HSBC admits to money laundering failures in Australia

HSBC has reported itself to Australia’s financial crime agency for possible breaches of anti-money laundering laws A spokesman for HSBC said it had failed to report transfers to foreign banks and institutions, although he would not reveal a specific number of the potential breaches. A spokesperson for the Australian Transaction…

Money laundering warning as criminals adapt to Covid-19

Banking regulator the European Banking Authority (EBA) is warning financial institutions to be extra vigilant as the Covid-19 pandemic forces criminals to seek new ways of moving illicit funds and goods across borders. The EBA is also warning national regulators that evidence is emerging of new criminal activity linked to…

Swedbank fined £305m for hiding money laundering evidence

Sweden’s Financial Supervisory Authority (FSA) has fined Swedbank a record £305 million for breaching anti-money laundering regulations, including keeping two sets of books. Having started an investigation into a large number of suspicious transactions, deeper digging by the FSA found the bank had hidden identification details on bank account holders,…

Casinos chain hit by £13m fine

Caesars Entertainment UK Limited is to pay £13m and must implement a series of improvements following a catalogue of money laundering, social responsibility and customer interaction failures, including those involving ‘VIPs’. And as a result of the Gambling Commission investigation three senior managers at the company surrendered their personal licences.…

EU states ‘dragging their feet’ over AML directive

Most EU member states have failed to meet a legal deadline to introduce public registers of the real owners of companies, a transparency measure seen as key to fighting money laundering, according to a review by anti-corruption campaigners. Research from Global Witness found that: Seven of 27 Member States (63%)…

‘Money mule’ for online fraudster sentenced for money laundering

A Liverpool man who became a money mule for an online fraudster has been sentenced for money laundering. Frantisek Peter, 38, of Wavertree, was given a nine-month prison sentence, suspended for 12 months, 120 hours unpaid work and a 10 day rehabilitation requirement, after pleading guilty to two counts of…

Online gambling firm’s activities suspended

Lotteries.com, an online gambling site, has had its license to trade suspended for alleged breaches of money laundering regulations. The Gambling Commission took the action after an investigation into the company, whose parent company is International Multi-Media Entertainments Limited. “The suspension is due to anti-money laundering practices and ongoing social…

‘Swedbank scandal should trigger fundamental changes in AML supervision’

Transparency International has sounded the alarm over the glaring flaws in European Union’s anti-money laundering system following new revelations concerning Swedbank. An independent report by law firm Clifford Chance – commissioned by Swedbank – found that the bank and its Baltic branches actively sought clients with a high-risk profile and…

Judge orders forfeiture of £80,000 in money laundering crackdown

Officers have taken £80,000 of suspected criminal cash from an overseas student’s bank account as part of an ongoing crackdown into international money laundering. Detectives from the North East Regional Asset Recovery Team (RART) launched an investigation into the finances of Endian Zhang – a Chinese national who had been…

‘Strong improvements’ in AML supervision, say OPBAS

The accountancy and legal professions have made strong improvements in their supervision of anti-money laundering (AML) work, according to the newly released 2019 progress report from OPBAS. However, some professional body supervisors (PBSs) are still lagging behind their peers and must continue to raise their standards further, it concluded. The…
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