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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

15th February 2019

Banks have not moved enough staff from London to EU for Brexit: Bundesbank

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

EU publishes money laundering blacklist, urges banks to apply customer due diligence (CDD)

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

Cyber attack on Malta bank tried to transfer cash abroad

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

Q and A: EU money laundering blacklist explained

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

14th February 2019

Estonia drops anti-money laundering legislation before election

Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More

14th February 2019

Bad loans and money laundering curbs take toll on ABN Amro

Rising bad loans and a big investment in improving anti-money-laundering controls pushed fourth-quarter net profit from Dutch bank ABN Amro way below analysts’ expectations, prompting a sell-off in its shares. Net profit plunged 42 percent to 316 million euros (278 million pounds) from 542 million euros a year earlier. That… Read More

14th February 2019

Cyprus: No ‘golden passport’ to people rejected before

AP — Cyprus has strengthened the eligibility rules for a lucrative “golden passport” program that grants the document to wealthy foreign investors, ruling out applicants who already were turned down by another European Union country with a similar policy, a government official said Wednesday. The EU… Read More

13th February 2019

EU smaller states say no to end of veto on tax reforms

Finance ministers from smaller European Union states on Tuesday opposed a plan to limit governments’ power to block EU reforms on tax matters, in a move that further reduces the chances of introducing an EU levy on large digital firms. EU countries with smaller populations have for years blocked efforts… Read More

13th February 2019

Most London-based banks fleeing Brexit have made reasonable progress – ECB

Most London-based banks moving to the euro area due to Brexit have made “reasonable progress” in preparing the move, European Central Bank director Sabine Lautenschlaeger said on Wednesday. “We have urged and pushed them (banks) to prepare for all potential outcomes of the political process,” she told an audience in… Read More

13th February 2019

Europe: Drug dealers used Hawala, gold laundering to move millions monthly

Police in France and Italy have swooped in on suspected members of a gang that operated a ‘complex’ network which involved moving dirty cash to Algeria from Europe. The criminal cash flows are estimated at €5 to €7 million per month. “Money originating mainly from drug trafficking and tax evasion… Read More

Must Read

Estonia orders Danske Bank to shut down following money laundering scandal

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

Teenager who joined IS group in Syria to lose UK citizenship

Pence urges Europe to quit Iran deal, stop busting sanctions

MTN faces more problems in Uganda as authorities query its sales figures