Topic: Money laundering

US rules impede AML efforts, says bank association

A financial institutions trade group says US rules that prohibit banks from sharing information with overseas branches and affiliates impede their ability to effectively control anti-money laundering procedures.

16 March 2015

US to cut off Andorran bank over AML concerns

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has named Banca Privada d’Andorra (BPA), an Andorran bank, as an “institution of primary money laundering concern” and plans to block US financial services institutions from processing US dollars on the bank’s behalf.

11 March 2015

Bank of Beirut fined for providing misleading information to FCA

The UK’s Financial Conduct Authority (FCA) has fined Bank of Beirut £2.1 million for providing it with misleading information linked to its remediation of poor anti-money laundering practices.

05 March 2015

Lawsky: banks should prepare for random audits and executive attestations

Benjamin Lawsky, superintendent of the New York Department of Financial Services, floated plans to introduce unannounced inspections of banks’ anti-money laundering systems.

26 February 2015

Former Petrobras exec charged in Operation Lava Jato

Brazilian prosecutors have charged a former Petrobras executive allegedly involved in the misconduct under investigation in the sprawling Lava Jato investigation.

25 February 2015

Falciani willing to stand trial

Hervé Falciani, the former HSBC employee who fled Switzerland in 2008 with thousands of the bank’s customer account records and handed them over to French government authorities, says he is now willing to return to Switzerland.

19 February 2015

Brazilians probing Petrobras-HSBC connections

Brazil is investigating whether individuals involved in the Petrobras corruption scandal may have held undeclared accounts at HSBC’s Swiss private banking division, which allegedly helped wealthy clients evade tax.

16 February 2015

Lynch nomination vote delayed over her HSBC DPA role

The US senate judiciary committee has delayed a nomination vote for attorney general candidate Loretta Lynch, to allow lawmakers time to question her about her role in the DoJ’s 2012 HSBC deferred prosecution agreement for anti-money laundering failures.

13 February 2015

Ecofin approves EU money-laundering directive

Last week, the EU’s Economic and Financial Affairs Council (Ecofin) endorsed an agreement to implement new rules on money laundering and terrorist financing.

02 February 2015

US opens AML criminal investigation of Rabobank

The US Department of Justice (DoJ) has opened a criminal investigation into Rabobank over whether the Dutch bank ignored red flags that suggested clients laundered money through its California business, according to Bloomberg.

29 January 2015

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