Wyden Report Says 3 Banks Likely Violated AML Laws with Epstein Accounts
JPMorgan Chase, Deutsche Bank and Bank of America likely violated federal anti-money laundering (AML) laws by failing to report thousands of suspicious transactions that financed Jeffrey Epstein’s sex trafficking, according to a report released Tuesday by a ranking Democrat on the Senate Finance Committee.
Capital One Says Months-Long AML Review Drove Trump Account Closures
Capital One told a federal judge that it closed the Trump Organization’s deposit accounts in 2021 after its anti-money-laundering (AML) team flagged compliance concerns, according to a motion to dismiss filed July 31 in the Southern District of Florida.
Swiss Court Fines Lombard Odier $3.7mn for Failing to Flag Karimova Corruption
Switzerland’s Federal Criminal Court on Monday fined Geneva private bank Lombard Odier 3 million Swiss francs and ordered the confiscation of more than 400 million francs in assets tied to a criminal network built around the daughter of Uzbekistan’s late president.
U.S. Regulators Propose Customer ID Rule for Stablecoin Issuers
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and four federal banking regulators proposed a rule on Wednesday that would require permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act’s anti-money-laundering (AML) framework.
Iran Deal to Give Tehran Immediate Oil Sanctions Relief, and Waivers for Banks
The Trump administration’s emerging post-war framework with Iran grants Tehran immediate sanctions relief for oil sales upon the agreement’s signing, with accompanying waivers covering banking, transportation, and insurance services needed to complete those transactions.
Head of Ukraine’s FIU Faces Embezzlement Probe
Officials from Ukraine’s National Anti-Corruption Bureau searched the country’s State Financial Monitoring Service as part of an investigation into the agency’s head, Filip Pronin, a suspect in a multimillion-dollar embezzlement scheme.
U.S. Sanctions Cuba’s State Oil Company as U.N. Flags Rising Child Death Rate
The United States on Thursday sanctioned Union Cuba-Petroleo, Cuba’s state-owned oil and gas company, escalating the Trump administration’s pressure campaign against Havana under an executive order issued last month.
DOJ Subpoenas JPMorgan, Bank of America in ‘Debanking’ Probe
The U.S. Justice Department has sent wide-ranging subpoenas to several of the largest U.S. banks, including JPMorgan Chase and Bank of America, seeking information about whether they improperly closed customer accounts for political reasons.
Chile Rethinks Bank Secrecy as Tren de Aragua Probe Points to Insider Recruitment
The arrest of bank employees with alleged ties to Venezuela’s Tren de Aragua criminal organization has reignited debate over Chile’s financial secrecy rules, which are among the most restrictive in the world.
Hungary Deploys AI to Track Alleged Orbán-Era Corruption and Fraud
Hungary’s Integrity Authority has developed an artificial intelligence and machine-learning platform to track Hungary’s financial flows in real time as it works to trace an estimated €160 billion in public funds alleged to have been misappropriated during former Prime Minister Viktor Orbán’s 16 years in power.