26th March 2020
Pilatus Bank was a “money transfer operation” rather than an ordinary bank providing investment corporate and retail services to high net individuals, according to the bank’s administrator Lawrence Connell. The former US financial regulator reached his conclusion in his first six-month report covering up to August 2018, which was only… Read More
25th March 2020
The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More
12th March 2020
Regulators hit banks with a near record $10 billion worth of fines in a 15 month period through 2019, and the figure is expected to increase in 2020. That’s according to a new report from Fenergo, a European startup that makes software to help financial institutions detect illegal transactions. Read More
10th March 2020
Anyone who experienced it will still remember the euphoria that gripped Germany at the time. Brilliant weather, full stadiums and the triumphant public viewings in squares, streets and pubs across the land. The fact that the German team failed to win the tournament hardly dampened the mood. From then on, June and July… Read More
5th March 2020
A record number of footballers, clubs and agents in England are being investigated over tax payments. HM Revenue & Customs (HMRC) is investigating the tax affairs of 330 footballers, 55 clubs and 80 agents, up from 173 players, 40 clubs and 38 agents in January 2019. HMRC said it had… Read More
3rd March 2020
Bank of England officials have voiced concerns that Deutsche Bank is failing to improve its anti-money laundering (AML) and compliance controls and have warned the German lender that it could lose access to the UK market following Brexit, the Financial Times reported Monday. The bank’s latest compliance troubles come… Read More
2nd March 2020
Switzerland’s financial watchdog will probe the actions of individuals at Julius Baer after it reprimanded the bank for ignoring money-laundering risks in payments linked to corruption in Venezuela and world soccer body FIFA. FINMA Chief Executive Mark Branson said the regulator would look at the behaviour of individuals at the… Read More
24th February 2020
Swiss bank Julius Baer has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA. In a highly critical report, the Swiss Financial Market Supervisory Authority FINMA said there had… Read More
21st February 2020
AP – Paris Saint-Germain president Nasser al-Khelaifi was charged Thursday by Swiss federal prosecutors in connection with a wider bribery investigation linked to FIFA and World Cup television rights. The office of Switzerland’s attorney general filed an indictment charging Al-Khelaifi with inciting former FIFA secretary general Jerome Valcke… Read More
20th February 2020
Civil society organizations urged the participants of a conference on combating money laundering to insist on the establishment of a public register that would show who owns which company in which country. Representatives from 205 countries and jurisdictions are meeting this week in Paris to discuss global action that can… Read More