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6th January 2021

Estonia: Suspects in large-scale money laundering case plead not guilty

The trial of entrepreneur Tiiu Jarviste and her two fellow accused in a large-scale money laundering case began at the Harju County Court on Tuesday with all of the accused pleading not guilty to the charges. Facing trial in addition to Jarviste, 56, are also Aleksei Dremov, 40, and Andrii… Read More

6th January 2021

Wells Fargo says federal agency ends anti-money laundering consent order

Wells Fargo & Company said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank took steps to remedy the problems. The end of the consent order is a positive sign for the… Read More

6th January 2021

Kyrgyz lawmakers back controversial economic amnesty for individuals with illegally obtained financial assets

Kyrgyz MPs have approved an economic amnesty bill that allows individuals who obtained financial assets through illegal means to avoid prosecution by surrendering the assets to the State Treasury. The move will do nothing to allay concerns that organised crime is posing a growing threat to democracy in Kyrgyzstan—the fears… Read More

6th January 2021

LPL hit with $6.5 million Finra fine over lax supervision

The Financial Industry Regulatory Authority Inc. closed out 2020 by hitting LPL Financial, the largest independent broker-dealer in the industry, last Thursday with a $6.5 million fine due to shortcomings in a variety of supervisory issues, ranging from record keeping to fingerprinting of non-registered employees and supervision of advisers’ consolidated… Read More

6th January 2021

U.S. regulator says banks can use stablecoins, connect to blockchains

Cryptocurrency prices briefly popped late Monday, after a federal banking regulator said in an interpretive letter that U.S. financial institutions are allowed to use stablecoins for payment activities, and can participate as nodes in a blockchain. The letter from the Office of the Comptroller of the Currency is the latest… Read More

6th January 2021

China Sentences Former Huarong Chairman to Death Over Bribery

China condemned the former chairman of China Huarong Asset Management Co. to death on charges of malfeasance, one of the most severe sentences to stem from President Xi Jinping’s anti-corruption drive. Lai Xiaomin, who was chairman of Huarong before he came under investigation in 2018, was… Read More

5th January 2021

French Bank to Pay $8.6 Million to Settle Syria Sanctions Case

The U.S. Treasury Department imposed an $8.6 million fine on a French bank that officials said processed payments for blacklisted Syrian financial institutions. Union de Banques Arabes et Françaises SA, a Paris-based bank that facilitates trade finance between Europe and the Middle East, Africa and Asia, agreed to pay the… Read More

5th January 2021

Congress Poised to Apply Banking Regulations to Antiquities Market

The antiquities trade, which regulators have long feared provided fertile ground for money laundering and other illicit activities, will be subject to greater oversight under legislation passed by Congress on Friday when it overrode President Trump’s veto. The provisions tightening scrutiny of the antiquities market were… Read More

5th January 2021

Philippines: Child porn transactions hit P113 million in 6 months

Suspicious transactions worth P113.1 million related to child pornography were reported in the first half of last year, almost double the P65.8 million booked in 2019 as the government stepped up its campaign against the sexual abuse of children, the Anti-Money Laundering Council (AMLC) revealed. In a public bulletin titled… Read More

5th January 2021

China says US sanctions have no ‘legal effect’ in Hong Kong or China

After China’s banking and insurance regulator claimed US financial sanctions have no “legal effect” in Hong Kong or China, analysts have warned that financial institutions might still face penalties if found providing services to sanctioned entities. Washington has unleashed a swathe of sanctions on Chinese and Hong Kong officials and companies… Read More

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