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    Ghana International Bank fined £5.8 million for AML/CFT failings in correspondent banking activities

    by admin July 6, 2022

    Ghana International Bank (GIB) has been fined £5.8 million (US$6.9 million) by the UK’s Financial Conduct Authority (FCA) for poor anti-money laundering and counter financing of terrorism (AML/CFT) financing controls over its correspondent banking activities. London based GIB did not adequately perform checks, neither did…

    news, Trade Based Financial crimes News

    NatWest fined £264.8 million for AML failings

    by admin December 20, 2021

    National Westminster Bank (NatWest) has been fined £264.8 million (US$349.4 million) following convictions for three offences of failing to comply with money laundering regulations. The bank pleaded guilty to the charges earlier this year in the first ever case in which the UK’s Financial Conduct…

    Trade Based Financial crimes News

    HSBC fined nearly US$64 million for failings in AML systems

    by admin December 20, 2021

    The UK’s Financial Conduct Authority (FCA) has fined HSBC Bank £63.9 million (US$84.4 million) for failings in its anti-money laundering (AML) processes. Despite the bank’s use of automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime, the FCA…

    Trade Based Financial crimes News

    Wholesale banking, retail banking and wealth management sectors pose greatest money laundering risk

    by admin December 1, 2021

    The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA). According to the UK treasury’s Anti-money laundering and counterterrorist…

    news, Trade Based Financial crimes News

    NatWest profits dented by expected fine for AML breaches

    by admin November 1, 2021

    NatWest Bank has booked a £294 million (US$402 million) litigation charge in its quarterly results released 29 October to pay for anti-money laundering (AML) failures that led to censure from the UK’s Financial Conduct Authority (FCA). A huge fine is in prospect. The bank in…

    Trade Based Financial crimes News

    UK regulator says some of its biggest sanctions related to financial crime and AML failure

    by admin April 28, 2021

    Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward. Speaking at the AML &…

    Trade Based Financial crimes News

    War against money laundering being lost

    by admin April 16, 2021

    The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost.

    Trade Based Financial crimes News

    UK regulator brings first prosecution of a bank for money laundering

    by admin March 29, 2021

    The UK’s Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under money laundering regulations enacted in 2007. This is the first criminal prosecution under the act by the FCA and the…

    Trade Based Financial crimes News

    Majority of UK firms hardly halfway through implementation plans for 5MLD

    by Mark Ford January 11, 2021

    Regulated firms in the UK’s banking, lending, wealth management and estate agents sectors are only 55 per cent of the way through their implementation plans for the European Union’s Fifth Money Laundering Directive (5MLD) according to new research from global data and analytics provider LexisNexis…

    news, Trade Based Financial crimes News

    UK money laundering watchdog ditches half of its inquiries

    by Mark Ford December 21, 2020

    The UK’s Financial Conduct Authority (FCA), which regulates the country’s 60,000 financial services firms and financial markets, has abandoned half of its inquiries into money laundering breaches and is embarked on a series of reforms aimed at making the regulator more effective. Established in 2013…

    Trade Based Financial crimes News
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    UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Latest Articles

    • UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
    • ABA calls on FinCEN to make changes to proposed beneficial ownership rule
    • Washington continues blitz on third-country entities linked to sanctions evasion
    • Australia focusing even more on TBML with new multi-agency taskforce
    • FATF updates guidance on beneficial ownership

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