Featured Compliance

London lawyer fined for anti-money laundering failures, PEP issues over wealthy clients

A solicitor, who was also a money laundering reporting officer (MLRO), has been fined £45,000 for failing to conduct anti-money laundering checks for wealthy clients believed to be linked to the Panama Papers scandal. Khalid Mohammed Sharif, a partner at London-based Child & Child, was involved in the law firm’s… Read More

Banking: Publication of new guidance on sanctions screening

A group comprising the world’s top banks has published guidance on how financial institutions should carry out sanctions screening. The notes are derived from regulatory requirements and global industry best practice, it said. “[The guidance] is not intended to suggest all FIs should apply all elements in this… Read More

Ronaldo agrees to pay €19 million fine over tax evasion

Cristiano Ronaldo has reportedly accepted a €18.8m fine and 23-month jail term over tax evasion charges in Spain. The award-winning football player is alleged to have avoided paying tax between 2010 and 2014, in a case centred around image rights deals. Ronaldo is reported to have acknowledged incidents amounting to… Read More
23rd January 2019
China’s banking and insurance regulator issued guidelines on Tuesday to strengthen banks’ overseas compliance management. It will pay special attention to country risk, anti-money laundering and counter terrorism risks, the China’s Banking and Insurance Regulatory Commission said in a statement on its website. (Reporting by Shu Zhang and Beijing Monitoring… Read More
22nd January 2019
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
21st January 2019
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
21st January 2019
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