Featured Europe

Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results

Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More

Pence urges Europe to quit Iran deal, stop busting sanctions

AP — The Trump administration lashed out at some of America’s closest traditional allies Thursday, accusing Britain, France and Germany of trying to bust U.S. sanctions against Iran and calling on European nations to join the United States in withdrawing from the Iranian nuclear deal. In… Read More
20th February 2019
Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More
19th February 2019
Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday. Berlin is a hub for startup companies of which around 170 in one way or another look at blockchain, the distributed… Read More
19th February 2019
Serial production of Russia’s first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported. Russia hopes the MS-21, a twin-engine, medium-range passenger plane, will give Boeing and Airbus a run for… Read More
19th February 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More
18th February 2019
Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday. While many foreign firms have been cutting their exposure to PDVSA… Read More
15th February 2019
FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More
15th February 2019
The European Commission on Tuesday adopted a list of countries it says has weak anti-money laundering and terrorist financing regimes, and urged banks to increase customer due diligence (CDD) checks on customers and firms from the blacklisted states. The list was established after an ‘in-depth’ analysis, the Commission explained, and… Read More
15th February 2019
Bank of Valletta which accounts for almost half of Malta’s banking transactions, had to shut down all of its operations on Wednesday after hackers broke into its systems and shifted funds overseas. Prime Minister Joseph Muscat told parliament the cyber attack involved the creation of false international payments totaling 13… Read More
15th February 2019
Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues. The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up… Read More
15th February 2019
The European Commission has published its list of high-risk third countries – dubbed the blacklist – which it says have weak anti-money laundering and terrorist financing regimes. It says the list was established after an ‘in-depth’ analysis, and the that the method reflected the ‘stricter’ criteria of the Fifth Anti-Money… Read More