11th January 2019
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
11th January 2019
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
11th January 2019
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
11th January 2019
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
11th January 2019
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
11th January 2019
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
10th January 2019
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
10th January 2019
The US has imposed sanctions on the owner of a TV station, former Venezuelan government officials and other companies it says were part of a bribery and currency exchange scheme that generated over $2.4 billion in corrupt proceeds. Venezuelan officials plundered funds from the government through conducting illegal foreign… Read More
10th January 2019
A member of parliament from Prime Minister Theresa May’s minority ruling Conservative Party was cleared on Wednesday of declaring false expenses during Britain’s 2015 national election in which he narrowly beat leading Brexit figure Nigel Farage. Craig Mackinlay, 52, defeated Farage, the former head of the UKIP party, to win… Read More
10th January 2019
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More