02.20.18

The 5th Pilar, the Beneficial Ownership Rule Deadline May 11, 2018

On May 11, 2016 FinCEN published final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for domestic FIs. Covered financial institutions must comply with these rules and the rules published in the Federal Register on May 11, 2016 (81 FR 29398) by May 11, 2018.



02.20.18

The dirt in the diamond trade

The dazzling diamond trade has been hit hard by the Nirav Modi episode, which saw the billionaire jeweller flee India just before a massive fraud amounting to Rs 11,000 crore was detected at a Punjab National Bank branch in Mumbai.



02.20.18

Top European banker arrested in money-laundering probe

The arrest comes four days after the US Treasury accused Latvia's third-largest lender of "institutionalized money laundering".



02.20.18

Banks have mixed feelings on FATF move

IT'S business as usual for banks amid media reports that the United States and its European allies have tabled a motion before the Financial Action Task Force (FATF) to place Pakistan on a watchlist of countries considered non-compliant with global terrorist-financing regulations.



02.20.18

Swiss Financial Regulator FINMA Releases Regulatory Guidelines for Initial Coin Offerings (ICO)

With Switzerland continuing to be among the dominant jurisdictions for establishing and developing blockchain-driven businesses, many of which are financed by way of ICOs, the Swiss Financial Market Supervisory Authority FINMA on 16 February 2018 published a guidance paper setting forth in broad strokes its intentions for future regulatory practice in this area.



02.19.18

The Crypto Currency Quandary

Since their grand introduction on the global stage, cryptocurrencies have been the subject of great debate amongst the masses, particularly in the financial sphere where potential threats that have emerged in this budding market could pose serious risks to both national and international interests and financial security across the globe.



02.19.18

Latvian banking regulator to probe money laundering accusations against ABLV bank

The Latvian banking regulator, the Financial and Capital Market Commission (FCMC), is launching an immediate inquiry to probe U.S. authorities' allegations that ABLV Bank, the Baltic country's third largest bank by assets, has been involved in money laundering schemes and bribery, FCMC head Peters Putnins said here on Friday.



02.19.18

U.S. Bank hit with $613 million penalty related to Scott Tucker banking relationship

The wreckage of Scott Tucker's payday loan empire has now reached one of the largest North American banks with federal prosecutors announcing criminal charges against U.S. Bank for its handling of the Leawood, Kan., man's business accounts.



02.19.18

Ex-bank manager pleads guilty to stealing $565K to buy house

A former Bountiful bank manager pleaded guilty to money laundering after embezzling more than $565,000 and buying a house with the diverted sum.



02.19.18

Sununu Questions 'Sting Operation' Into Alleged Money Laundering at Liquor Stores

After receiving allegations about potential money laundering taking place at state run New Hampshire liquor stores, Gov. Chris Sununu says the source of the allegations, an elected official, may have acted improperly in gathering information.



02.16.18

U.S. Bancorp hit with $800 million fine for poor compliance with anti-money-laundering laws

Federal regulators on Thursday hit U.S. Bancorp, the nation's biggest regional bank, with more than $800 million in fines for deficient anti-money laundering practices. The Justice Department announced a deferred prosecution with U.S. Bancorp USB, -0.17% related to the Bank Secrecy Act.



02.16.18

Want to really hit Russia's oligarchs? Shine a light on their money

On Tuesday the U.S. intelligence community testified to the Senate that Russia would continue to try to interfere in U.S. elections.



02.16.18

DOJ Employs Money Laundering Statute to Prosecute Venezuelan Oilmen for Foreign Bribery

Monday, DOJ unsealed its Indictment against five Venezuelans employed by or closely connected to Petroleos de Venezuela S.A. ("PDVSA"), the Venezuelan state-owned and state-controlled oil company.



02.16.18

Lithuanian c. bank warns Swedbank over money laundering prevention shortcomings

The Bank of Lithuania has warned Swedbank, one of the country's biggest banks, over infringements and shortcomings in the area of money laundering and terrorist financing prevention.



02.16.18

Man arrested for money laundering after flight from Thailand lands in Manchester

The unnamed man, who had been sitting in business class, was arrested on Tuesday morning after police boarded the aircraft as it sat on the runway.



02.15.18

Unsealed Indictment Charges Venezuelan Oil Officials With Corruption

U.S. prosecutors in Houston unsealed part of an indictment on Monday, revealing corruption allegations against five former Venezuelan officials in connection with what appears to be a major bribery scheme at Venezuela's state-run oil giant Petroleos de Venezuela SA (PDVSA), the Department of Justice said.



02.15.18

U.S. Proposes Sanctions on the Latvian ABLV Bank Over Money-Laundering Concerns

The U.S. is seeking to impose sanctions on ABLV Bank, the third largest financial institution in Latvia by assets, by prohibiting the bank from opening or maintaining a correspondent account in the United States due to money laundering concerns, the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) said on Tuesday.



02.15.18

US approaches FATF to put Pak on global terrorist financing watch list

The US has approached an international group to place Pakistan on global terrorist-financing watch list, accusing Islamabad of not complying with the UN Security Council resolutions relating to terror groups including al-Qaeda and its affiliates.



02.15.18

Michigan created a $837M medical marijuana industry with nowhere to put its cash

It was chilly on the morning of Dec. 15., but Michigan State Police stood outside a state office building. They were there for safety, ready, as the Bureau of Medical Marihuana Regulation opened its doors, for some applicants to show up with the $6,000 application fee in cash.



02.15.18

Dubai court can hear case against Deloitte unit after collapse of Hezbollah linked bank

A Dubai court could hear evidence relating to the alleged role of auditor Deloitte & Touche (M.E.) in the collapse of Lebanese Canadian Bank which went bust after being linked to an international drug smuggling and money laundering racket with ties to Hezbollah.



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