23rd June 2020
A former loan officer with Rocky Mountain Bank failed to disclose millions of dollars in private financial dealings he had with a bank customer when signing off on bank loans to that person, prosecutors told a jury on Monday. Assistant U.S. Attorney Colin Rubich said Stephen Phillip Casher approved a… Read More
23rd June 2020
The recent introduction of the so-called ‘Special Deposit Account’ (SDA) may risk Sri Lanka falling back into the ‘grey list’ of the FATF (Financial Action Task Force). The SDA is a no-questions-asked deposit account designed to attract Diaspora funds into the country, and to entice foreign direct investment, as the… Read More
23rd June 2020
Hong Kong’s market watchdog fined a unit of Chinese securities broker Guotai Junan Securities HK$25.2 million ($3.25 million) for “multiple internal control failures” concerning anti-money laundering and other areas. Guotai Junan Securities (Hong Kong) had failed to detect numerous potentially suspicious transactions or report them appropriately, the Securities and Futures… Read More
23rd June 2020
The Financial Conduct Authority (FCA) has told crypto businesses it will need half a year to fully process applications before the hard deadline in January. The U.K.’s chief financial regulator announced Monday that any company carrying out “cryptoasset activity in the U.K.” must have submitted their completed applications –… Read More
23rd June 2020
Zimbabwean authorities say people who cannot explain where their wealth came from are in danger of having their assets seized even if courts clear them of a corruption allegation. The new operation was “an intensive lifestyle audit” of the rich, said the chairman of Zimbabwe’s anti-corruption commission Justice Loyce Matanda-Moyo. Read More
23rd June 2020
A total of 374,882,245 euros, including cash, financial instruments and real estate have been arrested in the criminal procedures into ABLV Bank investigated by the Economic Crime Control Department (ENAP) of the State Police, the LETA newswire reported June 19, citing police as the source. The police noted that on… Read More
22nd June 2020
After Miami’s real estate boom and bust a decade ago, one of the many foreign buyers who swooped in to snap up a luxury high-rise condo overlooking Biscayne Bay was a minister of parliament in the Republic of the Congo. Denis-Christel Sassou Nguesso, whose father has been president of the… Read More
22nd June 2020
A senior associate of the Kinahan cartel has been charged with 30 money laundering offences relating to bank accounts he held in his own name over a five-year period. Jonathan Harding (48), who is currently serving a lengthy jail term over a major weapons seizure linked to the crime gang,… Read More
22nd June 2020
While Bangladesh is depending on global lenders for aid to weather coronavirus-induced health and economic crises, its medical administration remains unusually generous to suppliers of medical equipment and services. The Directorate General of Health Services, the country’s national health agency, quotes prices paid for procurement of medical personnel safety goggles,… Read More
22nd June 2020
If criminals have the advantage in the fight against financial crime, that’s due in no small part to how the anti-money laundering sector functions, according to Jim Richards, principal and founder of RegTech Consulting LLC. For one, bank supervisors are focused primarily on technical compliance with AML regulations rather than… Read More