For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe.… Continue Reading
The UK Serious Fraud Office may review whether HSBC and Standard Chartered helped launder money linked to a South Africa corruption scandal, the BBC reported Thursday.… Continue Reading
Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.
The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”… Continue Reading
Singapore said Thursday it has seized property and bank accounts linked to money allegedly diverted from Malaysia’s sovereign wealth fund, 1Malaysia Development Berhad.
The seized property and accounts are worth about $177 million, Singapore authorities said.… Continue Reading
In November, the Department of Justice confirmed the rumors that had circulated all fall about an appointment it was making in its Fraud Section: Hui Chen was selected to occupy the new role of in-house compliance counsel.… Continue Reading
The Department of Justice Fraud Section said this month it has hired Hui Chen as a “full-time compliance expert.”
She comes to the DOJ with practical experience in anti-corruption and corporate compliance at Standard Chartered Bank, Pfizer, and Microsoft, along with prior enforcement experience as a federal prosecutor.… Continue Reading
The U.S. Attorney in Manhattan is investigating Germany’s Commerzbank AG for alleged violations of money-laundering laws, the Wall Street Journal reported Friday.
The New York Department of Financial Services said Tuesday that Standard Chartered Bank will pay $300 million for “failures to remediate anti-money laundering compliance problems” required by the bank’s 2012 settlement with the same regulator.… Continue Reading
A customs official at the Qingdao port that’s under investigation for commodity financing fraud was found dead last week from “unnatural causes.”
Qingdao Customs Deputy Commissioner Bian Peiquan died on August 5, according to state media Xinhua.… Continue Reading
Two years after state and federal authorities punished British bank Standard Chartered for doing business with sanctioned countries like Iran, it has once again become the subject of an investigation for failing to weed out other risky transactions.… Continue Reading
Bank of America Corp’s banking unit agreed to pay $16.6 million to resolve allegations that it processed hundreds of transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said Thursday.… Continue Reading