OCC Eases Duties Under Citi Order Stemming from Poor Risk Controls
The U.S. regulator of national banks scaled back some of the compliance obligations it had imposed on Citigroup under a 2020 enforcement action that penalized the lender for inadequate risk controls and data-management practices, the Financial Times reported.
Europe’s AMLA Outlines Risk-Assessment, Supervision Criteria
The EU’s Anti-Money Laundering Authority (AMLA) on Thursday published draft technical standards intended to unify how financial supervisors assess risks and how the supervisory body will select the “most complex” high-risk institutions and groups it will directly oversee.
Congress Repeals ‘Caesar’ Sanctions in Shift Toward Post-Assad Syria
U.S. lawmakers have voted to repeal the 2019 Caesar Civilian Protection Act, ending a far-reaching sanctions regime that broadly targeted any entity providing goods or services to Syria’s government, the Financial Times reported.
Russian Oligarchs are Using European Treaties to Sue Ukraine for Vast Sums
Russian billionaire Mikhail Fridman and other oligarchs are exploiting European investment treaties to sue Ukraine for hundreds of millions, and in some cases billions, of dollars, according to a new investigation by Follow the Money.
PayPal Files Application to Launch a Bank
PayPal has applied to form a bank that would offer business loans and interest-bearing savings accounts, a move that would deepen the payments company’s push into core banking services, The Wall Street Journal reported.
NZ Central Bank Asks Court to Fine ASB for AML Shortcomings
The Reserve Bank of New Zealand (RBNZ) has filed civil proceedings in the High Court against ASB Bank, alleging breaches of core requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act dating from at least December 2019.
Nationwide Hit with £44mn Fine for Failing to Flag Suspect Payments
Nationwide Building Society has been hit with a £44-million fine by the UK’s financial regulator over longstanding weaknesses in its systems to detect and prevent financial crime, including failures that allowed tens of millions of pounds in fraudulent Covid furlough payments to pass through a customer’s account.
Plus Ultra Airline Probed for Alleged Ties to Venezuela Money-Laundering Network
Spanish prosecutors are investigating whether Madrid-based airline Plus Ultra used a €53-million Covid-era bailout to launder money embezzled from Venezuela through a web of companies in France, Switzerland and Spain, according to a report in El País.
U.S. Microchip Makers Sued Over Alleged Role in Russian Attacks on Ukrainians
Major U.S. chipmakers Intel, Advanced Micro Devices and Texas Instruments, along with a Warren Buffett–owned electronics distributor, are facing a series of lawsuits accusing them of failing to prevent their semiconductors from ending up in Russian missiles and drones used to attack civilians in Ukraine.
Treasury Seeks ‘Gatekeeper’ Role in AML Penalties
The Trump administration is moving to give the U.S. Treasury Department’s financial intelligence unit a decisive say over how banks are punished for anti–money-laundering (AML) failures, according to new reporting by The Wall Street Journal.