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Designing Compliance: What US Justice Department Guidance Tells Banks

A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More

Wall Street watchdog to boost transparency about using ‘cooperation’ for penalty reductions

Wall Street’s industry-funded watchdog on Thursday said it plans to be more transparent about its process for determining when a securities brokerage qualifies for a reduced penalty in exchange for so-called “extraordinary cooperation.” The Financial Industry Regulatory Authority (FINRA) said settlements it reaches with brokerages for regulatory violations will include… Read More

Fugitive Jeweler Convicted of Money Laundering in U.K.

A fugitive luxury jeweler, who was initially dropped from the U.K.’s high-profile Tabernula insider-trading case because he was too ill, was convicted of laundering the proceeds of the scheme with the help of offshore companies and false invoices, the financial regulator said. Richard Baldwin set up a company in Panama… Read More

10th July 2019

FATF Issues New Guidance on Assessing Terror Finance Risks

The Financial Action Task Force (FATF) published new guidance Friday on how nations and compliance professionals can best implement counterterrorist financing (CFT) strategies and policies. The paper expands on recommendations issued in 2013 by the Paris-based intergovernmental group on national money laundering and terrorist financing risk assessments, and includes input… Read More

9th July 2019

Chinese Wealth Manager Claims $490 Million Fraud Behind Missed Repayments

Noah Holdings Ltd., one of China’s largest wealth managers, levied accusations of fraud against Camsing International Holding Ltd., the Hong Kong-listed company that said last week its chairman had been detained by police. The asset manager has filed a lawsuit and reported Camsing to… Read More

9th July 2019

U.S. market regulator issues guidance on custody of digital asset securities

The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws. The SEC’s statement, issued in conjunction with the general counsel of the Financial Industry Regulatory… Read More

8th July 2019

Iranian scientists accused of violating US sanctions

AP — When a respected Iranian scientist left Tehran bound for the U.S. last fall, he had plans to complete the final stage of his research on treating stroke patients as a visiting scholar at the prestigious Mayo Clinic in Minnesota. Instead, when professor Masoud Soleimani touched down on U.S. Read More

8th July 2019

Trump is a huge headache for Deutsche. But the bank has plenty more.

Investigations surrounding Deutsche Bank’s more than decade-long relationship with President Trump and his business have created a crisis for the German financial giant. It’s caught in a legal tug of war between Trump and House Democrats for the president’s financial records and calls for broad investigations of its… Read More

4th July 2019

German prosecutors intensify Deutsche Bank client investigation: source

German prosecutors are escalating a money laundering inquiry involving Deutsche Bank (DBKGn.DE), including planned raids on wealthy former clients, a person with direct knowledge of the matter told Reuters. Frankfurt’s state prosecutors will in the coming months search the homes of people who it suspects of using a… Read More

28th June 2019

Switzerland Looks to Fill Gaps in AML Regime

Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering Act that would impose new regulatory obligations as soon as 2021. The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More

28th June 2019

Ex UBS compliance officer jailed for insider dealing

A London judge on Thursday sentenced both a former UBS (UBSG.S) compliance officer and her day-trader friend to three years in jail after they were convicted by a jury of insider dealing. Fabiana Abdel-Malek, 36, and Walid Anis Choucair, 40, were both found guilty after a two-month trial… Read More

26th June 2019

Money Laundering in UK Professional Services Sectors Not Understood: RUSI

UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More

24th June 2019

Saudi Arabia named full member of anti-illicit funding body

Saudi Arabia has been granted full membership of the Financial Action Task Force (FATF), a global body dedicated to fighting illicit money flows, Saudi Arabia’s monetary authority said on Friday. The kingdom had been previously denied membership after not meeting criteria in anti-money laundering and counter terrorism financing, and its… Read More

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