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How Deutsche Bank Let Dirty Clients Run Rampant

BuzzFeed News — When Robert Meltzer, who runs gyms for children in Los Angeles, found that more than $60,000 in payroll taxes — half a year’s worth — had gone missing in 2013, it was too late. When something similar happened to Stanford Media Group, a company that sold CDs… Read More

Australia: Stockbrokers the new money laundering front line as illicit funds target the ASX

A proposed change to money laundering laws could flood the stock exchange with dirty cash, experts have warned. Financial crime authority AUSTRAC has closed public consultation on a key rule about identifying the source of funds used to buy and sell ASX stocks, which could inadvertently make it easier for… Read More

China launches sanctions scheme targeting foreign firms

Chinese regulators on Saturday introduced a sanctions regime targeting foreign companies operating in China, in a long-anticipated move seen as reciprocation for US policy targeting Chinese firms like Huawei. China’s Ministry of Commerce said the “unreliable entities list” will contain foreign companies that Beijing says “harm China’s national sovereignty, security,… Read More

21st September 2020

Court unfreezes accounts of Mexican firm sanctioned by U.S.

A Mexican court has unfrozen the bank accounts of a local company blacklisted by the United States for trading in oil with Venezuelan state oil firm PDVSA despite U.S. sanctions, Mexico’s anti-money laundering unit said on Saturday. In a statement, Mexico’s Financial Intelligence Unit (UIF) said it disagreed with the… Read More

18th September 2020

Leaked EU draft proposes all-encompassing laws for crypto assets

A leaked version of rules to be issued later this month by the European Commission proposes an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc. Europe’s Markets in Crypto-Assets (MiCA) draft legislation provides legal certainty around crypto assets – cryptocurrencies, security… Read More

17th September 2020

U.S. Treasury plans major overhaul of anti-money-laundering rules

The Financial Crimes Enforcement Network said Wednesday that a significant overhaul of the nation’s anti-money-laundering regulatory framework is in the works. In an advance notice of proposed rulemaking, Fincen said it plans to firm up the definition of an “effective and reasonably designed” AML compliance program, something the regulator said… Read More

16th September 2020

Short-seller sets spotlight on a ‘second German Wirecard scam’

The short-seller that warned about the Wirecard scandal has targeted a second German listed business, this time claiming more than 1,400 British small business owners have fallen prey to an alleged leasing scam. Viceroy Research has published a report that claims Grenke, a finance group that lends to small and… Read More

16th September 2020

US charges three over North Korea sanctions violations

By Will Neal, OCCRP, 14 September 2020 OCCRP – Prosecutors in the United States have indicted three people on charges of bank fraud and money laundering related to an alleged conspiracy to violate sanctions against North Korea. According to an affidavit filed on Monday in Washington, D.C., Ri… Read More

15th September 2020

First glimpse of new EU human rights sanctions

International perpetrators of genocide and torture, but not corruption, are to face new-model EU sanctions, a leaked document shows. Those guilty of crimes against humanity, slavery, extrajudicial killings, enforced disappearances, and arbitrary arrests will also face EU asset-freezes and visa-bans. And those responsible for human-trafficking, sexual violence, and abuses of… Read More

7th September 2020

Financial Conduct Authority accused of failing to crack down on boiler room scams

Only four boiler room scams were prosecuted by the City regulator over the past five years, despite its warning that people were losing their homes and savings to “sophisticated” frauds. The Financial Conduct Authority (FCA) also admitted that no boiler rooms had been shut down as a result of its… Read More

2nd September 2020

ANALYSIS: Interactive Brokers Sends AML Warnings New and Old

Amid the current focus on pandemic-related issues in the financial industry and by its regulators, the SEC, CFTC, and FINRA announced a groundbreaking AML enforcement action against Interactive Brokers LLC (IB) on Aug. 10. This case is a first in several ways: the first CFTC… Read More

31st August 2020

Iran says to fight U.S. suit to seize $1.7 billion held by Deutsche Boerse unit

Iran’s central bank said on Saturday it was taking legal steps to counter a lawsuit filed in a U.S. court by creditors seeking to seize $1.7 billion of its assets held by Deutsche Boerse’s (DB1Gn.DE) Clearstream unit. The German stock exchange operator said earlier the creditors had filed the… Read More

25th August 2020

FCA to Extend Annual Financial Crime Reporting Duty to More Firms

The UK Financial Conduct Authority (FCA) is seeking input on a plan that would impose new annual reporting requirements on electronic money institutions, cryptoasset exchange providers and other firms. In a consultation paper published on Monday, the authority said the businesses would be required to submit Annual Financial Crime Reports irrespective… Read More

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