Wyden Report Says 3 Banks Likely Violated AML Laws with Epstein Accounts
JPMorgan Chase, Deutsche Bank and Bank of America likely violated federal anti-money laundering (AML) laws by failing to report thousands of suspicious transactions that financed Jeffrey Epstein’s sex trafficking, according to a report released Tuesday by a ranking Democrat on the Senate Finance Committee.
SPOTLIGHT
Justice Dept. Charges Doctor in $95 Million Skin Substitute Fraud Scheme
China Hits Back at US With Tighter Drone Export Curbs, Sanctions
A Cement Giant Paid Terrorists. Victims Want a Share of Its $778 Million Penalty.
German Watchdog BaFin Orders NordLB Bank to Fix Customer Data Shortcomings
Visa to Buy Fraud Defense Platform BioCatch in $2.4 Billion Deal
ILLICIT FINANCE
Citi Hires FinCEN Director Gacki to Lead Sanctions Compliance
Swiss Court Fines Lombard Odier $3.7mn for Failing to Flag Karimova Corruption
TD to Track Some Financial Crime Staff’s Work with Software
U.S. Regulators Propose Customer ID Rule for Stablecoin Issuers
SANCTIONS
OVERSIGHT
Treasury Urges Banks to Help Fight Illegal Immigration, Expands 314(b) Program
Mainland Chinese Rush to Open HK Accounts as Beijing Tightens Grip on Outflows
DOJ Subpoenas JPMorgan, Bank of America in ‘Debanking’ Probe
EU Proposes 21st Russia Sanctions Package, Targeting Banks and Crypto Networks
DOCUMENTS
Looking the Other Way: How Wall Street Banks Enabled Jeffrey Epstein’s Sex Trafficking
FinCEN Assesses $125mn Penalty Against UBSFS for Recidivist BSA Violations
Capital One Outlines Reasons It Closed Trump Org Accounts in Court Filing
OFAC Cracks Down on Global Networks Enabling Iran’s Mahan Air and IRGC
FinCEN: Statement of Enforcement Policy in Support of Venezuela’s Economic Recovery and Earthquake Relief Efforts
CRYPTO
U.S. Charges 2 in Takedown of ‘AudiA6’ Crypto Laundering Service
FINMA Issues New AML Guidance after Finding Firms Are Mishandling Risks
FCA Warns Premier League Clubs Over Unauthorized Crypto and Trading Sponsors
OFAC Blacklists Iran’s Largest Crypto Exchange, DRC Rebel Commanders
CFTC Seeks to Vacate Gemini’s $5mn Enforcement Following Winklevoss Ask
TECH
Hungary Deploys AI to Track Alleged Orbán-Era Corruption and Fraud
BIS and Banks Will Soon Begin Testing Blockchain-Backed Payments Platform
Major Crypto Firms Worked with Bitcoin ATM Operators Tied to Scams
Conviction of Ex-Austrian Agent Turns Another Page in Wirecard ‘Spy Novel’
RISK MANAGEMENT
U.S. Regulators Warn Banks on Borrowers without Work Authorization
Three federal banking regulators on Monday told banks and credit unions to weigh whether borrowers who lack legal authorization to work in the United States can reliably repay their loans, warning that such lending “may present elevated credit risk.”
Emerging Threats
LEGAL MATTERS
BRIBERY & CORRUPTION
Kushner Seaside Resort Prompts Asset Freezes and Protests in Albania
Albanian anti-corruption prosecutors have launched a criminal investigation into a proposed $4 billion luxury resort backed by Jared Kushner, President Donald Trump’s son-in-law, and have frozen the bank accounts of a landholding company tied to the project amid widening scrutiny of property transactions at the protected coastal site.
SCAM CENTERS
Morgan Stanley, European Banks Drawn Into Probe of Alleged Bolloré Bribery
Morgan Stanley and several European banks risk being drawn into a French criminal investigation over the 2022 sale of Vincent Bolloré’s African transport and logistics business, as an anti-corruption association seeks to compel them to hand over internal documents related to the €5.7-billion transaction.
FRAUD
More in Certain Risk
UBS Halves Asia Sustainability Team in Global ESG Pullback
FinCEN Issues Advisory Warning Banks on Payroll Fraud Tied to Migrants
HSBC Charged in French Probe Tied to Ex-Lebanese Central Bank Governor
U.S. Sanctions Cuban President, Castro Relatives in Growing Pressure Campaign
House Votes to Advance Sweeping Russia Sanctions over GOP Opposition
