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Weekly Roundup: FSA Director Hints at Future U.K. AML Reviews, Treasury Blacklists Afghan ‘Shadow Governor,’ and More
printThe U.K. Financial Services Authority Director Tracey McDermott on Wednesday previewed how the future Financial Conduct Authority (FCA) will approach anti-money laundering (AML) supervision. The soon-to-launch agency will focus on "systematic, recurrent, in-depth reviews" of the country's largest banks, and will began probing asset managers for anti-bribery, corruption, money laundering and sanctions compliance, he said. More The Office of the Comptroller of the Currency (OCC) ordered Troy, MI-based Flagstar Bank to conduct a thorough risk assessment of its products, customers and transactions that includes detailed analysis of high-risk countries and clients. More The agency separately ordered Robbinsville, NJ-based Roma Bank...
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A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
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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.
Austria and Liechtenstein agreed to exchange tax-related information, Casino group Las Vegas Sands Corp. has ceased executing international money transfers for wealthy gamblers, and more, in this week's roundup.
French prosecutors plan to launch an investigation into whether France's Budget Minister committed tax fraud, Australia expanded sanctions against Iran, and more, in this week's roundup.
The U.S. Treasury Department blacklisted two rebel groups from the Democratic Republic of the Congo, Kuwait published measures bringing the insurance sector, jewelry stores and investment companies under AML obligations, and more, in the weekly roundup.
OFAC finalized amendments to the Iranian Transactions and Sanctions Regulations, the daughter of Ukraine's former premier Yulia Tymoshenko called for international sanctions on officials responsible for her mother's imprisonment, and more, in the weekly roundup.
The brother of convicted Ponzi schemer Bernard Madoff was sentenced to 10 years in prison for falsifying investment records and fraud, Twenty-six individuals were arrested for their alleged involvement in a $70 million drug and money laundering ring, and more, in the weekly roundup.
The U.S. Justice Department seized nearly $7 million believed to be the laundered proceeds of an Internet gambling operation, an ex-Wells Fargo investment banker and two others raked in $11 million in an insider trading scheme, and more, in the weekly roundup.
Standard Chartered Bank and HSBC Holdings Plc are expected to pay more than $2 billion to settle U.S. money laundering and sanctions violations, Switzerland and the U.S. near a deal on FATCA compliance, while Isle of Man agrees to share tax data with the U.K., and more
India's Parliament approved amendments to strengthen the nation's anti-money laundering legislation, the European Union extended sanctions against President Bashar Assad's regime for three months, and more, in this week's roundup.
The UK Revenue and Customs is investigating British residents who hold Jersey-based accounts with HSBC Holdings Plc., while the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) blacklisted Iran's communications minister and others Thursday.
Law enforcement officials in Italy temporarily shut down 21 money services businesses to investigate an alleged scheme to launder billions of euros, a prominent drug trafficking organization is using mining operations to launder funds, and more, in this week's roundup.
The FDIC issued three consent orders citing Bank Secrecy Act violations, China lost $3.79 trillion to illicit outflows between 2000 and 2011, and more, in the weekly roundup.
The Democratic Republic of Congo asked the United Nations to implement sanctions against certain Rwandan and Ugandan officials, suspicious transaction reporting in Italy rose by a third in 2011 over the previous year, and more, in this week's roundup.
Used car importers in Pakistan are allegedly violating AML rules, French and Swiss law enforcement officials arrested 20 individuals believed to be part of an international drug trafficking and money laundering organization, and more, in the weekly roundup.
Roma Bank has initiated corrective measures in response to an unpublished enforcement action by the OCC, a former leading member of ousted Egyptian President Hosni Mubarak's regime was sentenced to seven years in prison for money laundering, and more, in this week's roundup.
The foreign ministers of France, Germany and Britain urged the European Union to step-up sanctions against Iran, Nigerian officials are pushing to beef-up AML laws before an Oct. 15 FATF meeting, and more, in this week's roundup.