Ex-Citi Banker Jailed in Singapore for Laundering Funds Linked to Chinese Syndicate
A former Citibank relationship manager has pleaded guilty and been sentenced to two years in jail for helping a Chinese criminal network launder money in Singapore, the Financial Times reported.
FinCEN Flags $9-Billion Iranian ‘Shadow Banking’ Network
The U.S. Treasury Department disclosed the existence of roughly $9 billion in 2024 financial activity tied to Iranian “shadow banking,” mapping a web of front companies and intermediaries used to sell sanctioned oil, launder illicit proceeds, and procure banned technology.
OCC Ends Final Wells Fargo Fake-Accounts Case Without a Fine
The U.S. Office of the Comptroller of the Currency (OCC) has settled its last remaining enforcement action tied to Wells Fargo’s 2016 fake-accounts scandal without imposing a fine, Banking Dive reported.
U.S. Slaps Sweeping Sanctions on Russia’s Lukoil and Rosneft as Ukraine Talks Stall
The United States imposed expansive new sanctions Wednesday on Russia’s two largest oil companies, Lukoil and Rosneft, escalating U.S. economic pressure as negotiations to end the war in Ukraine falter.
Mexican Cartel Turns to ‘Dark Fleet’ to Smuggle Fuel from U.S. and Canada
One of Mexico’s most powerful drug cartels is smuggling gasoline and diesel into the Port of Ensenada with the aid of a “dark fleet” tanker and a Houston-based company, according to an investigation by Reuters.
Senate GOP Bill Would Raise BSA Reporting Thresholds and Tie Them to Inflation
Proposed legislation introduced in the U.S. Senate would increase dollar-thresholds triggering reporting requirements under the Bank Secrecy Act for the first time since 1970 and require periodic adjustments to account for inflation, Republican lawmakers said. The “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act”, or STREAMLINE Act, would raise the […]
Ten Years On, Iran Nuke Deal Ends with a Whimper
Iran has announced the official end of the 2015 nuclear agreement, saying it is no longer bound by the Joint Comprehensive Plan of Action (JCPOA) and that all restrictions and related mechanisms under the accord are terminated, The Guardian reported.
FinCEN Ban on Three Mexican Firms Formally Takes Effect After Reshaping Industry
An unprecedented U.S. Treasury order cutting three Mexican financial institutions off from the American financial system took effect Monday, after already forcing asset sales, client flight and heightened compliance across Mexico’s banking sector, Bloomberg reported.
BNP Paribas Found Liable for Enabling Sudan Atrocities
A Manhattan federal jury found BNP Paribas liable for enabling genocide in Sudan under the Omar al-Bashir regime, raising speculation it could face a multibillion-dollar settlement, Bloomberg reported.
Canada to Create Financial-Crimes Agency, Amend Laws to Fight Fraud
Canada will launch a new federal financial-crimes agency and change banking laws to clamp down on online fraud and other scams, the country’s Department of Finance announced on Monday.