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.
Albania’s ‘AI Minister’ is an Anti-Corruption Crusader with a History of Graft
When the digital avatar “Diella” was launched by the Albanian government last year, its purpose was clear: to serve as an incorruptible public servant in a country known for widespread corruption, according to new reporting by The New York Times.
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.
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.
Brother of U.S. Rep. Henry Cuellar Hit with Federal Fraud Charges
A Texas sheriff who is the brother of U.S. Representative Henry Cuellar is facing federal fraud charges following allegations that he ran a fraudulent business using public funds and staff during the Covid-19 pandemic, The Texas Tribune 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.
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.
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.