Bribery Act bites 17 Sep 2012 Although discussion on the Bribery Act 2010 has centred mainly on the private sector, it does apply, albeit on a more limited basis to public organisations and bodies. So far there has been just a single conviction under the Act since it came into effect on 1 July last […]

UBS fined for anti-money laundering breaches 12 Sep 2012 The Central Bank has reprimanded and fined UBS International Life Limited €65,000. The fine is for failing to comply with legislation aimed at protecting the financial system from the risk of exposure to money laundering and terrorist financing. The Central Bank said it had entered into […]

Unicredit ‘in US Iran sanctions breach investigation’ 12 Sep 2012 Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions. The bank is thought to have broken sanctions against Iran, according to reports by the Financial Times and Reuters, although this has not been confirmed by Unicredit. The probe […]

Amid Big Sanctions Cases, AML Actions Fell by a Third in First Half of 2012 29th Aug 2012 By Brian Monroe and Colby AdamsThe number of federal anti-money laundering enforcement actions issued in the first half of 2012 fell by 35 percent in comparison to the total levied during the same period last year, data […]

SFO – NEW TOUGH TONE FROM THE TOP ON ACTS OF BRIBERY – the Serious Fraud Office (“SFO”) has announced it is opening an investigation into alleged incidents of bribery that were thought to have been dealt with in March this year. The Director of the SFO, via a statement on the SFO website, stated […]

April 2012 Citi sanctioned for AML and being ‘deficient’ on money laundering rules – on the 6th April 2012 Citigroup has been accused of failing to comply with rules intended to stop money laundering and the financing of international terrorism. The Office of the Comptroller of the Currency, which oversees large US banks, said that […]

US regulator claims Standard Chartered laundered Iranian money – Standard Chartered Bank has lost a quarter of its value and has been threatened with losing its licence to practice in the US after the New York financial regulator accused it of laundering Iranian funds illegally. According to the New York State Department of Financial Services […]

Lawyers fined after banking £1.43m for mystery clients offshore – with no questions asked – LAWYERS in a High Street firm have been fined for flouting rules meant to stop money laundering. But George Morton and Malcolm Thomson escaped with their jobs. Legal watchdogs found that Morton, 58, “completely ignored” procedures put in place to […]