Topic: Due diligence

Amex fined over Venezuela drug gang sanctions breaches

OFAC said the credit card company faced a fine of over $300 million if it hadn’t cooperated with the agency’s investigation and improved its sanctions compliance systems.

18 July 2022

Swiss NGO reports UBS over alleged DRC money laundering breaches

11 July 2022

US money transfer business convicted over unchecked foreign transfers

Texas-based remittance company Ping Express has admitted wide-ranging compliance failures on more than $160 million worth of transfers.

08 July 2022

FCA warns companies not to reveal suspicious trading reports

18 May 2022

US prosecutors push for “significant prison sentence” for BitMEX founder

US prosecutors said in a sentencing memorandum submitted on 12 May that Arthur Hayes’ “willful and continuous” violation of the Bank Secrecy Act (BSA) was enough to deserve a “significant sentence of incarceration” of more than 12 months, though it did not ask for a specific sentence.

17 May 2022

FinCEN to open consultation on introducing no-action letters

FinCEN’s associate director said no action letters could help companies “employ new and innovative techniques and technologies” in the fight to stop illicit funds from entering the US financial system.

12 May 2022

Mining industry companies settle Cuba sanctions breaches

OFAC has fined a Colorado-based mining company and an equipment distributor in Florida for acquiring explosives originating from Cuba for use at a Suriname gold mine.

22 April 2022

FinCEN issues kleptocracy warning highlighting Russian corruption

19 April 2022

Ex-Mishcon partner fined over anti-money laundering breaches

The UK’s legal regulator has punished Michael Nouril, a former partner in Mishcon de Reya’s corporate department, for “serious breaches” of rules designed to prevent lawyers from facilitating money laundering.

08 March 2022

FATF adds UAE to financial crime grey list

07 March 2022

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