Featured France

Compliance professionals in many large organizations are faced with a dilemma: is it possible to maintain the clarity of a single global compliance policy while still complying with the increasingly divergent local laws? Read More
9th October 2018
Swiss bank UBS Group and six of its executives faced trial in France on Monday over charges of money laundering and tax evasion. The charges, which were also brought against UBS’ French unit, originate from a report by employee Bradley Birkenfeld which detailed a scheme to help rich clients funnel… Read More
9th October 2018
AP — Chinese authorities scrambled to contain a public relations mess over the disappearance of the former Interpol president during his trip home to China, saying Monday that he was being lawfully investigated for bribery and other crimes. But the government’s announcement did little to address… Read More
4th October 2018
A famous gangster who escaped Hollywood-style from a French jail by helicopter was captured on Wednesday after a three-month hunt that led police [to] a tower-block flat in an area where the man known as the “jailbreak king” grew up. Redoine Faid, who has said his life of crime was… Read More
24th September 2018
Indian Prime Minister Narendra Modi faced calls for his resignation over allegations of corruption in a military jet deal with France after former French president Francois Hollande was quoted as saying New Delhi had influenced the choice of a local partner. Indian political parties have been gunning for Modi over… Read More
11th September 2018
A Saudi princess has reported the theft of jewels worth 800,000 euros ($930,000) from her suite at the Ritz hotel in Paris, a police source said on Monday. The woman, who was not named, said the jewels were taken on Friday afternoon. There were no signs that the room… Read More
4th September 2018
France’s Societe Generale (SOGN.PA) expects penalties relating to its dispute with U.S. authorities over international sanctions violations to be close to 1.2 billion euros ($1.4 billion) which would almost entirely be covered by provisions. “Societe Generale expects that the amount of the penalties in the U.S. Sanctions Matter will… Read More
29th August 2018
France has told its diplomats and foreign ministry officials to postpone indefinitely all non-essential travel to Iran, citing a foiled bomb plot and a hardening of Tehran’s attitude towards France, according to an internal memo seen by Reuters. Any hardening of relations with France could have wider implications for Iran. Read More
24th August 2018
AP — British Airways says it will end its direct flights to Iran’s capital in September as “the operation is currently not commercially viable.” The decision announced Thursday comes after President Donald Trump withdrew from the nuclear deal between Iran and world powers and began restoring… Read More
22nd August 2018
The European Central Bank has fined French lender Credit Agricole (CAGR.PA) and several subsidiaries for breaching its rules on how certain capital items should be classified, the ECB said on Monday. An ECB statement said Credit Agricole was fined 4.3 million euros ($4.92 million), Credit Agricole Corporate and Investment Bank… Read More
2nd August 2018
A Swiss court has ruled that bank UBS (UBSG.S) does not have to turn over client data to France following a request from Paris for the identities of thousands of people suspected of dodging taxes. The Federal Administrative Court found that requests for information must state why authorities believed taxpayers… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… 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