News
Midweek Roundup: JPMC Reportedly Getting Federal Scrutiny On Handling of Madoff Accounts, U.S. Wants Seeks to Share Iran Intelligence With EU Judges, and More
printJPMorgan Chase is under investigation for alleged regulatory failures in connection with its handling of accounts controlled by convicted Ponzi-schemer Bernard L. Madoff, The New York Times reported Wednesday, citing unnamed sources. At least eight federal agencies and the FBI are probing the bank to see if it failed to alert authorities about suspicious transactions. The bank contends it acted "in good faith" and complied with anti-money laundering and other regulations. More U.S. officials are concerned that Iran may prevail on EU judges to loosen Iranian sanctions in the region, Reuters said Monday. In response to Iranian appeals, the European...
TO READ THE FULL STORY
Related News
Russian banks hit with expanded U.S. sanctions say the measures will have little impact on their business, Fintrac released two separate fines against MSBs for AML deficiencies, and more, in the midweek roundup.
Reading the documentation accompanying JPMorgan Chase's record $2.05 billion settlement for failing to report Bernie Madoff's suspicious transactions, one might reasonably ask how a fire with so much smoke could have burned for so long.
JPMorgan Chase's expected $2 billion outlay to settle charges that it failed to stop the largest-known Ponzi scheme will be pored over by at least one group not inside the financial sector: Bernie Madoff's victims.
Austria's central bank suspended its deputy governor following corruption allegations, a group of at least 1,173 shell companies in Russia is alleged to have conducted $24 billion in illegal transactions, and more, in the midweek roundup.
Filipino Sen. Teofisto Guingona plans to introduce a bill that would require casinos in the country to report suspicious activity, the U.S. Treasury Department blacklisted a network of 37 companies, and more, in the midweek roundup.
Canada banned all imports and exports tied to Iran, the European Union agreed to drop an arms embargo on Syrian opposition, and more, in the midweek roundup.
Peruvian ex-President Alejandro Toledo denied allegations that he laundered money through real estate, money launderers are allegedly using Mauritius to evade taxes and illicitly transport funds to India, and more, in the midweek roundup.
The largest Bitcoin exchange company is accused of operating as an unlicensed money transmitter, Jersey will amend AML legislation to comply with revamped Financial Action Task Force standards, and more, in the midweek roundup.
The Bank of China closed an account maintained for North Korea's Foreign Trade Bank, the alleged perpetrators behind Estonia's largest ever money laundering scheme have been identified, and more, in the midweek roundup.
French authorities are probing HSBC for its alleged role in aiding tax evaders, the European Union lifted most of its sanctions against Myanmar, and more, in the midweek roundup.
A Miami couple was arrested for alleged money laundering tied to a $35 million fraud scheme, federal prosecutors began jury selection in Austin, TX in a drug money laundering case involving racehorses, and more, in the midweek roundup.
A Guatemalan appeals court upheld a 2011 ruling that cleared ex-President Alfonso Portillo of allegations that he embezzled $15 million, Lithuania needs to boost counterterrorist financing measures and strengthen controls over politically exposed persons, and more, in the midweek roundup.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
The Treasury Department blacklisted North Korea's Foreign Trade Bank, the United Kingdom will ask the EU to blacklist Lebanese group Hezbollah, and more, in the midweek roundup.
Italian authorities arrested 20 individuals for alleged money laundering connected to organized crime, twenty out of 22 men convicted for their roles in one of the biggest bank fraud schemes in Afghanistan's history were given prison sentences, and more, in the midweek roundup.
Midweek Roundup: Switzerland to Limit Cash Payments, Horse Meat Sales Linked to Laundering, and More
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
The U.S. Treasury Department sanctioned a Colombian national as a Specially Designated Narcotics Trafficker, serious tax crimes will become a predicate money laundering offense in Singapore starting July 1, and more, in the midweek roundup.
Approximately $763 billion in illicit funds circulated in and out of Russia between 1994 and 2011, former Florida Republican Party Chair Jim Greer pleaded guilty to money laundering, and more, in the midweek roundup.
Growing salaries for compliance personnel in conjunction with large enforcement actions are raising costs for financial institutions, Filipino lawmakers approved an anti-money laundering bill, and more, in the midweek roundup.
Norway is giving Cyprus $1.3 million to boost its AML regime, Japan plans to restrict money transfers involving North Korea should the Asian nation move ahead with plans to test a nuclear weapon, and more, in the midweek roundup.