Topic: Due diligence

Dutch challenger bank wins legal fight over “innovative” AML checks

“Determining the effectiveness of anti-money laundering systems should be about the outcome, not how the organisation got there,” said a lawyer who helped Bunq win a landmark victory against a Dutch financial regulator.

10 November 2022

Systems and controls rules key to FCA personal messaging probes

The UK’s financial regulator will focus on potential breaches of systems and controls rules if it takes enforcement action against banks over the use of personal messaging apps to conduct business, lawyers say.

01 November 2022

Puerto Rican bank violated Venezuelan sanctions, OFAC says

The bank didn’t apply for a licence to handle the blocked accounts of an unnamed person sanctioned in 2017, the agency said.

19 October 2022

Director of Public Prosecutions: CPS can learn from reports into SFO failings

Max Hill KC told a London legal conference that the reports’ emphasis on early engagement with defence counsel during investigations is something his agency needs to keep in mind.

10 October 2022

SDNY official outlines approach to charging decisions

“We expect platinum-level compliance from your platinum-level clients”, Daniel Gitner, the criminal chief at the Manhattan US attorney’s office, told an audience at GIR Live New York on Tuesday.

21 September 2022

Regulator details “shocking” AML breaches at Sydney casino

A gambling watchdog also took aim at Star Entertainment’s in-house lawyers for wrongly asserting legal privilege to withhold documents from Australia’s anti-money laundering enforcer.

13 September 2022

US Federal Reserve completes 10 years of monitoring HSBC compliance

02 September 2022

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

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