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Regulatory Update

17th October 2016

Watchdog says about 15 Swiss banks in money laundering ‘red zone’: SonntagsZeitung

Roughly 15 Swiss banks are in a “red zone” of lenders particularly exposed to money laundering risks, the head of Swiss banking watchdog FINMA said in a newspaper interview published on Sunday. Swiss federal prosecutors last week said that they have opened criminal proceedings against Zurich-based Falcon Private Bank for… Read More

14th October 2016

China issues details of rules to tackle online financial risk

China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector. The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P)… Read More

13th October 2016

Switzerland: FINMA boss warns of rise in money laundering cases

The Swiss financial system is susceptible to money laundering with the number of cases rising over the past five years, warns the head of Switzerland’s financial regulatory body, FINMA. “The risk of money laundering in Switzerland has increased these past five years,” FINMA boss Mark Branson told the Tribune de… Read More

13th October 2016

Malaysia: TNB officer charged with corruption amounting to RM125,200

A Tenaga Nasional Berhad (TNB) officer was charged at the Kota Baru Sessions court here today for 13 charges of corruption and money laundering amounting RM125,200 three years ago. Arman Che Othman, 47, pleaded not guilty to the charges read before judge Hazri Ismail. For the first and second charges,… Read More

“STRANGERS IN THE NIGHT:” BANKS NEED TO BE WARY OF OFF-HOURS TRANSACTIONS

In this exclusive Of Counsel piece, Julie Copeland and Mirella A. de Rose of Lewis Baach pllc, consider two recent events which highlight the importance of real time monitoring of suspicious transactions. Read More

12th October 2016

China’s Guangdong province busts underground banks that handled $35 billion: Xinhua

Police in China’s southern province of Guangdong have busted underground banks that handled 230 billion yuan ($35 billion) in illegal money transfers this year, state news agency Xinhua reported, underscoring the challenges Beijing faces in blocking illicit outflows. China has become increasingly concerned about capital flight and the potential fallout… Read More

12th October 2016

Ireland: AIB, Bank of Ireland and PTSB face €6.5m rise in regulatory fees

AIB, Bank of Ireland and Permanent TSB face having to pay an extra €6.5 million between them this year to cover the cost of being regulated by the Central Bank of Ireland. This emerges in the Central Bank’s guide to funding regulations for 2016, which shows that its budget for… Read More

12th October 2016

United Kingdom: FCA fines Sonali Bank UK £3.25m over anti-money laundering failure

The Financial Conduct Authority (FCA) has levied penalties on Sonali Bank (UK) Ltd (SBUK) and its former money laundering reporting officer for serious anti-money laundering (AML) systems failings, with the bank required to pay a £3.25m fine and prevented from accepting deposits from new customers for 168 days Steven Smith,… Read More

11th October 2016

Anti-money laundering regulation top compliance concern for banking execs

The Anti-Money Laundering Directive (AML), the EU-US Privacy Shield and the Market Abuse Directive (MAD) and Regulation (MAR) are the three biggest regulatory pressures across EMEA, according to research by data virtualisation specialist Delphix. The study into the regulations most difficult to comply with from a data and reporting perspective,… Read More

11th October 2016

Jamaica: PM asks financial sector to help remove profit from crime

Prime Minister Andrew Holness has called on the financial sector to ensure a regulatory environment that removes profitability from criminal activities. “We must take the profit out of crime. Criminals must have no access to the financial system; and where they operate in the informal economy and the backwaters of… Read More

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