How a Tiny Zurich Bank Became a Nexus for Risky Transactions
It was a tiny Swiss bank, headquartered in an open-plan office close to Lake Zurich and little known abroad. But MBaer Merchant Bank AG would sometimes charge clients 10 times the normal rate to process payments.
Billionaire Bolloré Faces Trial in Foreign Bribery Case
French billionaire Vincent Bolloré has been ordered to stand trial in Paris to face charges that he bribed a foreign public official in Togo among other allegations, in a long-running case tied to the Bolloré Group’s business activities in West Africa.
Treasury Staff and Lobbyists Oppose Plan to Make Banks Verify Citizenship
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.
Senate Democrats Call for Hearing on OFAC’s Russian Oil Sanctions Waiver
Senate Democrats are pressing for a congressional hearing on the Trump administration’s decision to ease sanctions on Russian oil, arguing that the step could benefit Moscow even as the Kremlin is providing support for Iranian forces.
Hospice Fraud is Growing in LA County Despite Crackdown
Signs of hospice fraud in Los Angeles County are worsening despite a state crackdown, with more than 700 of roughly 1,800 licensed hospices in the county showing multiple warning indicators identified by California auditors.
Russia’s Latest Shadow-Fleet Cargo: GRU Veterans and Wagner Mercenaries
Russian military veterans, including former Wagner mercenaries and men linked to the GRU, have been deployed aboard tankers in Moscow’s “shadow fleet” moving sanctioned oil through the Baltic Sea.
In Finland, Rising Concerns Over the Risks of Russian Real-Estate Buys
Finnish authorities are tightening scrutiny of real-estate purchases after a series of Russian-linked property deals raised fears that land and buildings near military facilities and critical infrastructure could be used for espionage or sabotage.
FinCEN Levies Sec. 311 Against Switzerland’s MBaer Bank
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed a Section 311 “special measure” that, if finalized, would cut MBaer Merchant Bank AG off from the American financial system.
UK Issues Raft of New Sanctions on Anniversary of Russo-Ukrainian War
The UK unveiled its biggest Russia sanctions package in years on Tuesday, targeting Moscow’s shadow fleet and the key networks and infrastructure that have helped keep crude exports flowing since the start of the Russo-Ukrainian war.
Binance Said to Fire Staff Who Found Iran Moved $1bn Through Exchange
Binance fired members of its internal compliance investigations team after they raised concerns that Iran-linked entities may have moved more than $1 billion through the crypto exchange, according to new reporting by Fortune.