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UK freezes bank account linked to Azerbaijani Laundromat

British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More

EU agrees on directive for combating cryptocurrency and credit card fraud

European Parliament and Council of the EU negotiators have reached an agreement on new measures aimed at boosting the fight against fraud involving non-cash means of payment, including credit cards, online shopping and virtual currencies such as bitcoin. The agreed text of the directive on combating fraud and counterfeiting of… Read More

Australia’s Commonwealth Bank to book compliance costs of $216 million in first half

Commonwealth Bank of Australia (CBA.AX) said on Tuesday that it would book charges of A$300 million (170 million pounds/$216 million) that would be reflected in its first-half results ending December. The charges include a higher-than-expected compliance cost of A$100 million related to a quasi-judicial inquiry into Australia’s financial sector, the… Read More
13th December 2018
British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More
13th December 2018
European Parliament and Council of the EU negotiators have reached an agreement on new measures aimed at boosting the fight against fraud involving non-cash means of payment, including credit cards, online shopping and virtual currencies such as bitcoin. The agreed text of the directive on combating fraud and counterfeiting of… Read More
12th December 2018
Commonwealth Bank of Australia (CBA.AX) said on Tuesday that it would book charges of A$300 million (170 million pounds/$216 million) that would be reflected in its first-half results ending December. The charges include a higher-than-expected compliance cost of A$100 million related to a quasi-judicial inquiry into Australia’s financial sector, the… Read More
11th December 2018
There has been a huge fall in the value of fines issued by the Financial Conduct Authority (FCA), with new figures showing a drop of 88% in a year. An analysis of the FCA’s enforcement database shows that fines handed down by the regulator so far this year (data accurate… Read More
11th December 2018
Frankfurt prosecutors have launched a probe against a former anti-money laundering official of Deutsche Bank on suspicion of money laundering, German public broadcaster Hessischer Rundfunk reported on Monday. The public prosecutor is accusing the former official of failing to report suspicious transactions, despite sufficient indications of money laundering, Hessischer Rundfunk… Read More
10th December 2018
AP — A British court handed charismatic Indian tycoon Vijay Mallya a substantial setback Monday by ruling he should be extradited to India to face financial fraud allegations. Judge Emma Arbuthnot Monday endorsed the Indian government’s request for Mallya’s extradition and said she would send the… Read More
10th December 2018
The governor of the Reserve Bank of India, Urjit R. Patel, has announced his resignation from the post with immediate effect. Patel said he was resigning because of ‘personal reasons.’ The development comes amid reports of a growing split between the government and the central bank. “It has… Read More
10th December 2018
A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
10th December 2018
Nigeria’s main opposition party said authorities had frozen the bank accounts of its vice presidential candidate in the run-up to elections next February. The People’s Democratic Party (PDP) said late on Saturday accounts belonging to Peter Obi, its vice presidential candidate, his wife, family members and their businesses had been… Read More
7th December 2018
Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought. A Deutsche Bank spokesman declined to comment on the FT article. He said, however,… Read More
Must Read

Elise Bean – The Inside Track – The US Senate’s Investigations into Financial Crime

Elise Bean joins Tom Devlin (from KYC360) in conversation to discuss her new book, highlights of her investigative career, and learning points for both banks and financial crime investigators arising from the PSI's work Read More

UK freezes bank account linked to Azerbaijani Laundromat

British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More