ABN Amro has been fined €625,000 by De Nederlandsche Bank (DNB) and US$640,000 by the Dubai Financial Services Authority (DFSA) for flaws in procedures to prevent money laundering at its private banking branch in Dubai. The DNB and the DFSA found “serious shortcomings in the client acceptance and risk management processes, aimed at preventing money […]

U.S. banks have crossed a significant post-financial crisis milestone, tallying more $200 billion in fines paid out regarding questionable behavior. Regulators have been out for blood against banks for conduct both before the crisis and since. Public outrage has focused on Wall Street institutions and their collective role in triggering the subprime mortgage meltdown that […]

The Hong Kong Monetary Authority ordered a local unit of India’s largest bank to pay a HK$7.5 million ($960,000) penalty for failing to carry out proper checks to prevent money laundering and terrorism financing. In its first action since gaining new anti-money laundering powers in 2012, the HKMA said the Hong Kong branch of State […]

As we all know Approved persons should be open and co-operative with their regulators – and this has been highlighted by the FCA’s recent enforcement action against Craig McNeil, former Keydata finance director. Whilst the FCA has occasionally taken action against individuals for breaches of Statement of Principle 4 (‘Prin 4’) of the Statements of […]

The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations. In a concurrent action, the California Department of Business Oversight (CDBO) assessed a $40 million penalty against Banamex USA (BUSA). […]

An approved Financial Adviser has been charged £290,344 and banned from giving financial advice after recommending a number of complex and high risk products to clients who were on low incomes and with no evident investment experience. In some cases it was found that the financial adviser had invested in unregulated products without the client’s […]

Deutsche Bank has been fined $2.5 billion total by U.S. and British regulators for alleged LIBOR misconduct. LIBOR is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. The U.S. and Britain accused Deutsche Bank employees of manipulating their LIBOR submissions, colluding with other banks that sat on the panel that submitted […]

A major Swiss bank will pay $211 million in a deal to avoid prosecution on charges it secretly helped American clients evade U.S. taxes, the Department of Justice said Monday. The agreement with BSI SA makes the private bank the first to come clean under a federal program that encourages overseas banks to disclose their […]