British officials disclosed plans Thursday to require banks to screen their customers against a list of undocumented immigrants as part of a broader initiative to reduce unlawful migration.
Royal Bank of Canada said that a French judge has dropped money-laundering charges against its Bahamas branch, Panama's legislature approved a bill that will impose AML requirements on over a dozen nonfinancial sectors, and more, in this week's roundup.
A U.K. financial regulator Monday outlined plans to expand its oversight of senior bank managers to include high-level non-executives, including chairs of risk and audit committees.
Fear of regulatory trouble is compelling some banks to turn down business to avoid the huge compliance costs of vetting potential clients, attendees at a banking conference in London heard Thursday.
Britains top financial regulators defended their penalty regime Tuesday, arguing that the growing size of fines against banks reflects the scale of their violations.
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
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