The Financial Industry Regulatory Authority said Monday it fined Credit Suisse Securities (USA) LLC $16.5 million for anti-money laundering and supervision violations. * FINRA says it fines Credit Suisse unit $16.5 million for significant deficiencies in its anti-money laundering program * FINRA says fine is imposed against Credit Suisse Securities (USA) LLC * FINRA says […]

The Central Bank of Cyprus (CBC), within the remit of exercising its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2016, all or any of the measures listed therein in the event of non-compliance by a supervised person with the […]

The Central Bank of Cyprus (CBC) has issued an announcement to inform for the imposition of fine on Public Joint-Stock Company Commercial Bank “Privatbank” (Cyprus branch). According the CBC’s announcement, within the remit of exercising its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities […]

Agricultural Bank of China Ltd will pay a $215 million penalty for violating New York state’s anti-money laundering law, the state’s financial regulator said on Friday. Bank officials engaged in “intentional wrongdoing,” including masking possibly suspicious transactions at its New York branch. Some transactions involved parties which are subject to U.S. sanctions, the New York State […]

Ulster Bank had ‘unacceptable weaknesses’ in its anti-money-laundering framework Ulster Bank Ireland has been hit with a €3.3 million fine for breaches of anti-money-laundering and terrorist-financing regulations. Regulators said the bank had admitted the breaches, which occurred over a six-year period, and said the incidents highlighted “significant failings” in the company’s procedures. Under the Criminal […]

The Central Bank has reprimanded Ulster Bank Ireland and announced fines of more than €3.3m. A Central Bank investigation found the bank had had left itself vulnerable to money-laundering and terrorist financing. The fines are in respect of anti-money laundering and terrorist financing failures, under the Criminal Justice Act. The Central Bank’s investigation identified eight […]

SRA v (1) David Clinch and (2) Robert Andrew Schofield Summary: Both Respondents acted in transactions which bore the ‘hallmarks of money laundering and/or fraudulent financial arrangements’ in breach of Principle 2 (to act with integrity) and Outcome 7.5 of the Solicitors Code of Conduct 2011. The Second Respondent accepted that neither Respondents had carried […]

New York’s top financial regulator slapped a “Panama Papers”-linked bank with a $180 million fine for anti-money laundering violations. Mega Bank, a $103 billion Taiwanese bank with one New York office, ignored the risks associated with transactions involving Panama, a high-risk area for money laundering, the state Department of Financial Services said in a statement […]