BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
AML
Posted inRisk Management
Combating terrorist financing: Coordination and the ‘human element’
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.
Posted inRegulatory Enforcement
SEC fines broker-dealer $1.5M for SARs filing failures
GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.
Posted inBoards & Shareholders
Elevating compliance key for financial services, says former HSBC head
John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.
Posted inInternal Controls
Monitor certifies MoneyGram’s AML program after lengthy DPA
MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.
Posted inEurope
Norway’s DNB fined $48.1M for AML violations
DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.
Posted inEurope
Deutsche Bank ordered to further improve AML controls
BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.
Posted inEurope
Danske Bank compliance costs down after completing internal Estonia probe
New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.
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Concentrate on effective compliance
The Anti-Money Laundering Act of 2020 (AMLA) is intended to improve transparency between financial institutions and regulators in an effort to streamline financial crime compliance.
Posted inEthics & Culture
ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push
Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines. For more Nailed It or Failed It, click here.