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Backpage.com co-founder released from jail on a $1M bond COMMUNITY) (HTTPS://TWITTER.COM/KYC360) FREE CPD (https://kyc360.com/news/backpage-com-cofounder-released-jail-onWALLET (/REGISTER/) | LOGIN (/WP-LOGIN.PHP) one-million-dollar-bond/) () EU fails to agree new Iran sanctions as Trump deadline nears (https://kyc360.com/news/eu-fails-agree-new-iran-sanctions-trumpdeadline-nears/) HSBC: $500 million returned to Angola after fraud alert, UK intervention (https://kyc360.com/news/hsbc-uk-govt-returns-500million-angola-fraud-alert/) Corruption: Pakistan bars former PM Sharif from holding office for life (https://kyc360.com/news/pakistan-bars-former-pm-sharif-holdingoffice-life/)
(https://www.riskscreen.com/batch? utm_source=KYC360&utm_medium=side%20bar%20adF
Britain reviews powers of its accounting watchdog (https://kyc360.com/news/britain-reviews-powers-accountingwatchdog/)
Search 17 Apr 2018 Published in News
US, UK SAY RUSSIA TARGETS INTERNET HARDWARE FOR ESPIONAGE (HTTPS://KYC360.COM/NEWS/US-UK-SAY-RUSSIATARGETS-INTERNET-HARDWARE-FOR-ESPIONAGE/)
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AP (https://apnews.com/eab65e431e384e7da283007f2567a5d1/US,-UK-say-Russia-targets-internethardware-for-espionage)– Washington and London on Monday jointly accused the Russian government of maliciously targeting global internet equipment for political and economic espionage. The two governments said the Russian operations, which allegedly involve planting malware on internet routers and other equipment, could also lay the foundation for future offensive cyberattacks.
(https://kyc360.com/article/analysisstunning-criminal-finances-act-hsbcbillion-dollar-fraud/)
A joint statement by the U.S. Department of Homeland Security, the FBI and the U.K.’s National Cyber Security Centre said the main targets include “government and private-sector organizations,” as well as providers of “critical infrastructure” and internet service providers.#
ANALYSIS: THE ‘STUNNING’ CRIMINAL FINANCES ACT, HSBC AND THE BILLION DOLLAR FRAUD (HTTPS://KYC360.COM/ARTICLE/ANALYSISSTUNNING-CRIMINALFINANCES-ACT-HSBCBILLION-DOLLARFRAUD/)
“Victims were identified through a coordinated series of actions between U.S. and international partners,” according to a companion technical alert issued by the U.S. Computer Emergency Response Team (USCERT). Both nations have “high confidence” in the finding of Russian-sponsored cyber-meddling, which the alert said has been reported by multiple sources since 2015. Routers are devices that direct data traffic across the internet. US-CERT said the compromised routers can be exploited for “man-in-the-middle” spoofing attacks, in which communications are intercepted by a seemingly trusted device that has actually been infiltrated by an attacker. “The current state of U.S. network devices — coupled with a Russian government campaign to exploit these devices — threatens the safety, security, and economic well-being of the United States,” the alert stated. An email message seeking comment from the Russian embassy in Washington, D.C., received no response.
The dramatic events surrounding the fraudulent transfer of hundreds of millions of dollars from Angola to London involving top British banks have the elements of a gripping movie. There’s news of clandestine meetings, midnight flights on ...
US-CERT urged affected companies, and public sector organizations and even people who use routers in home offices to take action to harden poorly-secured devices. But its alert cited only one specific product: Cisco’s Smart Install software. On March 15, US-CERT issued a similar alert saying the FBI and DHS had determined that Russian government “cyber actors” had sought to infiltrate U.S. agencies as well as “organizations in the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors.”
Read more: British regulator FCA addresses questions on data rules, GDPR (https://kyc360.com/news/britishregulator-ico-issue-update-data-law-gdpr/) Safe haven? Russian assets and the English courts (https://kyc360.com/article/wealthy-russianslondon-criminal-assets-english-courts-sanctions/)
(https://kyc360.com/news/hsbc-useartificial-intelligence-ai-scheme-detectmoney-laundering/)
EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures (https://kyc360.com/article/eu-sixth-anti-money-laundering-directive-6amld-whats/) Categories: Data (https://kyc360.com/category/nav/sector/data/), Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latestpress/), Russia (https://kyc360.com/category/nav/world/eu/russia/), UK (https://kyc360.com/category/nav/world/uk/), United Nations (https://kyc360.com/category/nav/world/united-nations/)
HSBC TO USE ARTIFICIAL INTELLIGENCE SCHEME TO DETECT MONEY LAUNDERING (HTTPS://KYC360.COM/NEWS/HSBCUSE-ARTIFICIALINTELLIGENCE-AISCHEME-DETECTMONEY-LAUNDERING/)
16 Apr 2018 Published in News
MARTIN SORRELL STEPS DOWN AS CEO OF ADVERTISING GIANT WPP (HTTPS://KYC360.COM/NEWS/MARTIN-SORRELL-STEPS-CEOADVERTISING-GIANT-WPP/)
Global bank HSBC is to use a compliance-related artificial intelligence (AI) programme supplied by a start-up firm this year as part of its anti-money laundering strategy (AML). The lender, which has been heavily penalised for anti-money ...
AP (https://apnews.com/6ded7aceb2824237a6ec13bb20409266/Martin-Sorrell-steps-down-as-CEO-ofadvertising-giant-WPP) — Martin Sorrell is stepping down as chief executive of WPP, the world’s largest advertising agency, following allegations of personal misconduct. Sorrell, who built WPP into a global brand during his 33 years at the helm, had been accused of misusing company assets. He has denied any wrongdoing. Sorrell resigned Saturday night as WPP announced that an investigation into the matter had concluded, with the firm saying only that “the allegation did not involve amounts that are material.” “As I look ahead, I see that the current disruption is simply putting too much unnecessary pressure on the business,” Sorrell said in a statement to WPP staff. “That is why I have decided that, in your interest, in the interest of our clients, in the interest of all shareowners both big and small, and in the interest of all our other stakeholders, it is best for me to step aside.”
(https://kyc360.com/news/aml-robots-ukregulator-fca-use-machines-combatmoney-laundering/)
Read more: Regulator to vet top appointments at leading audit firms (https://kyc360.com/news/regulator-vet-topappointments-auditing-firms-frc/)
AML ROBOTS: UK REGULATOR HIGHLIGHTS USE OF MACHINES TO COMBAT MONEY LAUNDERING (HTTPS://KYC360.COM/NEWS/AMLROBOTS-UKREGULATOR-FCA-USEMACHINES-COMBATMONEY-LAUNDERING/)
Confessions of a Compliance Officer: Bewilderment in the corridors of power (https://kyc360.com/article/confessions-compliance-officer-bewilderment-corridors-power/) New FCA chair invested in tax avoidance scheme (https://kyc360.com/article/new-fca-chair-investedmajor-tax-avoidance-scheme/) Categories: Latest Press (https://kyc360.com/category/latest-press/), Misconduct (https://kyc360.com/category/nav/crime/misconduct/), UK (https://kyc360.com/category/nav/world/uk/)
The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan published this week. The watchdog is looking to host an ...
