Wells Fargo agrees US$30 million settlement for trade finance breaches of sanctions against Iran, Syria and Sudan
Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan. For about seven years, Wells Fargo and its…
Nigeria and South Africa added to FATF’s grey list, Cambodia and Morocco removed
The Financial Action Task Force (FATF) has placed Nigeria and South Africa on its list of countries under increased monitoring, commonly known as the grey list, after they failed to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing….
FATF grey list: Gibraltar added, Malta removed, Pakistan remains
Gibraltar has been added to the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of terrorism (AML/CFT) measures. Malta, after 12 months of increased monitoring, is now off the grey…
Ghana issues directive for commercial banks to curb misdeclarations, under-invoicing and non-reporting
The Bank of Ghana (BoG) has issued a directive to all commercial banks demanding foreign companies operating in the country register a Technology Transfer Agreement (TTA) with the Ghana Investment Promotion Centre (GIPC). The directive comes in the wake of a wave of investigations into…
Fines for AML, KYC and sanctions violations up 160 per cent in 15 months
Fernergo has released its findings on financial institution fines which shows that in December 2019 global penalties totalled US$36 billion for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations. According to Fernergo, which includes AML, KYC and sanctions events in the client lifecycle management processes…
Canara fined for long-term serious trade finance AML failings
Britain’s Financial Conduct Authority (FCA) has published its reasons for imposing a fine of £896,100 on the UK operations of Canara Bank, which is owned by the Indian state. The FCA has also imposed a restriction on Canara accepting deposits from new customers for 147…
Accuity releases improved TBML offering as concerns grow over breaches of sanctions
Compliance software provider Accuity has announced the launch of a new vessel monitoring capability, Firco Trade Compliance Ship Enforcement Alerts. The firm claims it will allow organisations involved in trade finance to track shipping vessels in real-time to ensure they are not in breach of…
Standard Chartered under investigation for more US trade-sanctions violations
Standard Chartered Bank is to remain under investigation for further breaches of trade sanctions and will remain under US oversight for three more years, prosecutors have said. The suspected violations go beyond those contemplated in a 2012 settlement for writing prohibited business with Iran.
