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UK FCA hints at prosecutions under Money Laundering Regulations
Short of stating explicitly that the UK financial services regulator is about to prosecute a firm for criminal breach of the UK Money Laundering Regulations, which give effect to the EU Fourth Money Laundering Directive, Mark Steward, Director of..
Online Published Date:
05 April 2019
Appeared in issue:
263 - 01 May 2019
Hezbollah in Lebanon – US sanctions, an impact assessment [Video]
Widely designated a terrorist organisation by the West and its allies in the Middle East, Hezbollah is a major political force in Lebanon. Local banks, fearful for their correspondent relationships with US financial institutions, have embraced US..
Online Published Date:
09 April 2019
Appeared in issue:
263 - 01 May 2019
Standard Chartered pays US$1.1 billion for AML & sanctions failings, DPA extended 2 years
Standard Chartered Bank is to pay US$1.1 billion for anti-money laundering and US sanctions violations in a global settlement with US and UK authorities; its deferred prosecution agreement with the US Department of Justice will be extended by two..
Online Published Date:
10 April 2019
Appeared in issue:
263 - 01 May 2019
UniCredit pays US$1.3 billion over US sanctions evasion
UniCredit Bank AG, based in Munich and part of the Italian group of the same name, moved hundreds of millions of dollars through the US banking system for the Islamic Republic of Iran Shipping Lines (IRISL), continuing to process transactions for..
Online Published Date:
16 April 2019
Appeared in issue:
263 - 01 May 2019
Islamic Revolutionary Guard Corps: US sanctions on Iran, the risk escalates
Scott Balber (+1 917 542 7810, scott.balber@hsf.com), Susannah Cogman (+44 20 7466 2580, susannah.cogman@hsf.com) and Daniel Hudson (+44 20 7466 2470, daniel.hudson@hsf.com) are partners, Jonathan Cross (+1 917 542 7824, jonathan.cross@hsf.com) is of Counsel, and Geng Li (+1 917 542 7828, geng.li@hsf.com) and Christopher Milazzo (+1 917 542 7807, Christopher.milazzo@hsf.com) are associates at Herbert Smith Freehills.
Online Published Date:
17 April 2019
Appeared in issue:
263 - 01 May 2019
China too narrowly focused on financial services AML: FATF report
By Keith Nuthall
Online Published Date:
17 April 2019
Appeared in issue:
263 - 01 May 2019
Deutsche Bank estimates it may have laundered north of €175m for Russians
Deutsche Bank believes it could have handled at least €175m in Russian criminal money between 2011 and 2014, according to a leaked internal report.The document, published by The Guardian [1], dated 24 April 2018, is an update to the audit committee..
Online Published Date:
18 April 2019
Appeared in issue:
263 - 01 May 2019
Defence review - Germany [Video]
Real estate prices buoyed in some German cities by foreign corruption and tax evasion proceeds, legacy correspondent accounts in the Baltics through which Russian criminal funds allegedly flowed, these are just two of the issues confronting Europe’s..
Online Published Date:
18 April 2019
Appeared in issue:
263 - 01 May 2019
RBS looks within for ‘Troika Laundromat’ links
RoyalBank of Scotland is examining whether its subsidiary Coutts and a part of ABNAmro it acquired in 2007 processed payments linked to alleged Russian moneylaundering between 2006 and 2013.In a quarterly earnings announcement [1], published on..
Online Published Date:
29 April 2019
Appeared in issue:
263 - 01 May 2019
Sumitomo Mitsui ordered to reset AML and OFAC compliance in New York
Sumitomo Mitsui Banking Corporation, headquartered in Tokyo, and its New York branch will overhaul the bank’s anti-money laundering and sanctions compliance controls under an agreement with the Federal Reserve Bank of New York dated 23 April 2019...
Online Published Date:
29 April 2019
Appeared in issue:
263 - 01 May 2019
First peer-to-peer exchanger fined US$35,000 for BSA/AML violations
Eric Powers, who operated a peer-to-peer exchange in the United States for purchase and sale of bitcoin for US dollars, has been fined US$35,000 for not complying with Bank Secrecy Act/anti-money laundering obligations. He has also agreed to ban on..
Online Published Date:
29 April 2019
Appeared in issue:
263 - 01 May 2019