16 Apr 2018 Published in News
WELLS FARGO FACES $1 BILLION FINE FROM LOAN ABUSES (HTTPS://KYC360.COM/NEWS/WELLS-FARGO-FACES-1-BILLION-FINELOAN-ABUSES/) Two U.S. regulators have proposed Wells Fargo & Co (WFC.N) pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results. The San Francisco-based lender, which reported a quarterly profit, said it may have to restate results to reflect the final settlement. The proposed penalties were reported earlier this week by Reuters. Analysts said that while the $1 billion penalty would not make a significant dent to its balance sheet, it may take the bank some time to repair the damage to its reputation.
(https://kyc360.com/article/shawkiahwash-art-style-well-writtensuspicious-activity-report-sar/)
Shares of the bank fell 3.4 percent to $50.89. “Operationally, Wells Fargo can recover, but reputationally and how a billion dollars will weigh on them – only time can tell,” said Art Hogan, chief market strategist at B. Riley in Boston. “Companies have come back from worse than this but right now they’re still in the eye of the storm,” he added.
THE ART AND STYLE OF A WELL WRITTEN SUSPICIOUS ACTIVITY REPORT (SAR) — SHAWKI AHWASH (HTTPS://KYC360.COM/ARTICLE/SHAWKIAHWASH-ART-STYLEWELL-WRITTENSUSPICIOUS-ACTIVITYREPORT-SAR/)
The bank, still smarting from a prolonged sales scandal in its retail banking business, found inconsistencies at its auto lending and mortgage in the summer of 2017 – leading to further probes by regulators. To appease investors and regulators, the bank overhauled its operational structure, shook up its board and hired a new compliance officer. But this failed to impress the U.S. Federal Reserve, which imposed restrictions in February on the bank’s growth, forbidding it to expand its balance sheet beyond 2017 levels until it makes internal changes that addressed risk management. “A bank’s balance sheet is the engine for profit growth,” said Kyle Sanders, analyst at Edward Jones. “The constraints on Well’s ability to take on deposits and make new loans will likely result in lagging earnings growth for Wells relative to peers in the near-term.”
Financial institutions today face scrutiny at an unprecedented level and may be subject to civil and criminal penalties for any wrongdoing, involvement in money laundering schemes and terrorism financing. As a result, FIs are rigorously searching ...
Wells estimates restrictions on balance sheet growth will cut annual profit by $300 million to $400 million this year. – By Reuters, 13 April 2018 Link here (https://www.reuters.com/article/us-wells-fargo-results/wells-fargo-faces-1-billion-fine-from-loanabuses-idUSKBN1HK1NI) to the Reuters article
Must reads
Read more: Barclays fined $2 billion over US fraud claims (https://kyc360.com/news/barclays-fined-2-billionmortgage-fraud-claims-us/) UK uses Criminal Finances Act to seize $500 million from HSBC account (https://kyc360.com/news/peps-uk-uses-new-criminal-fin-act-seize-500m-hsbc-account/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Banking (https://kyc360.com/category/nav/sector/banking/), Latest Press (https://kyc360.com/category/latestpress/), Misconduct (https://kyc360.com/category/nav/crime/misconduct/), USA (https://kyc360.com/category/nav/world/usa/)
16 Apr 2018 Published in News
GERMAN REGULATOR CLASSIFIES CRYPTOCURRENCIES (HTTPS://KYC360.COM/NEWS/GERMANY-REGULATOR-CLARIFIESCLASSIFICATION-CRYPTOCURRENCIES-TOKENS-ICOS-BITCOIN/) German financial watchdog BaFin has published a statement outlining the manner in which cryptocurrencies such as bitcoin and related investments should be classified. “For some time now, BaFin has been receiving an increasing number of queries enquiring whether tokens and virtual currencies (referred to as ”tokens“) marketed to investors in initial coin offerings (ICOs) are considered to be financial instruments,” it said. “In order to fully satisfy any legal requirements, these market participants must give careful consideration to whether the tokens constitute a regulated instrument, for instance a financial instrument or a security.” In an advisory note, BaFin said a case-by-case assessment is required to determine a token’s legal classification. To be deemed a security within MiFID II, for example, a token must meet criteria such as transferability, negotiability on markets or trading platforms and also embody shareholder rights or creditor claims. On the other hand, “if the token is in fact based on a unit in a collective investment undertaking, it also constitutes a financial instrument” within the meaning of the MiFID II. If a token meets the criteria for a financial instrument or security, it could fall under supervisory requirements being applied to a market participant. “Affected market participants should allow sufficient time to clarify any doubts about the regulation of tokens with the competent BaFin divisions before proceeding with planned projects or business,” said BaFin.
