Deutsche Bank fined US$186 million for sanctions and AML breaches
The US Federal Reserve Board has fined Deutsche Bank a total of US$186 million and ordered it to improve its sanctions and anti-money laundering (AML) systems. The fine is a result of the bank’s failure to respond sufficiently to two enforcement actions in 2015 and 2017…
Deutsche Bank studies vulnerability of trade finance to fraud
The vulnerability of trade finance to criminals and protection measures being deployed to counter trade-based financial crime involving fake invoices, fake bills of lading, collateral fraud, and duplicate financing is the focus of a comprehensive insight piece produced by Deutsche Bank. Fighting Trade-related Fraud says…
Banks caused to violate sanctions to launder millions of dollars for Russian oligarchs and proscribed entities
US banks were caused to process tens of millions of dollars in schemes to evade sanctions and export controls applicable to Russia according to an indictment charging five Russian nationals and two oil traders with global sanctions evasion and money laundering. The defendants allegedly obtained…
Credit Suisse documents prompt calls for Switzerland to be considered for inclusion on EU’s AML/CFT blacklist
The European People’s Party (EPP), the conservative grouping which holds the biggest number of seats in the European Parliament, has called for a review of Switzerland’s banking practices and for the country’s possible inclusion in the EU’s list of countries with anti-money laundering and counter…
AML violations triggered biggest bank fines in 2020
Failure to adhere to anti-money laundering (AML) protocols was the most common banking violation that led to substantial fines being imposed on financial institutions last year according to data in Finbold’s Bank Fines Report 2020. The data shows that fines for all violations totalled US$14.21…
EY suppressed trade-based financial crime says whistleblower
One have the world’s ‘Big 4’ accounting firms deliberately turned a blind eye to trade-based financial criminality that some staff repeatedly raised concerns about according to a whistleblower. Former EY Dubai partner Amjad Rihan says the firm suppressed his concerns about large sums of cash…
European investigators too slow to spot carbon credit trading scam
The Bureau of Investigative Journalism (BIJ) says it has seen leaked papers indicating it took European investigators too long to bring a successful prosecution against the operators of a multi-million dollar scam involving the trade in carbon credits. A British fraudster who stole millions of…
Deutsch Bank raided in money laundering investigation
German police and investigators raided Deutsche Bank’s Frankfurt offices on 29 November in pursuit of their enquiries into money laundering at Germany’s flagship lender. Two bank officials are suspected of helping clients set up offshore businesses to launder illicitly obtained money. Bank raid Some 170…
Blockchain system to enhance trade transparency and KYC systems going live this year
A group of seven banks anticipates going live this year with a blockchain-based trade finance platform for small- and medium-sized enterprises (SMEs). The platform aims to simplify trade transactions, make know-your-customer (KYC) compliance easier and domestic and cross-border trade for smaller businesses more transparent. IBM…
Deutsche Bank to double technology spending in AML drive
Deutsche Bank is planning to invest in technology in its anti-money laundering (AML) drive according to its head of global transaction banking. Werner Steinmueller told the Reuters news agency that the bank would increase its technology spending on AML systems as part of the bank’s…
