The leader of German’s anti-money laundering office has reportedly resigned. Christof Schulte, who had overseen Germany’s Financial Intelligence Unit (FIU) since 2018, stepped down Thursday (Dec. 15) following the revelation that the government had kept a large backlog of suspicious activity reports from the Paris-based...
The FCA has fined Santander over 107.7 million pounds ($132.2 million) for AML failures. In announcing the penalty, the Financial Conduct Authority (FCA) said Santander “failed to properly oversee and manage” its anti-money laundering (AML) systems between Dec. 31, 2012 and Oct. 18, 2017. “Santander...
Danish regulators have reported Jyske Bank for possible anti-money laundering (AML) violations. Denmark’s Financial Supervisory Authority (FSA) said the lender’s due diligence methods had “significant shortcomings,” Reuters reported Monday (Nov. 28). In a statement posted on its website, Jyske Bank said that the FSA’s investigation was...
In the latest changes to the European Union’s (EU) anti-money laundering (AML) framework, the European Commission (EC) is finalizing the details of a package of proposals to strengthen the block’s ability to counter financial crime. Emphasizing the significance of the package in a speech on...
In a bid to stop money launderers, South Korea’s Financial Services Commission (FSC) is planning a probe into the amount of stablecoins being used on crypto exchanges. According to media reports Monday (Oct. 24), financial authorities in Korea say they consider stablecoins to be extremely...
Credit Suisse will pay 238 million euros ($235 million) to settle a tax fraud and money laundering case in France. The agreement, announced by a judge in the case on Monday (Oct. 24), involves no admission of guilt by the Swiss bank but allows it...
In a move that signals a major change for Switzerland’s financial services industry, the Swiss government intends to establish a central registry to track ownership of legal entities. To that end, the cabinet requested that the finance ministry draft proposals by mid-2023 that could make...
The Financial Industry Regulatory Authority (FINRA), a Wall Street regulator, has issued new guidance for broker-dealers on the penalties they could face for violating anti-money laundering (AML) rules, eliminating the cap on fines for bigger companies. According to new guidelines issued Thursday (Sept. 29) by...
A few words sum up the state of fraud and the challenges facing financial institutions (FIs): rising at a fast clip. In the report “The State of Fraud and Financial Crime in the U.S.,” a PYMNTS and Featurespace collaboration, 200 executives from a range of...
