IN 2004 the following was reported about Standard Chartered – was this a warning? Bank ‘is tightening its checks’ – THE bank investigated for possible breaches of international sanctions has satisfied the Island’s regulator that it is improving controls. In March last year [2003] the Jersey branch of multinational finance firm Standard Chartered was ordered […]

HSBC linked to alleged money-laundering – There are calls for tougher regulation of Jersey’s banks after a local-offshoot of HSBC was linked to allegations of money-laundering. A major report by the US Senate accuses the global bank of a raft of wrongdoings. US laws stop banks from doing business with certain countries including Iran. However […]

How a big US bank laundered billions from Mexico’s murderous drug gangs – As the violence spread, billions of dollars of cartel cash began to seep into the global financial system. But a special investigation by the Observer reveals how the increasingly frantic warnings of one London whistleblower were ignored On 10 April 2006, a […]

Analysis and case study Habib Bank AG Zurich (“Habib”) = FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements – In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) […]

FSA fines bank for money laundering rule breaches – the Financial Services Authority (FSA) has fined Turkish Bank (UK) Ltd £294,000 for breaching the Money Laundering Regulations 2007 over a two-and-a-half year period. It said the company’s correspondent banking arrangements – in which it provided services to several overseas banks – left it vulnerable to […]

Commission publishes feedback statement on Third Money Laundering Directive – The European Commission has published a feedback statement summarising the comments received as part of the consultation on its report on the application of Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing. […]

Jersey HSBC linked to alleged money-laundering – There are calls for tougher regulation of Jersey’s banks after a local-offshoot of HSBC was linked to allegations of money-laundering. A major report by the US Senate accuses the global bank of a raft of wrongdoings. US laws stop banks from doing business with certain countries including Iran. […]

Banks’ defences against investment fraud – The FSA has published a report on “Banks’ defences against investment fraud” together with a consultation on proposed guidance on this issue. The report contains the findings of the FSA’s assessment of the systems and controls in place in several retail banks to contain the risks posed by investment […]