How Poor AML Controls Can Turn Even a Teller into a Prolific Money Launderer
A recent guilty plea by a former TD Bank teller who helped move millions in suspicious funds through the U.S. banking system is an illustration of how easily things can go wrong when frontline staff face few internal anti-money laundering (AML) controls, according to a new report by the American Banker.
Trump Officials Unlock Venezuelan Oil for Two Firms Accused of Bribery
The Trump administration has granted confidential licenses to two of the world’s largest oil traders, Vitol and Trafigura, to broker sales of Venezuelan crude, despite both firms’ recent brushes with bribery prosecutions tied to oil deals elsewhere, The Washington Post reported.
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
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.
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.
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.
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.
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.