SYDNEY (Reuters) – Commonwealth Bank of Australia (CBA) (CBA.AX) agreed to pay a record penalty of A$700 million ($529.3 million) to settle explosive money laundering charges brought by Australia’s financial intelligence agency. The biggest financial penalty in Australian corporate history was almost double the amount CBA had set aside, signaling the tougher regulatory framework Australian […]

The following news update is about a regulatory action in Guernsey. On the 12th April 2018, the GFSC published a General, Public Statements and its regulatory action (including a fine) against the Richmond Fiduciary Group Limited Although this is Guernsey, there are lessons to be learnt for Jersey firms.  Also, please remember the JFSC to […]

  ZURICH (Reuters) – Raiffeisen Bank International AG (RBI) has been fined 2.75 million euros ($3.39 million) by Austria’s Financial Market Authority (FMA) for a breach of due diligence requirements for the prevention of money laundering and terrorist financing.   The bank had been under investigation by FMA since 2016 after its name was mentioned […]

A U.S. bank regulator has fined Citibank (C.N) $70 million for failing to address shortcomings in its anti-money laundering policies. The Office of the Comptroller of the Currency fined the bank in late December and announced it on Thursday. The regulator assessed the civil penalty because the bank had failed to address concerns it had […]

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 https://archive.comsuregroup.com/governor-company-bank-ireland-agrees-monetary-penalty-e3150000-amlcft-compliance-failures/ BNP Paribas Fined 10 million EUROS Over Weaknesses in Anti-Money Laundering Controls French bank watchdog ACPR said it had fined […]

Allied Irish Banks, plc. has been fined €2,275,000 by the Central Bank of Ireland in respect of anti-money laundering and terrorist financing compliance failures. AIB had breached compliance laws six times and are fined for not Preventing Money Laundering The Central Bank found that, between 2010 and 2014, AIB persistently failed to immediately report 211 […]

If you did not see Comsures updates on 3 recent AML fines here is a refresher….. Deutsche Bank & Western Union Company & Coutts & Co. Ltd ALL FINED Deutsche Bank fined by U.S. and UK for alleged AML breaches; A European bank has been fined more than US$630 million by both UK and U.S. […]

The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial […]