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Midweek Roundup: HSBC to Hire Former OFAC Director, Deloitte CEO Criticizes Standard Chartered Order, and More
printHSBC Plc is hiring a well-known figure in the compliance industry to bolster its team in the wake of a scathing U.S. Senate report, The Wall Street Journal reported. Robert Werner, who previously headed both the Office of Foreign Assets Control and the Financial Crimes Enforcement Network, will serve as the head of global standards assurance at the bank, the newspaper reported, citing anonymous sources. Werner will be tasked with overseeing a new global sanctions list and will lead a new internal investigations unit. More Deloitte's Chief Executive Officer Joe Echevarria defended his firm against allegations by New York state...
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The U.S. gaming sector's string of recent compliance penalties have prompted many casinos to rethink how they implement anti-money laundering controls, according to Kim McCabe, founder of Henderson, NV-based consultancy KMC, LLC.
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HSBC Bank USA will seek a new chief compliance officer after the departure of the executive who filled the role for over two years.
Singapore is adding tax evasion to its list of predicate money laundering offenses, eighty foreign MSBs have registered with FinCEN since August, and more, in the midweek roundup.
The Central Bank of Nigeria approved AML legislation that had been pending since 2009, Hong Kong financial institutions filed 29 percent more STRs in the first six months of 2012 than during the same period last year, and more, in the midweek roundup.
Standard Chartered Bank finalized its $340 million settlement with New York State , U.S. officials lifted sanctions against Myanmar's Mayflower Bank and Asia Wealth Bank, and more, in the midweek roundup.
Switzerland is investigating four Uzbek nationals with close ties to their country's president for possible money laundering, German lawmakers are likely to reject a proposed tax data exchange agreement with Switzerland ahead of parliamentary elections, and more, in the midweek roundup.
The Holy See hired Swiss lawyer Rene Bruelhart to help bolster the city-state's AML controls, Liechtenstein is weighing whether to enter a withholding tax agreement with Germany, and more, in the midweek roundup.
Afghanistan continues to transact with blacklisted Iranian banks and firms despite U.S. pressure, Argentina's new controls on international monetary flows took effect as part of a broader effort to curb tax evasion, and more, in the midweek roundup.
Bulgaria's national soccer leagues are intrinsically linked to organized crime groups, a senior Iranian military commander is suing the U.S. for blacklisting him, and more, in the midweek roundup.
The New York banking regulator that imposed an unprecedented $340 million penalty on a London-based bank this month is likely to be equally tough on six other foreign banks identified as being the subject of similar investigations, say current and former government officials.
Russia's Economic Development Ministry have drafted a bill to strengthen AML measures in the country, a U.S. Justice Department probe of alleged sanctions violations at the Royal Bank of Scotland has led to the departure of a senior risk manager, and more, in the midweek roundup.
The Federal Reserve Board ordered Asian Bank to strengthen its written Bank Secrecy Act program, a former executive at Lloyds Banking Group admitted to orchestrating a fraud and money laundering scheme worth over $3 million, and more, in the midweek roundup.
Some countries may take years to fully implement the revised FATF recommendations, China's foreign minister spokesman protested U.S. sanctions against Bank of Kunlun Co., and more, in this weeks' roundup.
The world's wealthiest hid at least $21 trillion in tax havens by the end of 2010, Ethiopia's financial intelligence unit wants to amend the nation's AML law in order to meet international standards, and more, in the midweek roundup.
Qatar has addressed most of the deficiencies previously identified in its anti-money laundering regime, Finra fined Integrated Financial Planning Services, Inc. $32,500 for AML violations, and more, in the midweek roundup.
FinCEN will hold a public hearing on July 31 to discuss potential beneficial ownership-related due diligence rules, German tax authorities searched the homes of Credit Suisse clients over alleged tax evasion charges, and more, in the midweek roundup.
The European Union tightened sanctions against Syria, Switzerland said that it will widen the power of its anti-money laundering unit, and more, in the midweek roundup.
Midweek Roundup: FSA Probing CDD Violations at U.K. Banks, Vatican Bank Risks FATF Censure, and More
Uruguay's central bank released a national action plan aimed at curbing money laundering, the Philippines President signed two laws that strengthen the nation's AML and counterterrorist financing regimes, and more, in the midweek roundup.
Armenia's former Prime Minister and recently-elected parliament member Vartan Oskanian is accused of laundering money, a Swiss advocacy group is suing UBS AG for its ties to a corrupt Malaysian politician, and more, in the midweek roundup.