U.S. warns German companies of possible sanctions over Russian pipeline
14th January 2019
U.S. warns German companies of possible sanctions over Russian pipeline
The United States has warned German companies involved in the Russian-led Nord Stream 2 gas pipeline that they could face sanctions if they stick with the project. U.S. President Donald Trump has accused Germany of being a “captive” of Moscow because of its reliance on Russian energy and urged it… Read More
Danske Bank, ex-CEO are sued in U.S. over money laundering scandal
11th January 2019
Danske Bank, ex-CEO are sued in U.S. over money laundering scandal
Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More
EU anti-fraud system is ineffective, auditors say
11th January 2019
EU anti-fraud system is ineffective, auditors say
The European Union is failing to stem misuse of EU funds worth hundreds of millions of euros each year, and manages to recoup only about 15 percent of this sum, auditors said on Thursday. Fraudulent use of EU funds amounted to 391 million euros($451 million) in 2017, fairly typical of… Read More
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
11th January 2019
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
Investor Browder asks France to investigate Danske in Magnitsky case
11th January 2019
Investor Browder asks France to investigate Danske in Magnitsky case
Bill Browder, founder and CEO of investment fund Hermitage Capital Management, said on Thursday he had asked French authorities to investigate Danske Bank over alleged money laundering, rather than treating it as a witness. Danske Bank (DANSKE.CO) is already under investigation by authorities in Denmark, Estonia, Britain and the United… Read More
Sanctions: Democrats question Treasury chief on Russian oligarch
11th January 2019
Sanctions: Democrats question Treasury chief on Russian oligarch
AP — Treasury Secretary Steven Mnuchin told lawmakers in a classified briefing Thursday that the Trump administration will keep strict U.S. sanctions on Oleg Deripaska and any companies he owns, but Democrats say they still have concerns that the government is being too soft on the… Read More
Confessions of a compliance officer: A mighty banker crashes to earth
11th January 2019
Confessions of a compliance officer: A mighty banker crashes to earth
Have you ever worked with a ‘spoilt rotten’ star trader before, watched him feted by bosses and get his or her own way – yes, even with compliance matters! What ever becomes of such an individual? A London-based compliance officer looks back, aghast, at the time he worked with such… Read More
UK: Ex-Premier League footballer accused of money laundering
11th January 2019
UK: Ex-Premier League footballer accused of money laundering
Former footballer Sam Sodje has reportedly been accused of laundering thousands of pounds after he helped fraudsters move their cash through his bank account. As part of the scheme, the fraudsters sent emails to firms in Columbia, India and Italy, purporting to be their supplier. Funds were then paid into… Read More
Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June
11th January 2019
Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June
Germany’s financial markets watchdog is requiring Deutsche Bank to re-examine the files of about 20,000 risky clients by the end of June as part of its “know your customer” process, a person familiar with the matter said on Wednesday. Deutsche Bank has come under fire for weaknesses in its procedures… Read More
Iran says it will reciprocate after EU sanctions Iranians
10th January 2019
Iran says it will reciprocate after EU sanctions Iranians
Iran said on Wednesday that it would reciprocate after the European Union added two Iranian individuals and an Iranian intelligence unit to the bloc’s terrorist list. EU ministers agreed on Tuesday to add the names to the list and freeze their assets, effective from Wednesday, as the Netherlands accused Iran… Read More
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