UBS fined £160 million for significant failings in relation to LIBOR and EURIBOR 20 Dec 2012 The Financial Services Authority (FSA) has fined UBS AG (UBS) £160 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.UBS’s […]

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 […]

Jessica Harper admits £2.4m Lloyds Bank fraud – Jessica Harper is selling her home to pay pack what she defrauded Llyods Bank. – A former Lloyds Bank worker in charge of online security has admitted carrying out a fraud worth more than £2.4m. Jessica Harper, 50, had been accused of submitting false invoices to claim […]

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”) […]

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. […]

Jersey’s HBME (part of 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 […]

AML Failures + solicitors = For those solicitors who wonder whether they are the only ones putting in significant effort to comply with their AML obligations and whether anyone ever notices, the Law Society’s annual report on AML supervision to HM Treasury should be welcome reading. The Annual Supervisor’s Report, published jointly by the Law […]