26th November 2019
An Auckland finance firm and its mother and son owners can now be revealed as the company and pair who failed to report $53.4 million of suspicious transactions from a Chinese-Canadian mogul accused of running a $200m pyramid scheme. Jiaxin Finance Limited, Fuqin Che and her son Qiang Fu, also… Read More
26th November 2019
President Donald Trump told the Treasury Department and Justice Department to look into the impact of U.S. sanctions on a Turkish state-owned bank after being lobbied by Turkey’s president, a Treasury official acknowledged in a letter last week to a top Democratic senator. The letter, sent in response to… Read More
25th November 2019
The treasurer, Josh Frydenberg, says the banking regulator is looking at disqualifying the Westpac board for accountability failings which may have helped facilitate child exploitation. The financial intelligence agency, Austrac, announced it had begun legal action against Westpac last week, levelling accusations the bank had more than 23m… Read More
25th November 2019
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday. The HKMA (Hong Kong Monetary Authority) on Friday (22 November) hosted its first AML/CFT RegTech Forum. The Forum was an… Read More
25th November 2019
A multinational energy firm accused by prosecutors of maintaining a fake set of accounts to disguise the payment of bribes to foreign government officials has been identified by the Guardian as the UK-based company Petrofac. Petrofac, which is headed by a major Tory donor, has been under investigation by… Read More
25th November 2019
Two senior members of the discredited OneCoin cryptocurrency sales network are listed as shareholders of a fledgling Irish cryptocurrency. Peter Shaw and Pehr Karlsson are shareholders in Funlz, which is seeking to develop MingoCoin, a cryptocurrency linked to a new messaging aggregator app. Funlz founder Joe Arthur said that the… Read More
22nd November 2019
The Australian anti-money laundering (AML) regulator’s case against Westpac for more than 23 million alleged reporting breaches will shine an international spotlight on SWIFT data reporting avoidance. Anti-money laundering experts have said the case will provide an unprecedented view into the processes that banks put in place to circumvent the… Read More
22nd November 2019
When merging with Fortis in 2010, ABN Amro failed to screen the over 5 million Fortis customers individually, according to NRC. All 5 million of them were automatically labeled as “reliable” – the lowest risk category – meaning that ABN Amro considers them relatively harmless and unlikely to commit financial… Read More
22nd November 2019
Prime Minister Benjamin Netanyahu was indicted Thursday on charges of bribery, fraud and breach of trust in a set of long-running corruption cases, throwing his political future into doubt and heightening the uncertainty and chaos surrounding Israel’s fitful, yearlong struggle to choose its next leader. Mr. Netanyahu, 70, who in… Read More
22nd November 2019
The General Court of the European Union on Wednesday gave a reprieve to Austria’s former Meinl Bank (now called Anglo Austrian Bank), allowing it to keep its banking license pending further court action. Last week the European Central Bank withdrew Anglo Austrian’s license. The bank immediately said it would take… Read More