Deutsche Bank is reportedly leading an internal investigation into an alleged USD6bn laundry, using ‘relatively simple transactions’ to clean cash. Simple transactions used to launder money should be easy to identify – if the software does not pick it up, then the employees handling the transactions should be able to spot a suspicion. Basic anti-money […]

On March 16, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) has updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. Specifically, FATF has noted that: (1) Indonesia has been removed from FAFT’s list that calls […]

The FCA has fined Standard Bank PLC £7.6million (including a 30 per cent discount) for failing to have adequate anti-money laundering (AML) policies and procedures in relation to corporate customers connected to politically exposed persons (PEPs). Standard Bank failed to comply with Regulation 20(1) of the Money Laundering Regulations 2007 between 15 December 2007 (when […]

In its first AML prosecution of a high value dealer, the UK’s HMRC has fined Bedfordshire company director Grenville Eames £16,000 for failing to abide by the Money Laundering Regulations 2007. Eames’ company, JGE Commercials Limited, was also fined £16,000 and ordered to pay a confiscation order of £135,900 within three months. Eames had registered […]