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SEB agrees to pay US$33M to the New York State DFS to resolve a review of its historical CDD and transaction-monitoring processes in its Baltic operations between 2015 – 2019
Under the agreement, SEB will pay US$33M to resolve the DFS review, which identified deficiencies in its former AML processes. The DFS acknowledged the bank’s cooperation and remediation measures. US DoJ has concluded its separate review without taking action, closing the US authorities’ reviews of SEB’s historical AML measures. SEB says it has since strengthened its financial-crime controls through updated…
Singapore’s MAS revokes Sir Money Changer’s licence over unauthorised third-party operations and misleading information
An investigation found that the company had allowed a third party to independently operate a cross-border money transfer business under its name at one of its premises and had provided MAS with false or misleading information. The revocation means Sir Money Changer can no longer provide cross-border money transfer or money-changing services. MAS reiterated that payment service providers must not allow third parties to use their licences…
AML Analytics’ white paper examines two OFSI enforcement cases resulting in £4.89m in penalties against Citibank and Bank of Scotland for sanctions-screening failures and gaps in payment controls
Citibank processed 970 payments worth approximately £19.7m, while Bank of Scotland processed 24 payments totalling around £77,000. The cases also highlight weaknesses in account restrictions, ownership checks and frozen-asset reporting. The paper urges firms to test screening systems against name variations, cover the full payment chain and ensure timely escalation, restrictions and regulatory disclosures…
US Treasury imposes record $1.21bn in penalties on Bank of America for AML failures and sanctions violations
FinCEN imposed a $1.2 billion penalty after the bank failed to report more than $5 billion in suspicious transactions, including activity linked to Chinese money laundering networks, potential narcotics trafficking and trade-based money laundering. The OCC separately imposed a $750 million penalty for longstanding weaknesses in the bank’s AML programme, while OFAC reached an $11.6 million settlement over 475 apparent sanctions violations…
Hong Kong ICAC charges former Greentown China chairman over alleged HK$20m bribe linked to RMB440m property acquisition
Prosecutors allege that Zhang Yadong arranged payments through intermediaries in exchange for facilitating the acquisition of a Dalian real estate development between 2020 and 2023. Investigators believe the payments were channelled into his son’s bank account, illustrating alleged corruption risks involving corporate acquisitions, intermediaries and family members; the charges remain unproven…
UK Gambling Commission orders Rank Group PLC-owned operators to pay £5M for AML and social responsibility failures across 51 casinos in Great Britain
AML weaknesses included outdated policies, inconsistent risk assessments, inadequate scrutiny of high-risk customers and sources of funds, and failures to conduct enhanced customer due diligence. The investigation also found failures to intervene when customers experienced significant gambling losses or returned after self-exclusion. The operators must undergo an independent third-party audit of their AML and safer gambling policies, procedures…
De Nederlandsche Bank (DNB) fines Modulr Finance €722,160 over inadequate customer and transaction monitoring
DNB found that Modulr Finance relied heavily on intermediary partners, including crypto-asset service providers, leaving it with insufficient oversight of its customers and transactions. The regulator identified weaknesses in monitoring high-risk countries, non-resident customers, unusual transaction patterns and multiple transactions that fell below individual thresholds. Potential ML and fraud signals were consequently missed or reported late, prompting…
Central Bank of Cyprus fines Banque SBA Cyprus €750,000 for failing to comply with certain AML/CFT requirements
Hong Kong SFC reprimands and fines Zheng Da International Financial Holding Limited $7M over AML/CFT and regulatory breaches
Swiss FINMA penalises Julius Bär over severe governance and AML failures, confiscating CHF 10M in profits and imposing a CHF 250M capital add-on
The case involved CHF 1bn+ in private debt loans to a European group and client relationships involving two Russian PEPs, with failures to adequately verify source of wealth, scrutinise adverse media and meet reporting obligations. FINMA has ordered further measures, including CHF 250m in additional capital, reporting to 2032 and CHF 10m in profit confiscation…
FINTRAC imposes a C$676,500 penalty on Caisse populaire acadienne ltée (UNI Financial Cooperation) after a compliance examination identified three AML/CFT violations
FINTRAC found weaknesses in UNI’s AML/CFT programme, including inconsistent monitoring, an alert backlog and gaps in customer risk assessments.
Four suspicious transactions were not reported despite indicators including rapid movement of funds and links to criminal activity. The case highlights the need to connect automated monitoring, manual reviews and updated risk assessments to ensure suspicious activity is identified and reported…
DNB orders Erez Corporate Service B.V. to pay €100,000 after serious AML control failures persist, including inadequate CDD, risk assessment and transaction monitoring
Erez’s Systematic Integrity Risk Analysis (SIRA) was too generic and did not adequately reflect its specific services and customer portfolio. Its procedures were inadequate, including transaction monitoring and customer risk-rating procedures. DNB found insufficient customer due diligence in every customer file it examined, including failures to establish the legitimate origin of assets, assess UBO assets and understand…