Covered Institutions

Switzerland has approved its first comprehensive national strategy for fighting money laundering and terrorist financing, the country’s Federal Council announced Friday. 

The United States has lifted sanctions on three Belarusian fertilizer companies and the country’s state investment bank in exchange for Belarus freeing 250 political prisoners, a move made as the war in Iran continues to drive fertilizer prices higher.

Career officials at the U.S. Treasury Department are pushing back against a Trump administration effort that could require banks to verify customers’ citizenship information, as lenders warn the idea would be costly, difficult to implement, and potentially harmful to the economy.

U.S. regulators on Thursday proposed easing bank capital rules, a move that would allow the country’s largest lenders to hold billions of dollars less in capital and mark a major win for the sector.

The European Commission is preparing to unveil an action plan against digital fraud before the summer as it seeks to strengthen the European Union’s response to a surge in online scams and cyber-enabled financial crime.

The World Bank has barred PricewaterhouseCoopers network affiliates in Mauritius, Kenya, and Rwanda from providing professional services on bank-financed projects for 21 months after finding they engaged in collusive and fraudulent practices tied to an East African power project.

A trader identified by The Wall Street Journal as a central figure in Russia’s shadow fleet has revived his oil business after the Iran war disrupted supplies from the Persian Gulf and boosted demand for Russian crude that had been stranded at sea.

Elon Musk’s lawyers sought to negotiate a settlement of the SEC’s case over his delayed disclosure of a Twitter stake without fully involving the agency’s litigation team, an unusual approach that surfaced in federal court earlier this month.

ING plans to cut about 1,250 jobs worldwide this year under a cost-saving program that will rely more heavily on artificial intelligence, with many of the reductions expected in anti-money-laundering operations.

Companies House has removed cryptocurrency exchange Zedxion Exchange Ltd. from the UK’s register of businesses after an investigative report by OCCRP found the firm used a fictitious director and misleading incorporation filings to conceal links to sanctioned Iranian tycoon Babak Zanjani.