All Politically Exposed Persons articles
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PremiumChapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein
Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
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OpinionFallout from ‘debanking’ scandal suggests more U.K. bank reforms coming
The former CEO of NatWest’s decision to leak client details to the press regarding Nigel Farage is likely to cost the financial industry millions in new compliance checks as U.K. regulators prepare reviews into how banks treat people with extreme political views.
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News BriefFCA to review treatment of U.K.-based PEPs
The Financial Conduct Authority announced the scope of its review into the treatment of U.K.-based politically exposed persons, the latest development in response to the Nigel Farage “debanking” scandal.
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ArticleGatehouse Bank fined $1.77M for inadequate customer due diligence
Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.
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ArticleBanking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
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Blog
FinCEN advisory warns of Nicaraguan money laundering
The Financial Crimes Enforcement Network has issued an advisory to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter the U.S. financial system.
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Article
Lax AML controls plague Mexico's financial services sector
Politically exposed persons, beneficial ownership, and suspicious transactions all continue to bedevil Mexican banking efforts to combat money laundering and terrorism financing.
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BlogPanama Papers: Mossack Fonseca linked to offshore deals in Africa
A new round of investigations on the Panama Papers conducted by the International Consortium of Investigative Journalists (ICIJ) this week revealed that Panama-headquartered law firm Mossack Fonseca established offshore companies to own, hold, or do business with petroleum, natural gas, and mining operations in 44 of Africa’s 54 countries—many of ...