Read more: BaFin advisory note (https://www.bafin.de/SharedDocs/Downloads/EN/Merkblatt/WA/dl_hinweisschreiben_einordnung_ICOs_en.pdf? __blob=publicationFile&v=2) The compliance and KYC link between banks, bitcoin and exchanges (https://kyc360.com/article/compliance-kyc-link-exchanges-banks-mass-adoption-bitcoin/) EU regulators warn cryptocurrency investors could lose all their money (https://kyc360.com/news/euregulators-warn-cryptocurrency-investors-lose-money/) Switzerland issues regulatory guidance for ICOs (https://kyc360.com/news/41223/) Categories: Asset Management (https://kyc360.com/category/nav/sector/asset-management/), Cyber (https://kyc360.com/category/nav/crime/cyber/), Europe (https://kyc360.com/category/nav/world/eu/), Germany (https://kyc360.com/category/nav/world/eu/germany/), Latest Press (https://kyc360.com/category/latest-press/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/), Trading (https://kyc360.com/category/nav/sector/trading/), Virtual Currency and Blockchain (https://kyc360.com/category/nav/sector/virtual-currency-and-blockchain/)
16 Apr 2018 Published in News
US TO HIT RUSSIA WITH NEW SANCTIONS FOR AIDING SYRIA’S ASSAD (HTTPS://KYC360.COM/NEWS/US-HIT-RUSSIA-NEW-SANCTIONSAIDING-SYRIAS-ASSAD/) AP (https://apnews.com/67e316c381ca4623b8afd96142ce284f/US-to-hit-Russia-with-new-sanctions-foraiding-Syria's-Assad) — President Donald Trump on Sunday defended his use of the phrase “Mission Accomplished” to describe a U.S.-led missile attack on Syria’s chemical weapons program, even as his aides stressed continuing U.S. troop involvement and plans for new economic sanctions against Russia for enabling the government of Bashar Assad. Stepping up the pressure on Syria’s president, U.S. Ambassador Nikki Haley indicated the sanctions to be announced Monday would be aimed at sending a message to Russia, which she said has blocked six attempts by the U.N. Security Council to make it easier to investigate the use of chemical weapons. “Everyone is going to feel it at this point,” Haley said, warning of consequences for Assad’s foreign allies. “The international community will not allow chemical weapons to come back into our everyday life,” she said. “The fact he was making this more normal and that Russia was covering this up, all that has got to stop.” Trump tweeted Sunday that the strike was “perfectly carried out” and that “the only way the Fake News Media could demean was by my use of the term “Mission Accomplished.“” He added that he knew the media would “seize” on the phrase, but said it should be used often. “It is such a great Military term, it should be brought back,” he wrote. Trump tweeted “Mission Accomplished” on Saturday after U.S., French and British warplanes and ships launched more than 100 missiles nearly unopposed by Syrian air defenses. While he declared success, the Pentagon said the pummeling of three chemical-related facilities left enough others intact to enable the Assad government to use banned weapons against civilians if it chooses. His choice of words recalled a similar claim associated with President George W. Bush following the U.S.led invasion of Iraq. Bush addressed sailors aboard a Navy ship in May 2003 alongside a “Mission Accomplished” banner, just weeks before it became apparent that Iraqis had organized an insurgency that would tie down U.S. forces for years. Categories: Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Middle East (https://kyc360.com/category/nav/world/middle-east/), Russia (https://kyc360.com/category/nav/world/eu/russia/), Sanctions (https://kyc360.com/category/nav/crime/sanctions/), Syria (https://kyc360.com/category/nav/world/middle-east/syria/), USA (https://kyc360.com/category/nav/world/usa/)
16 Apr 2018 Published in News
MAURITIUS FREEZES FUNDS LINKED TO ANGOLA’S SOVEREIGN WEALTH FUND (HTTPS://KYC360.COM/NEWS/MAURITIUS-FREEZESFUNDS-LINKED-ANGOLAS-SOVEREIGN-WEALTH-FUND/) Mauritius has frozen bank accounts and suspended business licenses linked to Quantum Global Investment Management, a firm through which Angola’s sovereign wealth fund invests much of its cash, according to a court document and a regulatory source. Quantum Global, which said it was cooperating with authorities, is run by Jean-Claude Bastos de Morais, a business partner of Jose Filomeno dos Santos. The son of José Eduardo dos Santos, Angola’s former president, Jose Filomeno dos Santos was until recently the head of the national sovereign wealth fund. The younger dos Santos has been charged with fraud against Angola’s central bank, involving the transfer of $500 million in the United Kingdom. The funds were frozen and then returned to Angola’s central bank. The moves at Quantum Global came after Angolan officials visited Mauritius last week, a regulatory source on Mauritius told Reuters. Following a Mauritius Supreme Court ruling, seen by Reuters on Wednesday, the island’s Financial Services Commission suspended the licenses for seven Quantum Global funds, according to the source, and froze 25 of its bank accounts. On Monday, the Mauritian newspaper Le Mauricien reported that a further 33 bank accounts had been frozen, bringing the total to 58. – Reuters, 11 April 2018 Link here (https://uk.reuters.com/article/uk-angola-corruption-mauritius/mauritius-freezes-funds-linked-toangolas-sovereign-wealth-fund-idUKKBN1HI29I) to the Reuters article. Categories: Africa (https://kyc360.com/category/nav/world/africa/), Angola (https://kyc360.com/category/nav/world/africa/angola/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Latest Press (https://kyc360.com/category/latest-press/), Mauritius (https://kyc360.com/category/nav/world/asiapacific/mauritius/), Regulatory Enforcement (https://kyc360.com/category/nav/crime/enforcement/regulatory-enforcement/)
13 Apr 2018 Published in News
SANCTIONS-HIT RUSSIAN TYCOONS MAY HAVE LOST $7.5 BILLION (HTTPS://KYC360.COM/NEWS/SANCTIONS-HIT-RUSSIAN-TYCOONSMAY-LOST-7-5-BILLION/) Three Russian tycoons targeted by a new list of U.S. sanctions may have lost a combined $7.5 billion since the list was announced, according to Reuters calculations based on price moves in the listed companies the three co-own. The U.S. Treasury on April 6 announced sanctions on seven Russian oligarchs and 12 companies they own or control, saying they were profiting from a Russian state engaged in “malign activities” around the world. The news hit Russian markets, denting the rouble and sending shares in four publicly listed companies with links to those sanctioned plummeting both in Russia and elsewhere: Rusal (0486.HK), EN+ Group (ENPLq.L), GAZ group (GAZA.MM) and Polyus (PLZL.MM). Of the seven oligarchs, three have links to publicly listed companies: Oleg Deripaska, Viktor Vekselberg and Suleiman Kerimov. In U.S. dollar terms, Deripaska may have lost $4.56 billion in four trading days, Vekselberg could have lost $1.32 billion, and Kerimov appeared to have lost $1.58 billion, Reuters’ calculations showed. (For a graphic on ‘Russian tycoons take a hit from U.S. sanctions’ click tmsnrt.rs/2GTydQe) Reuters calculated the change in capitalization of the four publicly traded companies they are linked to from just before the sanctions announcement up to the close of trade on Wednesday. It then adjusted the figures based on the stakes the three own in the firms and used the central bank’s exchange rate set for April 11. – By Andrey Ostroukh, Polina Devitt, Ritvik Carvalho, Anastasia Lyrchikova and Gleb Stolyarov. Link here (https://uk.reuters.com/article/us-usa-russia-sanctions-businessmen/sanctions-hit-russiantycoons-may-have-lost-7-5-billion-idUKKBN1HJ22G) to Reuters article
Read more: Oligarchs, owners of English football clubs on US ‘Putin’ list (https://kyc360.com/news/oligarchsowners-english-football-clubs-us-putin-list/) Sanctions in 2018: Watch out for new Magnitsky method targeting individuals (https://kyc360.com/article/sanctions-2018-watch-new-magnitsky-method-targeting-individuals/) Anti-money laundering: Outsourcing — pitfalls to avoid (https://kyc360.com/article/anti-moneylaundering-outsourcing-pitfalls-avoid) Categories: Uncategorised
13 Apr 2018 Published in News
