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EU watchdog urges tighter rules to prevent another Wirecard scandal

European Union rules on company financial information need to be updated to apply the lessons of the collapse of German payments firm Wirecard, the bloc’s securities watchdog said on Wednesday. The European Securities and Markets Authority (ESMA) said in a report in November there were deficiencies in how Germany’s securities… Read More

Deloitte to Pay Malaysia $80 Million in 1MDB-Related Settlement

Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More

France’s Prudential Regulator Fines ING Bank €3 Million for AML Lapses

ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
4th March 2021
Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More
4th March 2021
ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
4th March 2021
Cyprus plans to launch a register in coming months identifying the owners of thousands of companies on the island, lifting a veil of secrecy on opaque and complex corporate structures that campaigners say can help criminals seeking to hide their loot. Details of thousands of companies domiciled on the island,… Read More
4th March 2021
Malaysian police said on Wednesday it was investigating the husband of the country’s former central bank head for allegedly receiving funds linked to 1MDB, a state fund at the centre of a massive corruption scandal. Malaysian and U.S authorities have said around $4.5 billion was stolen from 1Malaysia Development Berhad… Read More
4th March 2021
Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moves toward a deal to sell its operating business to Apollo Global Management, according to people familiar with the matter. Also Wednesday, in a dramatic ratcheting up of Greensill’s problems, Germany’s… Read More
4th March 2021
More than 20 years ago, a group of former salesmen for Houston software entrepreneur Robert Brockman sued their old boss, claiming in court that he had deprived them of commissions by directing a portion of customer payments to a Cayman Islands entity. Mr. Brockman twice appealed to the Texas… Read More
4th March 2021
Singapore’s central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes. In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief… Read More
3rd March 2021
The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing. The violations relate to the activities… Read More
3rd March 2021
Using forged bank statements, fake companies and by bribing bank workers, a woman conspired with a man to cheat three banks into disbursing S$1.77 million in loans. Tan You Jia, 50, was given four-and-a-half years’ jail on Wednesday (Mar 3), after pleading guilty to six charges of bribery and cheating… Read More
3rd March 2021
The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More