Canada issues brief on risks in the precious metal and stones trade
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has issued an operational brief providing information and guidance about the factors that expose dealers in precious metals and stones to money laundering and terrorist financing risks. The brief applies to individuals and entities, including…
Allahabad Bank censured for TBML compliance failings and more
India’s oldest joint stock bank has been censured by the country’s Financial Intelligence Unit (FIU) for incorrect reporting of red flag indicators of trade based money laundering (TBML) as well as failing to file suspicious transaction reports (STRs) and cash transaction reports. Allahabad Bank also…
Yes Bank focusing on TBML focused financial crime
Chartered accountants are being recruited by India’s fourth largest private sector bank to work on “quality control of financial crime” with a specific focus on trade-based money laundering (TBML). Yes Bank appears to be responding to the recent slew of trade-based financial crimes, often involving…
Commonwealth Bank of Australia fined over A$700 million for AML/CFT breaches
Commonwealth Bank of Australia (CBA) has settled its proceedings with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the financial intelligence agency set up to monitor trade-based financial crime. In a statement released to the Australian Stock Exchange, CBA said it would pay A$702.5 million…
Bank of Baroda fined after TBML investigation
India’s Financial Intelligence Unit (FIU) has fined Bank of Baroda US$1.4 million for failing to comply with anti-money laundering (AML) norms and regulations. The fine follows an investigation centred on alleged trade-based money laundering (TBML) schemes in which traders colluded with bank officials to evade…
StanChart units fined for breaching AML/CFT requirements
Standard Chartered Bank (StanChart) units in Singapore have been fined a total of S$6.4 million (US$4.85 million) for breaching anti-money laundering and counter financing of terrorism (AML/CFT) requirements. Standard Chartered Bank Singapore (SCBS) has been fined S$5.2 million (US$3.95 million) and Standard Chartered Trust Limited…
Banks and FIUs using data and intelligence to tack trade-based financial crime
Discussions at a respected British think-tank have revealed how financial intelligence units (FIUs) and banks are using data and intelligence to tackle trade-based financial crime. The discussions took place at the Royal United Services Institute’s annual Centre for Financial Crime and Security Studies conference. Italian…
Big US banks to call for an overhaul of financial crime and anti-money laundering rules
Some of the largest US banks are to call on the new administration in Washington to undertake a wholesale overhaul of financial institutions’ responsibilities for investigating and reporting potential criminal activity, according the Reuters news agency. The banks maintain that rules imposed on them in…
Pennsylvania bank faces US$1.5 million penalty
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has determined a US$1.5 million penalty against the First National Community Bank of Dunmore, Pennsylvania (FNCB) for wilfully violating the Bank Secrecy Act (BSA). The bank admitted that it failed to file suspicious activity reports…
Major banks call on US Treasury to allow more information sharing
The US Treasury should allow banks in the US to share suspicious activity reports according to the body that represents some of the world’s largest financial institutions. The Clearing House made its call in a letter submitted to the treasury’s Financial Crimes Enforcement Network (FinCen)….
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