3rd November 2016
 Rush Credit Union was placed into provisional liquidation yesterday following an application by the Central Bank of Ireland amid allegations of money-laundering, the misappropriation of funds and and other financial improprieties. The President of the High Court, Mr Justice Peter Kelly, approved the appointment of Jim Luby and Tom… Read More
2nd November 2016
Two former board members of failed Wilmette-based Premier Bank have pleaded guilty and been sentenced for defrauding the federal government’s bank bailout program, as well as state banking regulators, Illinois Attorney General Lisa Madigan said Tuesday. Zulfikar Esmail, 73, pleaded guilty to one count of financial institution fraud of more… Read More
2nd November 2016
Trade between Britain and Iran is beginning to grow and the government is working to resolve banking sector concerns which are limiting further expansion, British trade minister Liam Fox said on Wednesday. Fox said that Anglo-Iranian relations had improved since Britain reopened its Tehran embassy last year and that Britain… 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
Three foreign banks are opening up representative offices in Iran as the country seeks to boost investment after reaching an international sanctions deal last year, a central bank official said. Oman’s Bank Muscat SAOG, Woori Bank of South Korea and India’s UCO Bank Ltd. are all in the process of… Read More
1st November 2016
EFG International has closed its purchase of Swiss bank BSI SA for about a quarter less than the originally anticipated price, after BSI shed billions of Swiss francs in managed assets amid investigations into its role in the alleged misappropriation of money from Malaysian state investment fund 1Malaysia Development Bhd. Read More
1st November 2016
Standard Chartered Plc said Hong Kong’s securities regulator is investigating its role as a joint sponsor of an initial public offering (IPO) in 2009 and could take unspecified action against the British lender’s Hong Kong unit. The disclosure of the probe on Tuesday by Standard Chartered comes days after Swiss… 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
31st October 2016
The prosecution will call nine witnesses in its case against former BSI banker Yeo Jiawei – the first person to be tried for the key role he allegedly played in a massive money laundering operation linked to scandal-hit 1Malaysia Development Bhd (1MDB) fund. Deputy Public Prosecutor Tan Kiat Pheng, in his opening… Read More