The Financial Industry Regulatory Authority (FINRA) recently announced fines for BNP Paribas Securities Corp. and BNP Paribas Prime Brokerage, Inc. due to huge failures, both supervisory and operational, in their AML compliance program. FINRA is fining BNP $15 million and requiring that BNP fix their compliance problems within 90 days.…
CCTV footage shows a man walking up to a counter in a private room at Crown Casino in Melbourne. He is carrying a small cooler lunch bag and as he unzips the bag at the counter, stacked bundles of AUD $50 and $100 are visible in the bag. Then, the…
The House of Representatives is considering legislation this week that could permanently end the existence of shell companies in the United States. Shell companies have little to no operations, but still may hold assets. These companies can be used to avoid know-your-customer (KYC) and anti-money laundering (AML) regulations and compliance.…
State-owned Turkish bank Halkbank has been charged with fraud and money laundering in an alleged scheme to evade US sanctions on Iran. These charges were announced less than a day after President Trump issued US sanctions against Turkey. These sanction evasion charges may continue to put pressure on Turkey's struggling…
Jin Yuan Finance Limited, a money remitter based in New Zealand, has been fined $4 million for non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The New Zealand Department of Internal Affairs had been watching and warning the firm for several years, but has finally taken…
In January 2020, more people will be required to comply with the EU's Fifth Anti-Money Laundering Directive (5AMLD). Initially aimed at financial institutions, this directive will soon include auctioneers, dealers, and others involved in dealing arts and antiquities. The 5AMLD states that any person(s) dealing with a transaction or series…
In Malaysia, 80 people and groups have received fines totaling $100 million for allegedly receiving funds from the 1MDB state investment fund. One of the people indicated include Nazir Razak, a brother of the former Prime Minister, Najib Razak. Nazir Razak currently heads Malaysia's second largest bank. Others indicated include…
The fight against corruption and money laundering scandals in the European Union continues. Danske Bank, Denmark's biggest bank, has closed down all banking activities in its Estonian branch. The Danske branch in Estonia has been under close investigation for money laundering. During the investigation, Danske's previous CEO has stepped down…
Liu Zhongtian, a Chinese billionaire, was indicted on several charges by United States prosecutors. Mr. Liu and his family are worth $2.8 billion according to Forbes magazine. He founded an aluminium company, China Zhongwang Holdings, that is also being charged in this complex, financial fraud case. The prosecutors allege that…
On Friday, Brazilian police searched the homes of managers at three branches of state-controlled bank, Banco do Brasil. These managers are suspected of laundering about $48 million or 200 million reais between 2011 and 2014. These raids are just one of the latest developments of the Operation Car Wash or…