Featured Compliance

Banca d’Italia orders client stop at ING in fight against money laundering

The Italian central bank on Saturday said Dutch lender ING is not allowed to take on new customers in Italy as long as it has not improved its monitoring of client behavior. The measure follows inspections by Banca d’Italia from October last year until the beginning of 2019, which showed… Read More

Swedbank report showed $10 billion ‘suspicious’ Baltic payments: Swedish TV

An internal Swedbank report in September detailed “suspicious” transactions totaling around $10 billion between customers of Swedbank and Danske Bank in the Baltics from 2007 to 2015, Swedish state television SVT reported. Swedbank said on Friday the figure reported by SVT was the gross amount of transactions with Denmark’s Danske… Read More

Rouhani says Iran will file legal case against U.S. for sanctions

Iranian President Hassan Rouhani said on Monday that the government would file a legal case in Iran against U.S. officials who imposed sanctions on the country as a precursor to action in international courts. Rouhani said in a speech broadcast live on state television that U.S. sanctions had created difficulties… Read More
18th March 2019
Malaysian prosecutors on Monday said they would issue summonses to units of U.S. investment bank Goldman Sachs in London and Hong Kong, requiring them to respond by June to criminal charges filed against them last year. Soon after being elected in May, 2018, a new government charged three units of… Read More
18th March 2019
Russia will respond to new European Union sanctions, its foreign ministry said on Saturday, without saying what action it would take. The EU on Friday added eight more Russians to its sanctions list over a stand-off between Russia and Ukraine in the Azov Sea, including senior security service officials and… Read More
18th March 2019
AP — Russian oligarch Oleg Deripaska filed a lawsuit Friday against the U.S. Treasury Department, saying the sanctions against him have caused a “wholesale devastation” of his wealth and reputation. The billionaire argues he was unfairly and illegally targeted by the U.S. government when he was slapped with sanctions… Read More
18th March 2019
A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland’s banks. Although Switzerland exchanges bank account data on current clients with dozens of countries to crack down on… Read More
18th March 2019
KYC360.com readers will be aware of the asset forfeiture order granted to UK authorities in February to seize more than £466,000 from a London student living in a luxury apartment off Cadogan Square in Knightsbridge. The young man, as one might imagine, was no ordinary student. Rather, the agency had targeted… Read More
18th March 2019
Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More
18th March 2019
Hong Kong’s Securities and Futures Commission (SFC) has penalised leading global lenders over due diligence failures pertaining to a number of initial public offerings (IPOs). Standard Chartered was fined HK$59.7 million for issues such as failing to make ‘reasonable’ due diligence enquiries regarding the listing of a forestry management firm. Read More
15th March 2019
The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said. European Union governments updated a blacklist of tax havens this week, adding the… Read More
15th March 2019
Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More
14th March 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More