latvian bank that accused central bank head to be wound up: ECB

The Latvian lender which accused the country’s central bank head of corruption is failing and will be shut down, European banking authorities said on Thursday. PNB Banka, one of the smallest lenders under ECB supervision with just 550 million euros of assets, has seen “significant deterioration in its capital situation… Read More

16th August 2019

ECB Takes Hacked Website Offline

The European Central Bank, which supervises data protection at Europe’s largest banks, said Thursday that it temporarily shut down one of its websites after it was hacked and injected with a malicious software. The site, called BIRD, which provides the banking industry with information on how to produce statistical and… Read More

16th August 2019

Bank Records Link President of Cyprus to ‘Troika Laundromat’

As president of Cyprus, Nicos Anastasiades has worked to strengthen his country’s relationship with Russia while dealing with international criticism of its lax financial and money laundering controls. But several years before his 2013 election, a law firm he established and co-owned, and in which he was a partner at… Read More

15th August 2019

NCA freezes £100m suspected to be from corruption overseas

More than £100m suspected to have been imported to the UK from bribery and corruption overseas has been frozen following a court order obtained by the National Crime Agency. Westminster magistrates’ court granted account freezing orders covering eight bank accounts holding in excess of £100m which is “suspected to have… Read More

Must Read

Austrac flags tough action after being ‘flooded’ with money laundering breaches

Standard Chartered faces Treasury fine over sanctions breaches

Danske wields risk axe after Estonia money laundering scandal

Humanitarian Groups Face Banking Challenges as Venezuelan Sanctions Escalate

Malaysia set to begin biggest 1MDB trial involving ex-PM Najib