Singapore Tells Private Banks to Speed Up Onboarding for Wealthy Clients
Singapore’s financial regulator has directed private banks to reduce account opening wait times to within one month by year-end, as the city-state moves to reassert itself as a global wealth management hub after a series of money-laundering scandals.
U.S. Regulators to Consider Citizenship Status of Bank Customers a Risk Factor
President Donald Trump signed an executive order Tuesday directing federal financial regulators to treat undocumented immigrants as potential credit and compliance risks.
Denmark’s FSA Refers Nordea Unit to Police over AML Concerns
Denmark’s financial regulator has reported a local unit of Nordea Bank to police over suspected breaches of anti-money-laundering rules and asked authorities to open a criminal investigation, the authority disclosed Monday.
U.S. Banks Left in the Dark on New Citizenship-Verification Expectations
U.S. banks have heard little from the Trump administration about the scope of an expected executive order that would require them to collect citizenship or immigration-status data on their customers, leaving the industry warning of multibillion-dollar costs and the prospect of millions of Americans being shut out of the banking system.
Swiss Court Dismisses Gulnara Karimova’s Graft Case
A Swiss federal court abruptly dismissed money laundering and bribery charges against the imprisoned daughter of a former Uzbek president on Tuesday after Uzbek authorities confirmed she would not be released to attend the proceedings before the statute of limitations runs out.
Republicans Threaten FinCEN’s Budget over Corporate Transparency Rule
U.S. House Republicans are threatening to block all funding for the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) until the agency finalizes a rule requiring companies to report beneficial ownership information.
Wife of Spanish PM to Stand Trial for Alleged Corruption, Embezzlement
Spanish Prime Minister Pedro Sánchez is facing renewed political pressure after a judge ordered his wife, Begoña Gómez, to stand trial, deepening a corruption controversy that already involves several of his relatives and close associates.
Bessent Says E.O. on Banks Collecting Citizenship Proof Is ‘in Process’
Treasury Secretary Scott Bessent said an executive order that would require banks to collect proof of citizenship from customers is “in process,” Bloomberg reported, describing a potentially sweeping new compliance mandate for U.S. financial institutions.
BofA Not Liable for ‘Good-Faith’ Account Closure in Sanctions Case: 9th Circuit
A U.S. appeals court on Monday ruled that Bank of America cannot be sued over its closure of an Iranian American customer’s account after finding the bank was protected by a federal liability shield for actions taken in good faith to comply with U.S. sanctions laws.
In Spain, Two Corruption Cases Highlight Parties’ Legacies of Political Graft
Two criminal trials opening in Madrid this week have put renewed focus on allegations of kickbacks, illicit party financing, and broader political corruption in Spain.