HKMA fines Cathay United Bank over AML rules

The control deficiencies identified in the investigation relate to conducting on-going CDD and EDD in respect of high risk situations during the period between April 2012 and February 2016. CUBHK failed to establish and maintain effective procedures for carrying out...

Panama Intermediaries sentenced for bribery & ML

US DoJ sentences ex-Panamanian president’s sons to 36 months in prison for laundering $28m in a scheme involving Odebrecht, a Brazilian construction conglomerate. The defendants were also ordered to forfeit more than $18.8 million, pay a $250,000 fine…

OECD 2022 report on competition trends

This report highlights worldwide competition enforcement trends using the unique OECD CompStats database that includes 32 variables covering competition authority resources, cartels, abuse of dominance, mergers, and advocacy. Panel data on competition...

FCA fines NatWest over AML failures

NatWest fined £264.8 million after failing to comply with account-monitoring requirements, becoming the first bank to be criminally convicted under the UK’s AML regulations. The ‘red flags’ that were reported included significant amounts…