May has been a busy time for AML FININING (56 million euros) as noted here
The Governor and Company of the Bank of Ireland Agrees on Monetary Penalty of €3,150,000 for AML/CFT Compliance Failures
BNP Paribas Fined 10 million EUROS Over Weaknesses in Anti-Money Laundering Controls
- French bank watchdog ACPR said it had fined BNP Paribas 10 million euros (8.75 million pounds) for inadequate anti-money laundering controls.
- The penalty followed a 2015 inspection of the bank which revealed some shortcomings in its provisions for preventing money laundering and financing of terrorism, ACPR said in a statement.
- French authorities have been leading a crackdown in these areas after a series of Islamist attacks in recent years.
- BNP declined to comment on whether it would contest the decision or pay the fine. The bank has two months to appeal against the decision.
- The ACPR said that at the time the bank did not have enough staff dedicated to spotting and notifying suspicious transactions and inefficient tools for detecting unusual customer transactions.
- The watchdog said that the fine takes into account the seriousness of the shortcomings and importance of BNP – given its size – in passing on information to the French finance ministry Tracfin unit, which focuses on preventing money laundering and terrorism financing.
- In 2014, U.S. authorities fined BNP almost $9 billion over accusations that it violated U.S. sanctions against Sudan, Cuba and Iran.
- https://uk.reuters.com/article/uk-bnp-paribas-moneylaundering/bnp-paribas-fined-over-weaknesses-in-anti-money-laundering-controls-idUKKBN18T2JE
The US fines Deutsche Bank $41 million (36.3 EUROS) for money laundering control lapses
- Deutsche Bank was fined $41 million (36.6 million euros) by the US Federal Reserve on Tuesday over failures to screen billions of dollars in potentially suspicions transactions.
- The bank also agreed to improve oversight by senior management and compliance to US banking laws. The fine is the latest in a series of woes for Germany’s largest bank.
- In a press release, the Federal Reserve said the fine stemmed from “unsafe and unsound” practices with the bank’s US operations.
- The bank will also work under an order that requires it to improve the oversight from senior management to better comply with anti-money laundering laws in the US.
- “We are committed to implementing every remediation measure referenced in the Fed’s order and to meeting their expectations,” Deutsche Bank said in a statement on Tuesday.
- Deutsche Bank has been in the middle of other recent investigations and lawsuits in the US due to its alleged ties to Russia and US President Donald Trump.
- The Federal Reserve fined Deutsche Bank $425 million in January for actions between 2011 and 2015.
- A New York based unit of the bank, Deutsche Bank Trust Company Americas, processed about $10 billion worth of Russian roubles in suspicious transactions. The transactions went through Moscow, New York and London.
- Trump is reported to have loans from Deutsche Bank of at least $300 million. While other banks reportedly would not work with him during the 2016 US presidential campaign, Deutsche Bank maintained its relationship with the eventual president. With the ongoing investigation into allegations Russia meddled in the election, Democrats from the House of Representatives are demanding more extensive investigations into Deutsche Bank.
- Democratic Representative Maxine Waters of California and her colleagues wrote a letter last week to Deutsche Bank CEO John Cryan for information on Russian money laundering and the bank’s review of Donald Trump and his family members’ accounts with the bank.
- Deutsche Bank did not comment on Waters’ request on Tuesday, according to AP.
- http://www.dw.com/en/us-fines-deutsche-bank-41-million-for-money-laundering-control-lapses/a-39056089
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