Correspondent banking arrangements can be manipulated to disguise the movement of funds for terrorist financing purposes according to the International Monetary Fund’s (IMF’s) recently published book on counter terrorism financing frameworks (Trade-based Financial Crime, 15 May 2023). But Countering the… Read More ›
TD Bank’s US$13.4 billion takeover of US regional bank First Horizon collapsed over regulators’ concerns about the Canadian lender’s anti-money laundering (AML) practices, according to the Wall Street Journal (WSJ). On May 4 2023, TD Bank informed First Horizon that… Read More ›
A US federal grand jury has indicted a Russian national who allegedly used the American banking system to illegally transmit more than US$150 million, of which US$65 million was used to illicitly purchase overseas gold bullion. Feliks Medvedev has been… Read More ›
Bank of Queensland (BOQ) says it is at risk of being subjected to penalties, sanctions or other enforcement action due to weaknesses in its anti-money laundering and counter financing of terrorism (AML/CFT) programme. If it is in breach of AML/CFT… Read More ›
The vulnerability of trade finance to criminals and protection measures being deployed to counter trade-based financial crime involving fake invoices, fake bills of lading, collateral fraud, and duplicate financing is the focus of a comprehensive insight piece produced by Deutsche… Read More ›
Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan. For about seven… Read More ›
Swiss banks UBS and Credit Suisse are among banks under investigation by the US justice department in a probe into whether bankers helped Russian oligarchs evade sanctions, Bloomberg reports, citing unnamed sources. Subpoenas were sent to individual bankers before the… Read More ›
An investigation into a US$30 million loan to South Sudanese oil marketing company, Trinity Energy, claims to have revealed red flags concerning trade-based money laundering (TBML), bribery and tax evasion. The loan from the African Export-Import Bank (Afreximbank) was backed… Read More ›