AML ROBOTS: UK REGULATOR HIGHLIGHTS USE OF MACHINES TO COMBAT MONEY LAUNDERING (HTTPS://KYC360.COM/NEWS/AMLROBOTS-UK-REGULATOR-FCA-USE-MACHINES-COMBAT-MONEYLAUNDERING/) The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan published this week. The watchdog is looking to host an international event focusing on the machine-led approach in the fight against money laundering, part of its broader goals to tackle fraud and to work closely with law enforcement partners to fight financial crime. “This year, we will convene an international TechSprint. This will bring together a range of experts to explore whether new technology can be used more effectively to fight financial crime,” it said “Working in collaboration with others improves intelligence-sharing arrangements to help fight money laundering and financial crime. This leads to more effective and consistent standards and ultimately delivers better outcomes.” The 2018 event will build on its TechSprint event held last year, which explored the potential for machine readable and executionale regulation. Following that event, the FCA said that it recognises that regulatory reporting can be a “challenging” subject for financial institutions, and highlighted the usefulness of machines. “This TechSprint successfully proved that we are able to take a regulatory requirement contained in the FCA Handbook and turn it into a language that machines can understand. Using that language, machines can then execute a regulatory requirement, effectively pulling the required information directly from the firm,” it said. The FCA’s business plan also outlined key anti-money laundering (AML) developments on the UK scene, including the National Risk Assessment, FATF mutual evaluation and the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which was established in February 2018. Another area of interest to the FCA is e-money, and it explained that it is undertaking diagnostic work on money laundering and terrorist financing risks in the e-money sector. “This is important because if e-money firms have ineffective systems and controls this could undermine confidence and participation in e-money services and the integrity of the financial system. We will share our findings in Q2 2018/19.” the FCA said. – Irene Madongo Photo: Geralt (https://pixabay.com/en/artificial-intelligence-robot-board-2970158/)
Read more: Biometrics: Challenges and opportunities for anti-money laundering, fraud prevention (https://kyc360.com/article/biometrics-challenges-chances-anti-money-laundering-fraud-prevention/) Artificial intelligence: Rise of robots could trigger banking risk (https://kyc360.com/article/artificialintelligence-rise-robots-trigger-banking-risk/) EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures (https://kyc360.com/article/eu-sixth-anti-money-laundering-directive-6amld-whats/) Categories: Asset Management (https://kyc360.com/category/nav/sector/asset-management/), Banking (https://kyc360.com/category/nav/sector/banking/), Fintech (https://kyc360.com/category/nav/sector/fintech/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/), UK (https://kyc360.com/category/nav/world/uk/)
13 Apr 2018 Published in News
DONALD TRUMP: AGENCIES ARE ASKED TO PROBE $30K TABLOID PAYMENT (HTTPS://KYC360.COM/NEWS/TRUMP-AGENCIES-ASKEDPROBE-30K-TABLOID-PAYMENT/) AP (https://apnews.com/6adf63849e134ffe807793f68c230ce6/The-Latest:-Agencies-are-asked-to-probe$30K-tabloid-payment) : — Published 12 April 2018 The Latest on the $30,000 payment in 2015 by the company that publishes the National Enquirer to buy a salacious rumor about Trump (all times local): 3:55 p.m. A government watchdog group wants the Justice Department and Federal Election Commission to investigate a $30,000 payment by the National Enquirer’s publisher to an ex-Trump doorman during the presidential campaign. Washington-based Common Cause says the money was intended to influence the election but wasn’t properly reported. The Associated Press reported Thursday that American Media Inc. paid an ex-doorman in 2015 for the rights to a salacious rumor about the future president it never published. A contract shows the ex-doorman was barred from discussing it. The deal preceded a $150,000 payment the company made to an ex-Playboy Playmate who alleged an affair with Trump. Prosecutors are probing connections between Trump’s lawyer Michael Cohen and the ex-playmate’s payment. The tabloid says it found the ex-doorman’s story untrue so didn’t publish a story based on the information. ___ 1:14 a.m. The company that publishes the National Enquirer paid a former doorman at one of Donald Trump’s New York skyscrapers $30,000 during the presidential campaign for a tip about Trump it never ran. Dino Sajudin (saw-JOO-dihn) signed a contract with American Media Inc. that barred him from discussing his tip with anyone. The previously unreported payment preceded by eight months a $150,000 payment the company made to an ex-Playboy Playmate who alleged an affair with Trump.
Read more: EU lawmakers call for investigation into Paradise Papers (https://kyc360.com/news/eu-lawmakersdemand-investigation-paradise-papers/) Bitcoin cash deals frozen at Coinbase following investigation (https://kyc360.com/news/38694/) Swiss banking regulator concludes Panama Papers (https://kyc360.com/news/swiss-banking-regulatorconcludes-panama-papers-investigation/) Categories: Bribery & Corruption (https://kyc360.com/category/nav/crime/bribery/), Criminal Investigations (https://kyc360.com/category/nav/crime/enforcement/criminal-investigations/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), USA (https://kyc360.com/category/nav/world/usa/)
13 Apr 2018 Published in News
SWITZERLAND ISSUES REGULATORY GUIDANCE FOR ICOS (HTTPS://KYC360.COM/NEWS/41223/) Switzerland’s financial authority Finma has issued guidance for handling initial coin offerings (ICOs), setting out how it intends to apply rules for enquiries. At present ICOs are not covered by any specific law in Switzerland, however there are some laws under which they may fall. Finma analysis indicates that money laundering and securities regulation are the most relevant to ICOs. “The Anti-Money Laundering Act contains requirements for financial intermediaries including, for example, the need to establish the identity of beneficial owners,” Finma said. “Money laundering risks are especially high in a decentralised blockchain-based system, in which assets can be transferred anonymously and without any regulated intermediaries.” Meanwhile, securities regulation is aimed at ensuring that market participants can base their decisions about investments on a “reliable minimum set of information.” When it comes to payment for ICOs, Finma will require compliance with anti-money laundering regulations and such tokens will not be treated as securities. Utility tokens that functions solely or partially as an investment in economic terms, however, would be treated as securities, in the same way as asset tokens. FINMA CEO, Mark Branson csaid: “The application of blockchain technology has innovative potential within and far beyond the financial markets. “Our balanced approach to handling ICO projects and enquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.” Read more: UK: Man accidentally loses $100m in bitcoin, officials refuse retrieval (https://kyc360.com/news/uk-manaccidentally-loses-100m-bitcoin-officials-refuse-retrieval/) Bitcoin and tax: US court outlines IRS’ powers regarding Coinbase (https://kyc360.com/article/bitcoincryptocurrency-tax-irs-powers-coinbase/) ‘Volatile’ bitcoin is not a cryptocurrency – Bank of France (https://kyc360.com/news/bitcoin-notcryptocurrency-volatile-bank-france/) Categories: Europe (https://kyc360.com/category/nav/world/eu/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Must Read (https://kyc360.com/category/must-read/), Switzerland (https://kyc360.com/category/nav/world/eu/switzerland/), Terrorism Financing (https://kyc360.com/category/nav/crime/terrorism/), Trading (https://kyc360.com/category/nav/sector/trading/), Virtual Currency and Blockchain (https://kyc360.com/category/nav/sector/virtual-currency-and-blockchain/)
13 Apr 2018 Published in News
2018 IDENTITY FRAUD STUDY: $17 BILLION LOST TO CRIMINALS (HTTPS://KYC360.COM/NEWS/2018-IDENTITY-FRAUD-SURVEY-17BILLION-LOST-CROOKS/) Criminals are continuing to enjoy huge success despite efforts to prevent identity fraud, adapting to net 1.3 million more victims, with the amount stolen rising to $16.8 billion, according to the Javelin Strategy & Research’s 2018 Identity Fraud Survey. Online shopping presents the greatest fraud opportunity and fraudsters are getting more sophisticated, using more complex schemes. “One and a half million victims of existing account fraud had an intermediary account opened in their name first. This is 200 percent greater than the previous high,” said Javelin. The study was conducted online among 5,000 US adults over age 18. Data was collected from November 1-16, 2017. “With the adoption of EMV (embedded chip) cards and terminals, the types of identity fraud continued to shift online and away from physical stores. The complexity of fraud is also on the rise as criminals are opening more new accounts as a means of compromising accounts consumers already have,” Javelin explained. Other findings include:
Account takeover (ATO) grew significantly, tripling over the past year, reaching a fouryear high. ATO losses reached $5.1 billion, with ATO victims paying an average of $290 and spending 15 hours on average resolving fraud. Card-not-present fraud is now 81% more prevalent than point of sale fraud. 6.64 % of consumers became victims of identity fraud, with an increase of over one million victims from the previous year, driven by growth in existing non-card fraud and ATO.
