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Weekly Roundup: Commerzbank to Pay Over $1 Billion in Settlement, U.S. Lawmakers Approve Russia Sanctions Bill, and More
printCommerzbank may pay more than $1 billion as part of a deferred prosecution agreement to resolve charges that the German institution violated U.S. anti-money laundering and sanctions laws, in part through transactions tied to blacklisted entities in Iran, Sudan and North Korea, the Financial Times reported Thursday, citing unnamed sources. The larger-than-expected settlement is near finalization, the newspaper said. More Legal challenges could undo at least 16 of the EU's 22 sanctions designations targeting former Ukraine President Viktor Yanukovich and his allies, The Wall Street Journal reported Thursday. The economic bloc is likely to rescind asset freezes against three blacklisted...
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An expected U.S. settlement with Commerzbank AG could come as soon as next week, roughly $572 million of Moscow-based Bank Rossiya's assets have been blocked in the U.S. since sanctions took effect, and more, in this week's roundup.
The FDIC published a consent order against Tri-State Bank of Memphis, Germany is investigating the Swiss-based private banking division of Coutts for potential violations of tax evasion laws, and more, in this week's roundup.
EU officials are expected to blacklist nine entities and nine individuals for their alleged roles in ongoing insurgency in Ukraine, Al-Shabaab and other terrorist organizations may be using companies in South Africa to transfer funds, and more, in this week's roundup.
M&T Bank Corp. revealed it has spent more than $150 million boosting its AML program, the Asia Pacific Group on Money Laundering will allow North Korea to join the organization as an observer, and more, in this week's roundup.
A bill that would shift the oversight of MSBs to state regulators has passed the House of Representatives, Russia saw nearly $75 billion in capital flight in the first half of 2014, and more, in this week's roundup.
Criminals are laundering $140 million annually through bets placed on sporting events, Dutch authorities seized approximately 10 million euros in assets during a money laundering investigation, and more, in this week's roundup.
The New York State Department of Financial Services will begin testing how prepared banks are for cyber-threats, Brazil's central bank approved legislation that allows individuals to conduct financial transactions via their cell phones, and more, in this week's roundup.
The UAE's Federal National Council approved legislation requiring cross-border declarations of cash, the U.S. Treasury Department will view 2014 and 2015 as a "transition period" when enforcing the Foreign Account Tax Compliance Act, and more, in this week's roundup.
Brazil's Supreme Court ruled that a congressional inquiry into purported corruption by state-owned Petroleo Brasileiro SA can move forward, Southern Italy's organized crime groups are expanding their commercial reach, and more, in this week's roundup.
AUSTRAC revoked the license of a money remitter for AML deficiencies, Belgium will sign an intergovernmental agreement with the U.S. next week to implement FATCA, and more, in this week's roundup.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Belarus' House of Representatives advanced an anti-money laundering bill, a MoneyGram and Western Union agent was sentenced to 15 years in prison for laundering fraud proceeds, and more, in this week's roundup.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.