AML


Swedbankcrop

Swedbank announces governance overhaul, launches culture probe

2019-12-10T18:18:00+00:00By

Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”

Westpac

Westpac accused of 23M violations of Australian AML rules

2019-11-21T18:54:00+00:00By

Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.

Alstom

Alstom exec convicted of FCPA, money-laundering charges

2019-11-11T20:57:00+00:00By

A former Alstom executive was found guilty by a federal jury for his role in a multi-year, multi-million-dollar foreign bribery scheme and related money-laundering scheme in Indonesia.

Money

DOJ recovers $700M in 1MDB scandal

2019-10-31T18:28:00+00:00By

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.

Gold

EY accused in U.K. gold-laundering scheme

2019-10-29T17:41:00+00:00By

Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.

Capitol

Bill to expose shell companies passes House vote

2019-10-23T16:16:00+01:00By

A proposed bill to crack down on anonymous shell companies passed a House of Representatives vote Tuesday and will progress to the Senate.

2nd Annual APAC Conference took place in Singapore on 16-17 October

Singapore regulator: Technology creates both challenges, opportunities

2019-10-16T13:22:00+01:00By Compliance Week

The evolution of technology is enabling myriad capabilities for regulatory and financial crime compliance, but it is also presenting complex financial crime risks, according to a representative from the Monetary Authority of Singapore (MAS) at the International Compliance Association’s second Asia Pacific (APAC) conference this week in Singapore.

MoneyLaunderingTop

Bill requiring shell companies to disclose ownership introduced in Senate

2019-10-02T19:08:00+01:00By

Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.

Swedbank_Automat

Embattled Swedbank names permanent CCO

2019-09-19T13:52:00+01:00By

Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.

Blockchain

FINMA publishes AML guidance on blockchain

2019-09-03T15:24:00+01:00By

The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.

Money laundering

New FinCEN unit to focus on money laundering threats

2019-08-29T15:05:00+01:00By

FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.

Danske

Embattled Danske hires HSBC compliance head

2019-07-10T14:52:00+01:00By

Danske Bank, embroiled in a substantial money laundering scandal, has added to its compliance team with the appointment of Simon Kingsbury as head of surveillance & investigation.

Dankse

Yet another misstep by Danske results in firing of interim Danish CEO

2019-06-27T14:06:00+01:00By

Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.

point icons

Public register pros trump cons

2019-06-26T21:02:00+01:00By Matthew Stephenson

Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.

counterpoint icons

No proof in public register value

2019-06-26T21:00:00+01:00By Geoff Cook

Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.

IsleOfManTop

U.K. tax havens promise greater transparency on company ownership

2019-06-21T17:14:00+01:00By

Starting in 2021, Guernsey, Jersey, and the Isle of Man will make records of company ownership public, which should please members of parliament who have argued that not doing so has made them vulnerable to financial crime.

Nordea

Nordea raided over ML probe in Denmark

2019-06-21T16:46:00+01:00By

Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.