“2017 was a runaway year for fraudsters, and with the amount of valid information they have on consumers, their attacks are just getting more complex,” said Al Pascual, senior vice president, Javelin Strategy & Research. What’s the difference between identity fraud and identity theft? According to Javelin: “Identity fraud is the unauthorised use of someone’s personal information for illicit financial gain. Identity fraud ranges from using a stolen payment card account for a fraudulent purchase to opening fraudulent new accounts. Identity theft is unauthorised access to personal information. It can occur without identity fraud, such as through data breaches.”
Read more: Alleged mastermind behind EUR 1 billion cyber and laundering scam arrested (https://kyc360.com/news/mastermind-behind-eur-1-billion-cyber-bank-scam-arrested/) UK: Banks start immigration checks of account holders in crackdown (https://kyc360.com/news/ukbanks-start-immigration-cheks-account-holders-crackdown/) Bogus HMRC officials demand payment in iTunes, gift cards (https://kyc360.com/news/christmasscam-bogus-hmrc-officials-demand-payment-itunes-gift-cards/) Categories: Banking (https://kyc360.com/category/nav/sector/banking/), Cyber (https://kyc360.com/category/nav/crime/cyber/), Fraud (https://kyc360.com/category/nav/crime/fraud/), Latest Press (https://kyc360.com/category/latest-press/), USA (https://kyc360.com/category/nav/world/usa/)
13 Apr 2018 Published in News
HSBC FREEZES $500M: FUNDS CAME FROM A STANDARD CHARTERED ACCOUNT IN ANGOLA (HTTPS://KYC360.COM/NEWS/HSBC-FREEZES-500M-FUNDS-CAMESTANDARD-CHARTERED-ACCOUNT-ANGOLA/) The half a billion US dollars that landed in a HSBC account in the United Kingdom came from the Angolan central bank’s account with Standard Chartered Bank, it has emerged. HSBC froze the funds and filed a suspicious activity report with the UK’s National Crime Agency (NCA), which went on to seize the funds. A Standard Chartered spokesman said: “We are aware that our client, Banco Nacional de Angola (BNA), was the victim of an attempted fraud in Angola which involved the transfer of funds from their Standard Chartered Bank account. “We understand the fraud was not successful and that BNA is conducting its own investigation and has now recovered the monies. This matter is also subject to a criminal investigation in the UK, and Standard Chartered Bank is closely cooperating with BNA and UK law enforcement.” The NCA recently said: “The National Crime Agency’s (NCA) International Corruption Unit is investigating a potential USD500m fraud against the Banco Nacional de Angola. In December 2017 and January 2018 the NCA made use of the new provisions within the Criminal Finances Act 2017 preventing the transfer of assets. The necessary authority has now been provided for the monies to be returned to the Angolan Authorities.” It added that: “The NCA’s investigation is on-going and we welcome the cooperation with the Angolan Authorities to date to bring about a successful resolution to this matter.”
Read more: UK uses Criminal Finances Act to seize $500 million from HSBC account (https://kyc360.com/news/peps-uk-uses-new-criminal-fin-act-seize-500m-hsbc-account/) Standard Chartered fined over money laundering (https://kyc360.com/news/singapore-fines-standardchartered-entities-money-laundering-breaches-guernsey/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Africa (https://kyc360.com/category/nav/world/africa/), Angola (https://kyc360.com/category/nav/world/africa/angola/), Banking (https://kyc360.com/category/nav/sector/banking/), Bribery & Corruption (https://kyc360.com/category/nav/crime/bribery/), Criminal Investigations (https://kyc360.com/category/nav/crime/enforcement/criminal-investigations/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Fraud (https://kyc360.com/category/nav/crime/fraud/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), UK (https://kyc360.com/category/nav/world/uk/)
13 Apr 2018 Published in News
GREEK COURT RULES AGAINST EXTRADITING RUSSIAN SOURCE IN MALTESE SCANDAL (HTTPS://KYC360.COM/NEWS/GREEK-COURTRULES-EXTRADITING-RUSSIAN-SOURCE-MALTESE-SCANDAL/) A Greek court on Thursday ruled against extraditing a former bank employee who ignited a political scandal in Malta when she became a source for an investigative journalist who was murdered last year. Maria Efimova, a Russian who left Malta for Greece last year with her family, surrendered to Greek police last month and was arrested at Malta’s request. Maltese prosecutors had filed a European warrant for her on suspicion of embezzlement and said she should be tried on the island. Efimova denied the accusation. The court ordered her release on Thursday. Efimova was employed for three months in 2016 by the Maltese-registered Pilatus Bank [RIC:RIC:PILAT.UL]. The journalist, Daphne Caruana Galizia, named her as the source of internal bank documents which Galizia said indicated that Michelle Muscat, wife of Prime Minister Joseph Muscat, owned a secret company in Panama. – By Constantinos Georgizas, Reuters, 12 April 2018 Photo: Pedro Szekely (https://www.flickr.com/photos/43355249@N00/37892857134) Link here (https://www.reuters.com/article/us-greece-malta-efimova/greek-court-rules-against-extraditingrussian-source-in-maltese-scandal-idUSKBN1HJ2DM)to Reuters
Read more: Understanding the EU’s sanctions against Russia (https://kyc360.com/article/quick-takeunderstanding-eus-sanctions-russia/) EU lawmakers call for investigation into Paradise Papers (https://kyc360.com/news/eu-lawmakersdemand-investigation-paradise-papers/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Europe (https://kyc360.com/category/nav/world/eu/), Gambling (https://kyc360.com/category/nav/sector/gambling/), Greece (https://kyc360.com/category/nav/world/eu/greece/), Latest Press (https://kyc360.com/category/latest-press/), Malta (https://kyc360.com/category/nav/world/eu/malta/), Russia (https://kyc360.com/category/nav/world/eu/russia/)
12 Apr 2018 Published in News
