EU to Adopt New Russia Sanctions Package after Hungary Lifts Veto
European Union member states have agreed a new sanctions package against Russia after Hungary lifted its veto, clearing the way for measures targeting Russian oil transport, banks, crypto platforms, and trade in restricted goods.
Suspicious Gamblers Laundered Up to $144mn in Sydney Mega Club
Mounties, one of Australia’s largest club groups, allowed 13 customers to launder as much as A$226 million ($144 million) through poker machines over five years.
DOJ Hits Southern Poverty Law Center with Financial-Crime Charges
The U.S. Justice Department indicted the Southern Poverty Law Center (SPLC) on charges that the civil-rights organization fraudulently paid informants inside extremist groups and concealed those payments with bank accounts opened for nonexistent companies.
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.
A Decade on, Nordic Banks Emerge from Russian Money-Laundering Scandal
Nordic banks are finally beginning to move past the Baltic money-laundering scandal that engulfed the region’s financial sector, after nearly a decade of probes, fines, management upheaval, and costly compliance overhauls.
Telegram Hosts a Sanctioned Marketplace Tied to Child Sex Trafficking, Forced Labor
Telegram is still hosting Xinbi Guarantee, a Chinese-language black market that British officials have levied sanctions on and accused of facilitating crypto scams and human trafficking.
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.
SantaCon Organizer Faces Fraud Charges over Theft Allegations
The organizer of New York City’s annual SantaCon bar crawl was arrested on wire-fraud charges on Wednesday after federal prosecutors alleged he diverted money that was supposed to go to charity and used it instead for personal expenses.
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.
Grassley Questions Candor of UBS on Nazi-Linked Accounts
UBS AG is facing renewed pressure from the U.S. Senate Judiciary Committee over its handling of an investigation into possible Nazi-linked accounts at Credit Suisse, after the panel’s chairman accused the Swiss bank of withholding documents and obstructing a full review.