Featured Compliance

EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

HSBC compliance exec under investigation by UK regulator

The Financial Conduct Authority (FCA) has reportedly launched an investigation into a senior regulatory compliance figure at HSBC’s Global Banking and Markets (GBM) division. The probe is understood to be focused on the supervision of systems in the unit, which lends to large corporations, and the individual’s ability to carry… Read More

EU Sixth Anti-Money Laundering Directive (6AMLD) published, transposition date set

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More
16th November 2018
European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More
16th November 2018
The Financial Conduct Authority (FCA) has reportedly launched an investigation into a senior regulatory compliance figure at HSBC’s Global Banking and Markets (GBM) division. The probe is understood to be focused on the supervision of systems in the unit, which lends to large corporations, and the individual’s ability to carry… Read More
15th November 2018
Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More
15th November 2018
Geneva prosecutors said on Tuesday they are looking at whether Credit Suisse (CSGN.S) exercised adequate oversight of money deposited in its accounts that belonged to Turkish investors who suffered losses. Two independent asset managers who used Credit Suisse accounts to deposit money from wealthy Turkish clients are suspected of covering… Read More
15th November 2018
The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU). Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally… Read More
15th November 2018
Criminals shifted over $100 million through cash transfer giant MoneyGram, causing it to violate a government deal aimed at beefing up its security. According to the US Department of Justice, MoneyGram has now agreed to forfeit $125 million, the amount of consumer fraud transactions it processed just over a couple… Read More
14th November 2018
European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show. A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry. The preliminary deal, which could… Read More
12th November 2018
South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More
9th November 2018
The European Commission has requested Malta’s Financial Intelligence Analysis Unit step up its supervision of the banking sector after an investigation revealed that Malta had failed to ensure banks comply with EU anti-money laundering (AML) rules. Malta has been under the spotlight over various scandals related to money laundering,… Read More
9th November 2018
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and… Read More
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EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More