ALLEGED MASTERMIND BEHIND EUR 1 BILLION CYBER AND LAUNDERING SCAM ARRESTED (HTTPS://KYC360.COM/NEWS/MASTERMIND-BEHIND-EUR-1-BILLIONCYBER-BANK-SCAM-ARRESTED/) The crime boss of a gang targeting over 100 financial institutions worldwide and costing the financial industry an estimated EUR 1 billion in cumulative losses, has been arrested, say authorities. The criminal profits were also laundered via cryptocurrencies, Europol said, using prepaid cards linked to the cryptocurrency wallets which were used to buy goods such as luxury cars and houses. The gang targeted banks, e-payment systems and financial institutions using pieces of malware they designed, known as Carbanak and Cobalt. The Cobalt malware alone is understood to have allowed criminals to steal up to EUR 10 million per heist. The arrest was made following an investigation by Spanish police, with the support of Europol, the US FBI and other enforcement agencies. Steven Wilson, head of Europol’s European Cybercrime Centre (EC3), said: “The arrest of the key figure in this crime group illustrates that cybercriminals can no longer hide behind perceived international anonymity.” The group has been in operation since 2013, launching the Anunak malware campaign that targeted financial transfers and ATM networks of banks. They then changed the Anunak malware into a more sophisticated version, known as Carbanak, which was used in until 2016, and from there, went on to use tailor-made malware based on the Cobalt Strike penetration testing software. “The criminals would send out to bank employees spear phishing emails with a malicious attachment impersonating legitimate companies,” Europol explained. “Once downloaded, the malicious software allowed the criminals to remotely control the victims’ infected machines, giving them access to the internal banking network and infecting the servers controlling the ATMs. This provided them with the knowledge they needed to cash out the money.” Wim Mijs, Chief Executive Office of the European Banking Federation, said: “This is the first time that the EBF has actively cooperated with Europol on a specific investigation. “Public-private cooperation is essential when it comes to effectively fighting digital cross border crimes like the one that we are seeing here with the Carbanak gang.”
Read more: UK: Gang laundered cash from fraud victims through bank accounts (https://kyc360.com/news/ukgang-laundered-cash-fraud-victims-bank-accounts/) Chinese money launderers paid £1.8m into London banks (https://kyc360.com/news/chinese-moneylaunderers-paid-1-8m-london-banks/) EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures (https://kyc360.com/article/eu-sixth-anti-money-laundering-directive-6amld-whats/) Categories: Cyber (https://kyc360.com/category/nav/crime/cyber/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Europe (https://kyc360.com/category/nav/world/eu/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Predicate Crimes (https://kyc360.com/category/nav/crime/), Spain (https://kyc360.com/category/nav/world/eu/spain/)
12 Apr 2018 Published in News
BRITISH REGULATOR OUTLINES ACCOUNTABILITY RULES FOR ASSET MANAGEMENT SECTOR (HTTPS://KYC360.COM/NEWS/BRITISHREGULATOR-OUTLINES-ACCOUNTABILITY-RULES-ASSETMANAGEMENT-SECTOR/) The Financial Conduct Authority (FCA) has published a set of new rules for the asset management industry, outlining its stance on accountability rules for top executives. The FCA had previously stated that it would consult on a new specific Prescribed Responsibility (PR) for authorised fund managers (AFMs) as part of its extension of the senior managers and certification regime (SM&CR) across the financial services sector. “This PR would make clear that a Senior Manager, usually the chair of the board of an AFM, must take reasonable steps to ensure that the firm complies with its obligation to carry out the assessment of value, the duty to recruit independent directors, and the duty to act in the best interests of fund investors,” it explained. It has now decided to introduce the PR for AFMs. “We also continue to believe that AFMs should decide for themselves whether to appoint an independent director as chair or not.” It added that it plans to publish the rest of its final rules for the extension of the SM&CR later this year. Categories: Asset Management (https://kyc360.com/category/nav/sector/asset-management/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/), UK (https://kyc360.com/category/nav/world/uk/)
12 Apr 2018 Published in News
RENEWED SANCTIONS NEED NOT MEAN U.S. EXIT FROM IRAN DEAL – MNUCHIN (HTTPS://KYC360.COM/NEWS/RENEWED-SANCTIONS-NEEDNOT-MEAN-U-S-EXIT-IRAN-DEAL-MNUCHIN/) A decision by U.S. President Donald Trump not to renew sanctions relief for Iran on May 12 would not necessarily mean the United States had withdrawn from the 2015 Iran nuclear deal, U.S. Treasury Secretary Steven Mnuchin said on Wednesday. It was not immediately clear what Mnuchin meant by his comment but it appeared to signal the Trump administration believes the agreement will not necessarily collapse if Trump chooses not to extend U.S. sanctions relief to Iran. The crux of the 2015 agreement between Iran and six major powers – Britain, China, France, Germany, Russia and the United States – was that Iran would restrict its nuclear program in return for relief from sanctions that have crippled its economy. On Jan. 12, Trump delivered an ultimatum to Britain, France and Germany, saying they must agree to “fix the terrible flaws of the Iran nuclear deal” or he would refuse to extend the U.S. sanctions relief on Iran that it calls for. U.S. sanctions will resume unless Trump issues new “waivers” to suspend them on May 12, although it is not clear how quickly they would go into effect. European officials saw Trump’s Jan. 12 comments as a threat to kill the deal. They have since been in negotiations with the Trump administration to see if there is a way to salvage it. Speaking at a congressional hearing, Mnuchin said the Trump administration was in talks with allies and would “not do anything abruptly.” – By Reuters Categories: Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/)
12 Apr 2018 Published in News
EX-S. KOREAN LEADER PARK GETS 24-YEAR PRISON TERM (HTTPS://KYC360.COM/NEWS/EX-S-KOREAN-LEADER-PARK-GETS-24YEAR-PRISON-TERM/) AP (https://apnews.com/1d19140f02274766b7c4021ad80f9aa5/Ex-S.-Korean-leader-Park-gets-24-yearprison-term) — Former South Korean President Park Geun-hye was formally convicted of an array of corruption charges and sentenced to 24 years in prison on Friday, a year after she was driven from office and arrested over a scandal that saw months of massive street rallies calling for her ouster. The conviction, which she can appeal, is the latest indignity for South Korea’s first female president, who grew up in the presidential palace as the daughter of a former dictator and even served as first lady after her mother’s assassination. The harshness of the sentence is likely to deepen divisions in a country still wrestling with the aftermath of the most serious political turmoil in years. Once seen as the darling of South Korean conservatives, Park earned the nickname “Queen of Elections” for her record leading her party to victory in tight races, culminating in her own election as president in 2012. Yet that was all undone by the scandal involving a close confidant and bribery, extortion and other allegations. Park, 66, maintains she’s a victim of “political revenge” and has been refusing to attend court sessions since October. She didn’t attend Friday’s verdict, citing a sickness that wasn’t specified publicly. In a nationally televised verdict, the Seoul Central District Court convicted Park of bribery, extortion, abuse of power and other charges. Categories: Asia-Pacific (https://kyc360.com/category/nav/world/asia-pacific/), Bribery & Corruption (https://kyc360.com/category/nav/crime/bribery/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), South Korea (https://kyc360.com/category/nav/world/asiapacific/south-korea/)
