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Midweek Roundup: Commerzbank’s Compliance Woes Worsen, Citigroup Sees Billions in Ongoing AML Costs, and More
printGerman lender Commerzbank AG, which is attempting to resolve U.S. charges that it violated Iran sanctions, is also being investigated for alleged anti-money laundering lapses, Bloomberg reported Monday. More New York State's financial regulator is pushing for the bank to fire certain employees as part of the expected $650 million sanctions settlement, Reuters said. More Moldovan authorities plan to charge four or five bankers with money laundering for their alleged roles in moving up to $20 billion in illicit money from Russia to Latvia, Bloomberg reported. More Soci?©t?© G?©n?©rale is in the process of conducting an internal probe of possible...
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The U.N. Security Council is preparing a draft resolution to comply with the terms of an international nuclear accord, Italy's FIU said that STRs filed by banks jumped 10 percent last year to an all-time high of 71,700, and more, in the midweek roundup.
Germany's second-largest bank will pay $1.45 billion to U.S. law enforcement agencies and regulators and fire multiple employees to settle charges that it violated sanctions laws and anti-money laundering rules.
Canada announced sanctions against 37 Russian and Ukrainian individuals and 17 entities, banks in Ireland need to improve AML training and risk assessment procedures, and more, in the midweek roundup.
The EU postponed the designations of 19 people and nine entities deemed responsible for instability in Ukraine, Iran will push for the removal of banking and trade restrictions imposed against it in upcoming nuclear negotiations with the U.S., and more, in the midweek roundup.
EU officials will appeal a high court ruling that removed Hamas from the 28-member bloc's blacklist, Colombia arrested the CEO of CI Goldex SA for allegedly executing the nation's largest-ever money laundering scheme, and more, in the midweek roundup.
Interpol issued an arrest warrant for former Ukraine president Viktor Yanukovych, Philippine investigators suspect that embattled Sen. Jinggoy Estrada laundered millions of dollars of bribes, and more, in the midweek roundup.
The Cayman Islands will not create a register of corporate beneficial owners, rampant corruption in public contracts has led to a widespread failure of Iraq's infrastructure, and more, in the midweek roundup.
Visa and MasterCard have suspended operations in Crimea in response to recently adopted U.S. sanctions, India's Enforcement Directorate charged five individuals with money laundering, and more, in the midweek roundup.
President Obama will sign legislation that imposes further sanctions on Russia, developing countries lost nearly $1 trillion in 2012 to corruption and money laundering, and more, in the midweek roundup.
Standard Chartered plans to close as many as 100 of its branches next year in Asia, Africa and the Middle East, the Central Bank of Russia expects capital flight from the country to reach $128 billion in 2014, and more, in the midweek roundup.
German exports to Iran in the first eight months of this year rose 33 percent over the same period last year, Spanish singer Isabel Pantoja has been sentenced to two years imprisonment for laundering public funds illegally obtained by her ex-boyfriend, and more, in the midweek roundup.
Over 50 government officials in Spain were arrested on suspicion of operating a massive corruption network, India's Supreme Court granted investigators access to the names of over 600 Indians suspected of hiding untaxed income, and more, in the midweek roundup.
Two U.K.-based directors of HSBC are set to resign, the EU is ready to toughen sanctions against Russia if the situation in Ukraine deteriorates, and more, in the midweek roundup.
French prosecutors have dropped a money laundering investigation against an Iranian dissident group, a new set of AML rules is increasing the pressure on Chinese banks to flag suspicious activity, and more, in the midweek roundup.
Two U.S. banks were targeted by regulators for BSA issues, Wells Fargo Advisors faced a Finra probe for AML problems, and more, in the midweek roundup.
Britain's National Crime Agency is launching a coordinated crackdown on money laundering in the City of London, the EU Commission advanced proposals to member-states on deeper sanctions against Russia, and more, in the midweek roundup.
U.S. and EU officials are considering asset freezes and travel bans on the leaders of rebel groups in Libya, India's Reserve Bank issued simplified due diligence rules for low-risk customers, and more, in the midweek roundup.
Over 2,000 new anti-money laundering jobs were created at U.K. commercial banks through June, Cuba's Ministry of Justice ordered lawyers to report suspicious transactions tied to money laundering, and more, in the midweek roundup.
Uganda launched a Financial Intelligence Authority to combat money laundering, terrorist financiers are increasingly using Twitter and Facebook to solicit donations for designated groups operating in Syria and other conflict zones, and more, in the midweek roundup.
Russia's plans to develop a gambling zone along Crimea's border could result in an influx of dirty money, Ecuadoran lawmakers approved legislation last month to create a digital currency to be launched in October, and more, in the midweek roundup.