10.18.17

What's hurting correspondent banks?

Fees make up a large part of any bank's profits. And when it comes to correspondent banking, such as when money is wired across borders from one bank to another, this includes service fees that create an important aspect of banking incomes.



10.18.17

Feds Order Wells Fargo To Pay $3.4M In Fines

The Financial Industry Regulatory Authority announced Monday the latest in a series of fines against Wells Fargo & Co. units. This time, the agency ordered $3.4 million in customer restitution related to investment advice provided from July 2010 to May 2012 by Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC.



10.18.17

Bahamian Compliance Specialist Addresses Gambling Vulnerability

A BAHAMIAN compliance specialist has educated Jamaican bankers and financial services providers on how to prevent money laundering in the gaming industry.



10.18.17

First official license for a Swiss Bitcoin company

St. Gallen, Switzerland, October 2017. The owner of the Payment21(R) brand has recently been licensed as a Directly Subordinated Financial Intermediary (DSFI). The third-party processor is now supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML) laws and Know-Your-Customer (KYC) rules.



10.18.17

The UK's new money laundering regime

The Money Laundering Regulations 2017 (MLR2017) introduced a number of new provisions that replace and expand the requirements of the Money Laundering Regulations 2007. MLR2017 was laid before parliament with only a single working day before the deadline for its coming into force, which left those regulated by MLR2017 very little time to update and implement new compliant policies.



10.16.17

Danish bank accused of Russia money laundering

Denmark's top lender, Danske Bank, played an "organised" role in a Russian money-laundering scam, French prosecutors have said.



10.16.17

Passport sales trips for PM

The Prime Minister will be promoting the sale of Maltese passports during two key events organised by Henley & Partners in Dubai and Hong Kong.



10.16.17

Putin reins in cryptocurrency supply in Russia

The issuance and circulation of cryptocurrencies in Russia should be controlled by the state, the relevant decision was made at a meeting with President Vladimir Putin on Tuesday, Finance Minister Anton Siluanov told reporters.



10.16.17

Societe Generale Explains Some Challenges Of Financial Inclusion in Africa

More than 50% of adults in the world's poorest households still don't have access to a bank account, according to a recent report on financial inclusion from Societe Generale that focuses on efforts to expand banking services across Africa. In Africa, often only 10-20% of people have bank accounts and sometimes that figure is even lower.



10.16.17

Jamaican Police Take Aim at Human Traffickers' Bitcoin Pockets

As part of their strategy to attack the scourge of human trafficking, the Jamaican police are refining their activities to strike at those criminal who are seeking haven in Bitcoin and digital payments.



10.10.17

A Tough Week for Banks Hounded by Scandals and Politics - Societe Generale, Banco Sabadell, CaixaBank

It has been a rough week for several major banks around the world. Wells Fargo & Co. suffered a triple whammy of problems this week, while French prosecutors were investigating Paris-based Societe Generale over possible money laundering, and Spain's Banco Sabadell and CaixaBank were caught up in the political turmoil in their home region of Catalonia.



10.10.17

12% increase in suspicious transactions reported: Commercial Affairs Department

There was an increase in suspicious transaction reports (STR) submitted last year, according to the Commercial Affairs Department (CAD) annual report.



10.10.17

Crackdown On Shell Firms Reveals Vast Money-Laundering After Notes Ban

Among the top offenders of companies whose bank accounts were blocked last month by the government for illegal transactions and tax evasion was one that had more than 2,000 bank accounts, making it tough for tax officials to track transactions.



10.10.17

Amid Black Money Crackdown, 5800 Shell Companies Under Scanner for Money Laundering

Amid the government's crackdown on black money, as many as 5,800 shell companies have come under the scanner for having a miniscule or negative balance on November 8, followed by substantial deposits and withdrawals post demonetisation.



10.10.17

Tour reveals shady Nigerian cash behind London luxury homes

In a bid to expose the murky Nigerian money lurking behind some of London's most high-end properties, anti-corruption campaigners are offering an unusual property tour of the British capital.



10.09.17

Former president of Argentina allegedly used "dirty money" to buy SoFla properties

Argentina's top anti-corruption official is alleging that the country's former president used "dirty money" to buy more than 60 properties in Miami - money that belongs to the Argentinian people.



10.09.17

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2018

On September 28, the OCC's Committee on Bank Supervision released its bank supervision operating plan (Plan) for fiscal year (FY) 2018.



10.09.17

China Will Likely Resume Cryptocurrency Trading by Licensing Bitcoin Exchanges

The Chinese government will likely resume cryptocurrency trading in the upcoming months with necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.



10.09.17

Customs Officials 'Lack Sufficient Resources' To Monitor Cryptocurrency

In late September 2017, one of the legislative arms of the European Union raised concerns about inadequate supervision of virtual currencies by customs officials. Its draft report states that authorities "lack sufficient resources."



10.09.17

RCMP casino money laundering probe uncovered alleged 'terrorist financing' links

An RCMP investigation into underground banking and alleged laundering of drug cash in B.C. casinos revealed suspicions of "terrorist financing," a B.C. government document obtained by Postmedia alleges.



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