12 Apr 2018 Published in News
JPMORGAN SUED OVER FEES FOR CRYPTOCURRENCY PURCHASES (HTTPS://KYC360.COM/NEWS/JPMORGAN-SUED-FEESCRYPTOCURRENCY-PURCHASES/) JPMorgan Chase & Co has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances. Filed on Tuesday on behalf of a proposed nationwide class, the lawsuit said Chase (JPM.N) charged both extra fees and substantially higher interest rates on the cash advances than on the credit cards and refused to refund the charges when customers complained. Chase spokeswoman Mary Jane Rogers declined to comment on the lawsuit but said the bank stopped processing credit card purchases of cryptocurrency on Feb. 3 because of the credit risk involved. Customers can use their Chase debit cards to buy cryptocurrency from their checking accounts without incurring cash advance charges, she said. Several banks in Britain and the United States, including Lloyds Banking Group Plc(LLOY.L), Virgin Money (VM.L) and Citigroup (C.N), banned the use of credit cards to buy cryptocurrencies earlier this year after a dramatic fall in the value of bitcoin, the most popular virtual currency. By Reuters Categories: Latest Press (https://kyc360.com/category/latest-press/), Virtual Currency and Blockchain (https://kyc360.com/category/nav/sector/virtual-currency-and-blockchain/)
11 Apr 2018 Published in News
UNEXPLAINED WEALTH ORDERS: UK WORKING ON 100 CASES (HTTPS://KYC360.COM/NEWS/UNEXPLAINED-WEALTH-ORDERS-UKWORKING-100-CASES/) Britain’s National Crime Agency (NCA) is working on securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering. UWOs, which require require individuals to explain various issues about an asset, including how it was obtained, have been recently introduced to the UK. In February, the NCA revealed it had secured the country’s first two UWOs, which will enable it to investigate assets totalling £22 million. The assets are believed to ultimately be owned by a politically exposed person (PEP). In an Reuters interview published on Tuesday, NCA Director of Economic Crime Donlad Toon said there are about 100 cases his agency is working on, and it is looking to secure five more in the next three months. “We have significantly increased amount of work ongoing, some of which is against people who are Russian nationals, but there is a wide spread of activity if you look at the nationality of those involved,” he said. Toon discussed corrupt elites, those who have abused political office to enmasse a lot of cash. “Some of them you are talking about ridiculous amounts of money,” he said. “It’s the kind of lifestyles of the rich and famous but generally without the ‘and famous’ bit at the end.” He also said: “This is not all about Russia. It’s not a crime to be born Russian. It’s not a crime to be rich.”
Read more: UK secures first unexplained wealth orders: property ‘owned by PEP’ (https://kyc360.com/news/uksecures-first-unexplained-wealth-orders-property-owned-pep/) New head of UK Serious Fraud Office selected (https://kyc360.com/news/new-head-uk-serious-fraudoffice-selected/) UK: Gang laundered cash from fraud victims through bank accounts (https://kyc360.com/news/ukgang-laundered-cash-fraud-victims-bank-accounts/) Categories: Asset Management (https://kyc360.com/category/nav/sector/asset-management/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Russia (https://kyc360.com/category/nav/world/eu/russia/), Tax Evasion (https://kyc360.com/category/nav/crime/tax-evasion/), UK (https://kyc360.com/category/nav/world/uk/)
11 Apr 2018 Published in News
AUSTRALIAN MONEY-LAUNDERING WATCHDOG MOVES TO REGULATE BITCOIN PROVIDERS (HTTPS://KYC360.COM/NEWS/AUSTRALIAN-MONEY-LAUNDERINGWATCHDOG-MOVES-REGULATE-BITCOIN-PROVIDERS/) Australia has brought the country’s cryptocurrency providers under the purview of its financial intelligence unit, a move it hopes will help minimize the risk of money laundering, terrorism financing and cybercrime. Effective immediately, all so-called digital currency exchange providers with operations in Australia must register with AUSTRAC, the government agency said in a statement. The change is part of the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act (AML/CTF). It comes months after AUSTRAC initiated a lawsuit against Commonwealth Bank of Australia for breaches of money laundering laws. The AML/CTF Act requires all regulated entities such as banks and money transfer operators to collect information to establish a customer’s identity, monitor transactions, and report activity that is suspicious or involves cash over A$10,000 ($7,755). “AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as bitcoin and other cryptocurrencies, with its industry and government partners,” chief executive Nicole Rose said. – By y Swati Pandey, Reuters, 11 April 2018 Categories: Asia-Pacific (https://kyc360.com/category/nav/world/asia-pacific/), Australia (https://kyc360.com/category/nav/world/asia-pacific/australia/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/)
11 Apr 2018 Published in News
HARDLY ‘FRIENDS’: ZUCKERBERG FENDS OFF SENATORS ON PRIVACY (HTTPS://KYC360.COM/NEWS/HARDLY-FRIENDSZUCKERBERG-FENDS-OFF-SENATORS-PRIVACY/) AP (https://apnews.com/75f8ec6489b340d9a1ce723502fe0ad2/Hardly-'friends':-Zuckerberg-fends-offsenators-on-privacy) — Under fire for the worst privacy debacle in his company’s history, Facebook CEO Mark Zuckerberg batted away often-aggressive questioning Tuesday from lawmakers who accused him of failing to protect the personal information of millions of Americans from Russians intent on upsetting the U.S. election. During some five hours of Senate questioning, Zuckerberg apologized several times for Facebook failures, disclosed that his company was “working with” special counsel Robert Mueller in the federal probe of Russian election interference and said it was working hard to change its own operations after the harvesting of users’ private data by a data-mining company affiliated with Donald Trump’s campaign. Seemingly unimpressed, Republican Sen. John Thune of South Dakota said Zuckerberg’s company had a 14-year history of apologizing for “ill-advised decisions” related to user privacy. “How is today’s apology different?” Thune asked. “We have made a lot of mistakes in running the company,” Zuckerberg conceded, and Facebook must work harder at ensuring the tools it creates are used in “good and healthy” ways. The controversy has brought a flood of bad publicity and sent the company’s stock value plunging, but Zuckerberg seemed to achieve a measure of success in countering that: Facebook shares surged 4.5 percent for the day, the biggest gain in two years. Categories: Data (https://kyc360.com/category/nav/sector/data/), Latest Press (https://kyc360.com/category/latest-press/), USA (https://kyc360.com/category/nav/world/usa/)
11 Apr 2018 Published in News
