10th February 2020
The Crown casino high-roller and junket partner known as “Mr Chinatown” – who is also a business partner of the Chinese president’s cousin – has been arrested and extradited to China for suspected money laundering and corruption. Crown Resorts regarded Tom Zhou as a “very, very important person” and paid… Read More
10th February 2020
The lack of requirements to disclose a company’s beneficial ownership information is one of the top vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The report, published Thursday by the Treasury’s Office of Terrorist Financing and Financial Crimes, identified several emerging threats and… Read More
7th February 2020
The Financial Action Task Force (FATF) is notionally a technical body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating financial crime threats to the integrity of the international financial system. As well as setting standards it also conducts periodic reviews of countries’… Read More
7th February 2020
Reminder: If you want to PayPal or Venmo some cash to someone without any hitches, do not put the word Iran in the memo field. On Wednesday, Jewish Currents got an annoying reminder of this rather blunt policy. The magazine tweeted that nine payments to its staff and contributors had… Read More
7th February 2020
Some banks have failed to put in place adequate policies to comply with a rule that requires them to identify the owners of corporate accounts, a senior regulator said Thursday. The customer due-diligence rule requires financial institutions to collect information such as names and addresses for the beneficial owners of… Read More
7th February 2020
The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements. MAS (Monetary Authority of Singapore) and the US Treasury Department have issued a joint statement declaring their support for cross-border data transfers by financial services firms, and opposing… Read More
7th February 2020
Late last year, the UK Supreme Court ruled that a London investment bank was liable for the loss of $204 million from a corporate account after the institution complied with authorised payment instructions from the company’s director.  The ruling, which imposed a $153 million penalty against the bank,… Read More
6th February 2020
A woman who blew £16m of unexplained wealth in Harrods has lost her appeal against a National Crime Agency bid to seize her luxury London home. The Court of Appeal has rejected Zamira Hajiyeva’s attempt to stop the UK’s first ever Unexplained Wealth Order from being implemented against her. Mrs… Read More
6th February 2020
A Middle-Eastern bank has been fined £475,000 by Jersey’s Royal Court for failing to abide by money-laundering laws. The Abu Dhabi Commercial Bank Jersey Branch (ADCBJ) pleaded guilty to failing to have appropriate or consistent policies and procedures in place relating to risk management and transaction monitoring. The Court said… Read More
6th February 2020
Compliance officers in the financial services industry face “unnecessary risks” that undermine effectiveness and regulatory goals, according to a new report by the Compliance Committee of the New York City Bar Association, which explored ways in which the compliance community and regulatory agencies can better achieve their shared goals. Read More