Featured Compliance

German banking regulator calls for better coordination, ‘urgent’ action in anti-money laundering

The president of German financial watchdog BaFin has urged firms to treat the fight against money laundering as a ‘very high priority,’ and called for better coordination in Europe to tackle the crime. In a recent speech, BaFin chief Felix Hufeld referred to reports of suspected cases of money laundering… Read More

Report: Facebook’s privacy lapses may result in record fine

AP – Facebook may be facing the biggest fine ever imposed by the U.S. Federal Trade Commission for privacy violations involving the personal information of its 2.2 billion users. The FTC is considering hitting Facebook with a penalty that would top its previous record fine of $22.5 million , which… Read More

Danske Bank faces €28 million money laundering probe in France

French authorities are considering launching an investigation into scandal-hit Danske Bank over violating anti-money laundering rules involving transactions worth millions of euros. In recent days, the French Tribunal de Grande Instance de Paris Court issued Danske with a letter summoning it to an interview to discuss matters relating to an… Read More
18th January 2019
The United Kingdom’s tax authority HM Revenue and Customs (HMRC) has published a list of its top cases of 2018, which features money launderers, smugglers and a globe-trotting tax fugitive. HMRC said its fraud investigations have led to 671 individuals being convicted in over the last 12 months for their… Read More
17th January 2019
Someone asked me how I won an internal award or recognition for my compliance work at the bank where I worked, and I am pleased to share my little adventure. My story goes back to when I arrived at the glossy reception area of a smart block of offices. It… Read More
16th January 2019
The Financial Conduct Authority (FCA) has reportedly launched an investigation into working culture at investment bank RBC Capital Markets following the dismissal of RBC workers who were mistreated after they raised concerns about compliance issues at the bank. According to media reports, former RBC employees have spoken to the FCA… Read More
16th January 2019
Britain’s existing financial crime taskforce initiatives, formed with the banking sector, will not be replaced by the creation of a new economic crime taskforce announced on Monday. Rather, they will have different roles and feed into the new project as part of joint efforts to combat economic crime. Read More
15th January 2019
HSBC processed millions of forex trades and over 150,000 payments using blockchain in the last year, the bank said, highlighting the growing use of the technology alongside traditional platforms currently used by banks and other firms. The bank settled $250 billion (£194.15 billion) worth of forex trades using blockchain, which… Read More
15th January 2019
After a tumultuous 2018, which saw some eye-watering penalties, the rollout of new privacy laws and Europe’s ‘biggest banking scandal,’ anti-money laundering compliance officers may be ready for a fresh start. But regulatory expectations, the promise of fintech solutions and money laundering issues linked to ongoing political corruption scandals, are set to loom large for… Read More
15th January 2019
The United Kingdom is set to launch a new initiative aimed at tackling financial crime such as money laundering, fraud and bribery. The new taskforce, to be known as the Economic Crime Strategic Board, will comprise government ministers, law enforcement figures and the bosses of Barclays, Santander and Lloyds… Read More
14th January 2019
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
14th January 2019
The United States has warned German companies involved in the Russian-led Nord Stream 2 gas pipeline that they could face sanctions if they stick with the project. U.S. President Donald Trump has accused Germany of being a “captive” of Moscow because of its reliance on Russian energy and urged it… Read More
11th January 2019
Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More