All anti-money laundering articles – Page 5

  • Article

    Swedish regulator fines Swedbank record $390M for AML deficiencies

    2020-03-20T15:07:00Z

    Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”

  • Money
    Article

    DOJ recovers $700M in 1MDB scandal

    2019-10-31T18:28:00Z

    Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB.

  • Article

    Danske Bank under investigation in France over money-laundering saga

    2019-02-15T13:30:00Z

    For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.

  • Blog

    Danske Bank provides update on AML probe in France

    2019-01-16T14:15:00Z

    Danske Bank said it might again become subject to a formal investigation in France, instead of being an assisted witness, in connection with an ongoing investigation into organised money laundering of tax evasion proceeds.

  • Blog

    Will the EU improve its monitoring of money-laundering threats?

    2018-12-27T12:30:00Z

    EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering supervision for financial institutions, but some doubt the effectiveness of these measures.

  • Blog

    Arachnys launches CRI cloud-native platform

    2018-12-07T13:30:00Z

    Customer Risk Intelligence (CRI) solutions provider Arachnys announced the launch of its CRI cloud-native platform designed to address Know Your Customer (KYC) and Anti-Money Laundering (AML) challenges.

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    Article

    AML programs continue to vex banks in cost, complexity

    2018-11-20T16:30:00Z

    Forget all that talk of deregulation. Compliance officers at financial institutions are still knee-deep in risk and spending nearly $26 billion a year on anti-money laundering programs and other demands of the Bank Secrecy Act.

  • Blog

    EverCompliant solution addresses KYC gaps

    2018-11-05T15:00:00Z

    EverCompliant, a business cyber-intelligence provider, recently announced the launch of eKYC Discovery, a tool that addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer processes that could leave financial institutions exposed to criminal activity.

  • Blog

    Capital One pays $100M for AML compliance deficiencies

    2018-10-24T10:30:00Z

    The Office of the Comptroller of the Currency has assessed a $100 million civil money penalty against Capital One and Capital One Bank for deficiencies in the financial concern’s Bank Secrecy Act/Anti-Money Laundering program.

  • Blog

    Mashreq responds to NYDFS consent order

    2018-10-18T10:00:00Z

    Mashreqbank has issued a statement in response to its consent order reached with the New York State Department of Financial Services on Oct 18 for violations of U.S. Bank Secrecy Act and Anti-Money Laundering laws in the New York branch’s U.S. dollar clearing operations.

  • Article

    ING reaches $900M settlement with Dutch authorities

    2018-09-04T15:15:00Z

    Global financial institution ING announced Tuesday that it has reached a $900 million settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.

  • Article

    Danske Bank case illustrates poor anti-money laundering practices

    2018-08-09T13:00:00Z

    There seems to be no end to the AML woes hounding Danske Bank. Most recently, Denmark’s financial crime regulator announced a pending investigation into the beleaguered bank for possible money laundering violations related to its Estonian branch.

  • Blog

    Parliament moves to halt AML activities in Overseas Territories

    2018-05-04T08:45:00Z

    In an effort to stem the tide of money-laundering activites in Britain's 14 Overseas Territories (including the British Virgin Islands), the U.K. parliament accepted a cross-party amendment to the Sanctions and AML Bill that will force the territories to set up public registers of beneficial ownership.

  • Blog

    IdentityMind Global creates business unit dedicated to ICO, cryptocurrency markets

    2018-03-13T09:45:00Z

    IdentityMindGlobal—a SaaS platform provider that builds, maintains and analyzes digital identities worldwide—announced the launch of a new business unit specifically dedicated to providing know your customer and anti-money laundering solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering and cryptocurrency markets.

  • Article

    A sting, a Picasso and, guess what, offshore tax havens

    2018-03-13T08:00:00Z

    A look at the scandal at Beaufort Securities, which switched from real estate investments to Picassos to launder money, because of the limited risk in the unregulated art market.

  • Blog

    Preventing money laundering in law firms

    2018-03-05T17:15:00Z

    Strict new anti-money laundering regulations will make compliance matters much more complicated for U.K. solicitors whose business makes them a target for money laundering operations.

  • Article

    Slowly but surely, Luxembourg is complying with AMLD 4

    2018-02-27T12:00:00Z

    Although it is uncharacteristically behind schedule, Luxembourg’s legislature is working on implementing transparency measures in line with AMLD 4. But will it be fast enough to avoid penalties from the European Commission?

  • Blog

    U.S. Bancorp to pay $613M for AML compliance failures

    2018-02-15T16:00:00Z

    U.S. Bancorp, the parent company of U.S. Bank, announced today that it will pay a total of $613 million in total penalties for willfully failing to have an adequate anti-money laundering compliance program and willfully failing to file a suspicious activity report in violation of the Bank Secrecy Act.

  • Blog

    Rabobank to pay $368.7M for laundering Mexico drug money

    2018-02-08T14:30:00Z

    The U.S. subsidiary of Rabobank pleaded guilty this week to a felony conspiracy charge for impairing, impeding, and obstructing a government investigation by concealing deficiencies in its anti-money laundering program.

  • Blog

    Swiss regulator sanctions Gazprombank in wake of Panama Papers

    2018-02-02T13:45:00Z

    Following revelations from the Panama Papers, Swiss regulators identified serious shortcomings in anti-money laundering processes regarding private clients at Gazprombank Switzerland and, thus, has banned it from accepting new private clients until further notice.