Covered Institutions | Certain Risk

Photo of a sign in Venezuela for the oil company PDVSA. — “PDVSA 5 de Julio” by Wilfredor (2009), Wikimedia Commons, licensed under CC BY-SA 3.0. Edited from the original. Source: https://commons.wikimedia.org/wiki/File:PDVSA_5_de_Julio.jpg License: https://creativecommons.org/licenses/by-sa/3.0/

Secret Audio Recording Catches Launderers Discussing How to Hide PDVSA Loot

Secret audio recorded in Madrid in 2017 captures “shadow bankers” laying out a plan to launder millions of dollars tied to corruption at Venezuela’s state oil company, including a proposed bond swap designed to evade anti-money laundering controls

Photo of Deutsche Bank's headquarters in Frankfurt, Germany. — “FRA Deutsche Bank.jpg” — Nordenfan, via Wikimedia Commons — CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/) — Source: https://commons.wikimedia.org/wiki/File:FRA_Deutsche_Bank.jpg

Deutsche Bank Raid Focused on Same Years as Earlier BVI Probe

German authorities raided Deutsche Bank’s headquarters in Frankfurt and a separate office in Berlin as part of a money-laundering investigation linked to Russian billionaire Roman Abramovich.

Image of Mao on the Chinese yuan with two bitcoins over his eyes

Chinese-Language Networks are Playing a Bigger Role in Crypto Crime

Chinese-language money laundering networks have become a central conduit for illicit cryptocurrency activity, processing an estimated 20% of known on-chain laundering over the past five years and accelerating far faster than illicit financial flows tied to centralized exchanges.

A photo of a Bank of Scotland branch in Halifax — “Bank of Scotland Halifax” — Secret Pilgrim, via Flickr — CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/) — Source: https://www.flickr.com/photos/umdrums/2828957108 — Edited from the original.

Bank of Scotland Fined £160,000 for Failing to Flag Blacklisted Putin Ally

The UK’s Office of Financial Sanctions Implementation (OFSI) has levied a £160,000 monetary penalty on Lloyds Banking Group for violations of Russia sanctions made by its subsidiary Bank of Scotland Plc.

U.S. Imposes Sanctions on Nine Ships in Response to Iran Crackdown

The U.S. Treasury Department on Friday blacklisted nine ships and their owners in response to Iran’s ongoing crackdown on protestors, including Tehran’s decision to shut down internet access within the country.

Banco Santander, Punta Arenas at the south corner of Plaza Muñoz Gamero (also known as Plaza de Armas) at the junction of Avenidas 21 de Mayo and Pantano. — Robert Cutts, “Banco Santander, Punta Arenas” (2015), Flickr, CC BY-SA 2.0, https://www.flickr.com/photos/panr/17020952200/ (edited from the original: cropped and text/graphics added). License: https://creativecommons.org/licenses/by-sa/2.0/

Santander Fined Over €40mn for AML Violations at Digital Unit

Banco Santander has been fined more than €40 million by Spain’s anti-money laundering (AML) watchdog Sepblac for past shortcomings in internal processes at its digital unit.

Revolut Drops Plans to Buy U.S. Lender, Looks to OCC for Banking Charter

Revolut has dropped plans to buy a U.S. lender as a means to get a foothold in the American market and will instead apply for a banking license from the Trump administration, the Financial Times reported.

Photo of James Dimon, Chairman and Chief Executive Officer, JPMorgan Chase at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 23, 2013. — “The Global Financial Context: James Dimon” — World Economic Forum / swiss-image.ch (Photo: Remy Steinegger), licensed under CC BY-SA 2.0. Source: https://commons.wikimedia.org/wiki/File:The_Global_Financial_Context_James_Dimon.jpg License: https://creativecommons.org/licenses/by-sa/2.0/ Changes: none

Trump Sues JPMorgan, Jamie Dimon over Alleged ‘Woke’ Debanking

President Donald Trump sued JPMorgan Chase and CEO Jamie Dimon on Thursday, alleging the bank closed his and related entities’ accounts for political reasons following the Jan. 6, 2021 riots at the U.S. Capitol, CNBC reported.

Jack Zhang, Chief Executive Officer and Co-Founder, Airwallex, Australia speaking in the Start-Ups in Austerity session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, 20 January. Congress Centre — Jack Zhang, Chief Executive Officer and Co-Founder, Airwallex, Attribution (CC-compliant): “World Economic Forum Annual Meeting” by World Economic Forum (credit: World Economic Forum/Sikarin Fon Thanachaiary), licensed under Creative Commons Attribution–NonCommercial–ShareAlike 2.0 (CC BY-NC-SA 2.0).

Airwallex Faces AML Audit over Concerns of Child Sex Abuse Funding

Australia’s financial intelligence unit has ordered Singapore-based Airwallex to review whether the payments giant has violated the nation’s anti-money laundering (AML) laws.

Photo of anti-Hamas protestors in Manchester, UK as British hostage Emily Damari arrives in Israel.

OFAC Levies Sanctions on Hamas-Linked Charities

The U.S. is targeting Hamas’ covert support network, including six Gaza-based nonprofits that purportedly masquerade as medical charities while supporting the Palestinian group’s militant wing.