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UK FCA fines ex-Sonali Bank manager over anti-money laundering failings

Britain’s Financial Conduct Authority (FCA) has fined the former boss of a Bangladeshi-headquartered London bank £76,400 for breaching anti-money laundering (AML) standards, it has been revealed, two years after it penalised the bank with a £3 million penalty over financial crime control failures. On Tuesday, the FCA published its Decision… Read More

“STRANGERS IN THE NIGHT:” BANKS NEED TO BE WARY OF OFF-HOURS TRANSACTIONS

In this exclusive Of Counsel piece, Julie Copeland and Mirella A. de Rose of Lewis Baach pllc, consider two recent events which highlight the importance of real time monitoring of suspicious transactions. Read More
5th December 2018
Britain’s Financial Conduct Authority (FCA) has fined the former boss of a Bangladeshi-headquartered London bank £76,400 for breaching anti-money laundering (AML) standards, it has been revealed, two years after it penalised the bank with a £3 million penalty over financial crime control failures. On Tuesday, the FCA published its Decision… Read More
8th February 2018
Former Bangladesh Prime Minister and opposition leader Khaleda Zia was jailed for five years for corruption on Thursday as thousands of supporters took to the streets of the capital to protest her innocence. Khaleda, her son and aides were convicted of stealing 21 million taka ($253,000) in foreign donations received… Read More
29th December 2017
Bangladesh Bank has banned the use of Bitcoin, a virtual cryptocurrency, in Bangladesh by issuing a circular on its website. The circular read that Bitcoin is not an authorised and legal currency in any other country in the world. “Transaction with this currency may cause a violation of the existing… Read More
18th September 2017
Senate President Aquilino “Koko” Pimentel III called on concerned government agencies to step up their efforts to run after those who had a hand in stealing $81 million from the Bangladesh bank account. Pimentel underscored the swift recovery of the stolen money in the $81-million cyberheist last year especially that… Read More
5th September 2017
Bangladesh’s central bank will send a team of officials to the Philippines on Tuesday to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila. Bangladesh Bank has been able to… Read More
31st July 2017
Senior bankers at a programme directed officials concerned to strictly prevent money laundering and terrorist financing to further strengthen the national economy, reports BSS. They said some people and quarters became involved in money laundering to smuggle different contraband goods, drugs and narcotics substances, human trafficking and anti-social activities. Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
24th April 2017
The Department of Justice (DOJ) has found basis to file money laundering charges against a former branch manager of the Rizal Commercial Banking Corp. (RCBC) and officials of remittance firm Philrem Service Corporation (Philrem) in connection with the $81 million in funds stolen by hackers from the Bangladesh Bank. Current… Read More
1st February 2017
Rizal Commercial Banking Corp. (RCBC) said Tuesday it hired a former official of the Anti-Money Laundering Council as chief compliance officer, as the bank continues to beef up its management team. Read More
4th January 2017
From 2000 to 2005 the Philippines was ‘blacklisted’ as a ‘non-cooperative’ country and subjected to significant sanctions by the Financial Action Task Force for its failure to tackle endemic problems with transparency and traceability in its financial system. Read More
Must Read

FATF publishes assessment of UK anti-money laundering, counter terror financing systems

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

Deutsche Bank hit by new laundering report; shares slide again

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