Lenders

President Donald Trump on Thursday signed an order directing the federal government to loosen marijuana regulations and accelerate a long-stalled effort to reclassify the drug, a step that could mark one of the biggest federal shifts on cannabis policy in decades, Reuters reported.

Australian regulators took coordinated action on Thursday to address weaknesses in the anti-money laundering and risk-management controls of Bendigo and Adelaide Bank, including the imposition of a A$50 million operational-risk capital charge. 

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.

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. 

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 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 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.

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 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.

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.