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FCA penalises Al Rayan Bank PLC for anti-money laundering failures
The FCA has fined the UK unit of Qatar's Al Rayan Bank for failing to put in place adequate AML controls. The firm failed to adequately check its customers’ Source of Wealth and Source of Funds when it was required to make sure the money was not connected to financial crime...
FCA fines Santander UK for repeated AML failures
The FCA found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of...
Danske Bank reaches a resolution with the US & Danish authorities
Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matter. It has taken extensive remediation action to address those failings to prevent any repeat, including new leadership and significant investments in systems...
SEC charges ABB Ltd for the bribery scheme it engaged in South Africa
The SEC’s order found that ABB executives in Switzerland and South Africa colluded with a high-ranking government official at Eskom, an electricity provider owned by the South African government, to funnel bribes to the official through complicit third-party service...
FCA issues Final Notice to former CEO for AML failings
FCA publicly censures the former CEO of Sonali Bank (UK) Limited (SBUK) for AML failings. The latter failed to take reasonable steps to assess and mitigate the AML risks arising from a culture of non-compliance among SBUK’s staff. He failed to ensure...
SEC announces Enforcement Results for FY22
The SEC filed 760 enforcement actions and recovered record $6.4 billion in penalties and disgorgement on behalf of investing public. These included 462 new, or "stand alone," enforcement actions, a 6.5% increase over fiscal year 2021; 129 actions against issuers who were...
FCA fines Gatehouse Bank for poor AML checks
The bank failed to conduct sufficient checks on its customers based in countries with a higher risk of ML/TF. It also failed to undertake the correct checks when some of the customers were classed as PEPS. The bank has taken significant steps to improve its financial crime...
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 its duties...
Gambling Commission fines Entain over AML failures
Entain Group is to pay £17 million for social responsibility and AML failures at its online and land-based businesses including ladbrokes.com, coral.co.uk and foxybingo.com. Additional licence conditions will also be added to ensure a business board member oversees an improvement...
FCA fines GIB for failings in its AML controls
The FCA has fined Ghana International Bank (GIB) £5,829,900 for poor AML and CFT controls over its correspondent banking activities. The FCA requires banks to do extra checks on their customers to reduce the higher risk of ML/TF...
SEC charges Tenaris over alleged bribe
SEC announced that Tenaris, a Luxembourg-based global manufacturer and supplier of steel pipe products, will pay more than $78 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with a bribery scheme...
Online gambling businesses face regulatory action
Gambling Commission fines two online gaming businesses a total of £675,000 in regulatory settlements after revealed social responsibility and anti-money laundering failures. Jumpman Gaming Limited which runs 243...