Featured Regulatory Update

Money laundering: Pilatus Bank could lose EU licence

The European Central Bank (ECB) is reportedly looking to revoke the licence of Pilatus Bank, following the arrest of its chairman over money laundering charges and allegations it processed corrupt payments. Malta’s banking regulator has also previously recommended that the licence be withdrawn. The ECB’s supervisory board has… Read More

UK outlines sanctions policy in event of no Brexit deal

The United Kingdom will continue to work with the European Union on implementing sanctions after it leaves the bloc, however it may not necessarily fully replicate all aspects of existing EU sanctions, a government statement explained. In recent months, differences between London and Brussels over negotiating a Brexit deal has… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More
19th October 2018
A special unit designed by the European Union to enable its firms to continue trading with Iran despite US sanctions could also be used by the bloc to avoid other US sanctions. The Special Purpose Vehicle (SPV) is set to launch in November this year. A French foreign ministry spokeswoman… Read More
18th October 2018
The European Central Bank (ECB) is reportedly looking to revoke the licence of Pilatus Bank, following the arrest of its chairman over money laundering charges and allegations it processed corrupt payments. Malta’s banking regulator has also previously recommended that the licence be withdrawn. The ECB’s supervisory board has… Read More
18th October 2018
Public companies that fail to tighten their cyber security controls could be violating federal law, the U.S. Securities and Exchange Commission (SEC) said on Tuesday. The regulator’s warning came in the form of a report on its investigation to assess whether nine companies that had been victims of cyber-related frauds… Read More
17th October 2018
The United Kingdom will continue to work with the European Union on implementing sanctions after it leaves the bloc, however it may not necessarily fully replicate all aspects of existing EU sanctions, a government statement explained. In recent months, differences between London and Brussels over negotiating a Brexit deal has… Read More
16th October 2018
The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More
16th October 2018
Britain’s financial regulator has fired a warning shot at payday lenders amid a rise in complaints about unaffordable loans and following the collapse of Wonga earlier this year. The Financial Conduct Authority (FCA) said on Monday that it had sent a so-called “Dear CEO” letter to providers of high-cost short-term… Read More
15th October 2018
The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More
15th October 2018
The United Kingdom is to produce a new format of its £50 note which it said will make it harder for criminals to counterfeit, amid a rising demand for the denomination. According to a government statement, Bank of England evidence shows that demand for the note is ‘continuing to rise.’… Read More
12th October 2018
China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report large… Read More
11th October 2018
The European Commission is reportedly set to publish guidance for member states on how to manage ‘golden visas’ – resident permits that can be purchased by wealthy foreigners – amid growing concerns that they are being used by rich criminals to live and move around Europe easily, and that they… Read More
Must Read

Germany: Santander bank caught up in major tax evasion investigation

Prosecutors in Germany have launched a probe into the role Spanish bank Santander may have played in a widespread tax fraud scheme. The probe, which has seen the authorities examine the role of other banks, looks at allegations that Santander executed trades that facilitated ‘severe tax evasion’ between 2007 and… Read More

Denmark investigates Nordea Bank over money laundering allegation

Denmark’s state prosecutor has launched a probe into a complaint that Nordea Bank facilitated money laundering. The Danish State Prosecutor for Serious Economic and International Crime declined to name the firm that made the allegations, but said in a tweet: “We can confirm that we have received a report… Read More