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 […]

While most solicitors endeavour to comply with their anti-money laundering (AML) obligations and avoid being used as a conduit for offences such as mortgage fraud, there are some whose conduct falls significantly below expected standards. The disciplinary digest covers Solicitors Disciplinary Tribunal (SDT) cases where AML compliance failings or involvement in mortgage fraud have been […]

The FCA has fined Guaranty Trust Bank (UK) Ltd (GT Bank) £525,000 (including a 30 per cent discount for early settlement) for failings in its anti-money laundering (AML) controls for high risk customers between May 2008 and June 2010 in breach of Principle 3 of the FCA’s Principles for Businesses and the Senior Management Arrangements, […]

On 8 August 2013 the Financial Conduct Authority (“FCA”) issued a Final Notice against Guaranty Trust Bank (UK) Limited (“GTBUK”), the fifth in a series of cases arising from the FSA’s 2010 thematic review of banks’ management of higher money laundering risk situations. GTBUK was fined £525,000 (after the application of a 30% early settlement […]