Topic: Financial crime

Wells Fargo reaches record settlement with CFPB

The US Consumer Financial Protection Bureau has hit Wells Fargo with a record fine following what the regulator called an “ongoing pattern of repeat offences” – as its director Rohit Chopra warned the sector as a whole to expect the regulator to use more aggressive measures in 2023.

22 December 2022

“It’s really no different than with a bank”: New FTX CEO calls for increased transparency in crypto space

The new CEO of stricken crypto exchange FTX has described an “utter lack of record keeping and no internal controls whatsoever” at the company ahead of its bankruptcy, saying regulatory attention on the sector in future would have to focus on transparency and the separation of customer funds.

19 December 2022

Estonian branch failings cost Danske US$2.68 billion

In the space of a week, Danske Bank has been handed a US$678 million penalty from a Copenhagen court – the largest fine for money laundering in Danish history – and reached a US$2.06 billion settlement with US and Danish authorities, over a money-laundering scheme operated out of the bank’s former Estonian branch.

16 December 2022

Credit Suisse reaches US$495 million settlement in nine-year-old RMBS case

New Jersey’s securities regulator has agreed to settle a long-running claim against three Credit Suisse entities over the sale of residential mortgage-backed securities, resolving what the bank says is the largest of the RMBS-related exposures on its docket.

26 October 2022

FinCEN issues final rule for beneficial ownership reporting

The US Treasury’s Financial Crimes Enforcement Network has released its final rule establishing new beneficial ownership information reporting requirements.

11 October 2022

Minimising corporate risk under the UK’s Bribery Act 2010

Katten Muchin Rosenman regulatory partner Neil Robson advises on how to create a tailored and focused anti-bribery policy that’s more than just a box-ticking exercise.

22 September 2022

Greylisted UAE takes Wise to task for AML failures

The financial regulator of Abu Dhabi’s free zone has fined fintech Wise for a series of poor money laundering controls, months after the FATF cited the UAE’s lax enforcement against money laundering in its decision to greylist the country.

01 September 2022

Introducing the BBF: Germany to create new AML authority

Germany will create a new regulator to tackle money laundering and other financial crime, as a report from the Financial Action Task Force says the world’s fourth-biggest economy needs to be more proactive in its AML efforts.

25 August 2022

FATF plans for trust ownership rules criticised as “vague”

Industry bodies have complained the Financial Action Task Force’s plans to tighten rules around beneficial ownership of trusts are too “truncated” to properly tackle the matter.

04 August 2022

US House passes “most significant reform since PATRIOT Act”, enlarging AML monitoring network

The US has expanded the scope of institutions subject to anti-money laundering and sanctions rules, a legislative reaction to last year’s Pandora Papers exposé.

21 July 2022

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