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US DoJ sentences former CFO of Russian natural gas company to more than seven years in prison for tax crimes
Mark Anthony Gyetvay of Naples, Florida, was sentenced today to 86 months in prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing with the IRS.
FinCEN announces $15m civil money penalty against Bancrédito International Bank and Trust Corporation for violations of the BSA
Bancrédito admitted to willfully violating the BSA between October 2015 and May 2022, by failing to timely report suspicious transactions to FinCEN; failing to establish a due diligence program for correspondent accounts established, maintained, administered, or managed in the United States for foreign financial institutions; and failing to implement and maintain an AML program.
SEC charges 3M with Foreign Corrupt Practices Act Violations relating to China subsidiary
The order finds that, from at least 2014 to 2017, 3M’s Chinese subsidiary provided Chinese government officials overseas travel that included guided tours, shopping visits, day trips to nearby sights, and other leisure activities...
SEC fines Colombian conglomerate Grupo Aval and Its bank subsidiary $40m to settle FCPA violations
SEC alleges that Corficolombiana, through its former president and with the joint venture partner, bribed government officials in Colombia to win extend a contract for a 328-mile highway infrastructure project...
FCA secures Confiscation Order against convicted money launderer
On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds.
Federal Reserve Board announces two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates
The Board found that Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank.
FCA fines Bastion Capital London Limited £2.5m for serious financial control failings
Bastion executed trading to the value of approximately £49bn in Danish equities and £22.5bn in Belgian equities on behalf of Solo Group clients. The purported trades were carried out in a way that was highly suggestive of financial crime.
Federal Court of Australia orders Crown Melbourne and Crown Perth to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them AML offences
As part of the settlement, Crown admitted that it operated in contravention of the AML/CTF Act, including that Crown Melbourne and Crown Perth’s AML/CTF programs were not based on appropriate risk assessments, did not have appropriate systems and controls to manage...
SEC charges HSBC and Scotia for recordkeeping failures
Both firms were charged for widespread and longstanding failures to maintain and preserve electronic communications. To settle the charges, HSBC and Scotia acknowledged that their conduct violated recordkeeping provisions of the federal securities laws and agreed...
OFAC & BIS fines Microsoft for violations of US export controls and sanctions laws
Microsoft agreed to pay $2,980,265.86 for illegal exports of services and software to sanctioned jurisdictions and Specially Designated Nationals (“SDNs”) in violation of OFAC's Cuba, Iran, Syria, and Ukraine-/Russia-Related sanctions programs...
Gambling Commission fines 32Red and Platinum Gaming for AML failures
Two online operators 32Red Limited and Platinum Gaming Limited, both part of Kindred Group plc, will pay a £7.1 million penalty for social responsibility and anti-money laundering failures. 32Red Limited, which runs 32red.com, will pay £4,195,655 whilst Platinum...
US DoJ fines Swedish telecoms provider, Ericsson, for breaches of 2019 DPA
Ericsson breached the DPA by violating the agreement’s cooperation and disclosure provisions. Ericsson will plead guilty to engaging in a long-running scheme to violate the FCPA by paying bribes, falsifying books and records, and failing to implement reasonable internal...