NO PLANT TOXINS FOUND IN DEAD RUSSIAN WHISTLEBLOWER’S STOMACH – UK SCIENTIST (HTTPS://KYC360.COM/NEWS/NO-PLANTTOXINS-FOUND-DEAD-RUSSIAN-WHISTLEBLOWERS-STOMACH-UKSCIENTIST/) A scientist on Tuesday told an British inquest that no plant toxins had been found in the stomach of a Russian mafia whistleblower who died suddenly in 2012, challenging earlier evidence that a deadly plant poison had been found. Alexander Perepilichny, 44, was found dead near his luxury home on the exclusive gated St George’s Hill estate in Weybridge, Surrey, southwest of London, after he had been out jogging in November 2012. The sudden nature of the death of Perepilichny, who had sought refuge in Britain in 2009, and his role in helping a Swiss investigation into a Russian money-laundering scheme raised suggestions that he might have been murdered. As the inquest resumed on Tuesday after a lengthy delay, Monique Simmonds, a scientist from the botanical Kew Gardens, was asked to confirm she had not identified any plant toxins in the samples she had tested. “That’s right,” she said. However she said some material that was found in Perepilichny’s stomach had not been identified, and that the small amount of material used to conduct a DNA test had been used up. Bob Moxon Browne, the lawyer for Legal & General, with whom Perepilichny had taken out a large life insurance policy, told a pre-inquest hearing last year that police had flushed away contents of Perepilichny’s stomach and retrieved a small amount. Simmonds on Tuesday said she did her test without knowing that other material had been disposed of. An earlier pre-inquest hearing had been told traces of a rare and deadly poison from the gelsemium plant had been found in his stomach. – By Reuters, 10 April 2018 Link here (https://uk.reuters.com/article/uk-britain-russia-perepilichny/no-plant-toxins-found-in-stomach-ofdead-russian-whistleblower-uk-scientist-idUKKBN1HH2E8)to the Reuters artivle Categories: Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Russia (https://kyc360.com/category/nav/world/eu/russia/), UK (https://kyc360.com/category/nav/world/uk/)
10 Apr 2018 Published in News
UKRAINE TO IMPOSE SANCTIONS ON RUSSIAN OLIGARCHS (HTTPS://KYC360.COM/NEWS/UKRAINE-IMPOSE-SANCTIONS-RUSSIANOLIGARCHS-PRESIDENT/) Ukrainian President Petro Poroshenko said his country will impose sanctions on Russian oligarchs, Reuters reported on Tuesday. It is understood the move follows recent sanctions that were imposed on Russian oligarchs and government officials by the United States. The sanctions freeze their US assets and also prohibits American citizens from dealing with them. Non-US citizens could also face sanctions for knowingly facilitating significant transactions for or on behalf of the designed individuals or entities. Reuters did not detail plans of the upcoming Ukrainian sanctions, but mentioned they would include an oligarch who also appears on the US list of blacklisted individuals.
Read more: US imposes sanctions on oligarchs and Russian officials (https://kyc360.com/news/us-imposessanctions-oligarchs-russian-officials-blacklist/) Sanctions in 2018: Watch out for new Magnitsky method targeting individuals (https://kyc360.com/article/sanctions-2018-watch-new-magnitsky-method-targeting-individuals/) Quick take: Understanding the EU’s sanctions against Russia (https://kyc360.com/article/quick-takeunderstanding-eus-sanctions-russia/) Categories: Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Russia (https://kyc360.com/category/nav/world/eu/russia/), Ukraine (https://kyc360.com/category/nav/world/eu/ukraine/), USA (https://kyc360.com/category/nav/world/usa/)
10 Apr 2018 Published in News
NEW HEAD OF UK SERIOUS FRAUD OFFICE SELECTED (HTTPS://KYC360.COM/NEWS/NEW-HEAD-UK-SERIOUS-FRAUD-OFFICESELECTED/) A new director of Britain’s Serious Fraud Office (SFO) has been selected and is expected to take up the position later this year, the government’s chief legal adviser said on Tuesday. The British government only began the lengthy process in December of hunting for a replacement for Green, who has said he will be stepping down “just after lunch” on April 20. Having fended off the ruling party’s move to end its independence, the SFO and government have begun talks about how it is funded and whether its core annual budget of roughly 35 million pounds ($50 million) needs to be increased, Green has told Reuters. Link here (http://The British government only began the lengthy process in December of hunting for a replacement for Green, who has said he will be stepping down “just after lunch” on April 20. Having fended off the ruling party’s move to end its independence, the SFO and government have begun talks about how it is funded and whether its core annual budget of roughly 35 million pounds ($50 million) needs to be increased, Green has told Reuters.) to the Reuters article.
Read more: UK anti-money laundering (AML) – Hot topics for 2018 (https://kyc360.com/article/uk-anti-moneylaundering-aml-hot-topics-2018/) 2018 Identity fraud study: $17 billion lost to criminals (https://kyc360.com/news/2018-identity-fraudsurvey-17-billion-lost-crooks/) UK: Barclays faces new Qatar charge from Serious Fraud Office (https://kyc360.com/news/ukbarclays-faces-new-qatar-charge-serious-fraud-office/) Categories: Criminal Investigations (https://kyc360.com/category/nav/crime/enforcement/criminal-investigations/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Fraud (https://kyc360.com/category/nav/crime/fraud/), Latest Press (https://kyc360.com/category/latest-press/), UK (https://kyc360.com/category/nav/world/uk/)
10 Apr 2018 Published in News
REGULATOR TO VET TOP APPOINTMENTS AT LEADING AUDIT FIRMS (HTTPS://KYC360.COM/NEWS/REGULATOR-VET-TOP-APPOINTMENTSAUDITING-FIRMS-FRC/) Senior hires at the six top auditing firms will be vetted by the Financial Reporting Council, which is looking to restore public confidence in the sector. PwC, KPMG, EY, Deloitte, Grant Thornton and BDO, face intervention by the FRC when filling in key leadershop and governance roles, one of the new ‘five pillars’ set out by the regulator. “We will set out our expectations of the experience, skills and attributes of candidates for key roles such as Independent Non-Executives, Heads of Audit and Ethics partners at the Big Six firms. “We will assess and feed back to senior management how well we believe their appointees meet these criteria,” the FRC stated. It added that although it does not have specific powers in this regard, it will look for the firms’ cooperation in doing so. The FRC said it will elso ensure that it too has staff with the necessary skills, knowledge and expertise in order to implement this policy. Its other pillars are values and behaviours; business models and financial soundness; risk management and control; and evidence on audit quality. Melanie McLaren, executive director of audit and actuarial regulation at the FRC, said: “The work of the Big Six audit firms is core to the integrity and transparency of UK capital markets and so it is vital that the FRC introduces a new approach to monitoring their stability and performance by focussing on aspects of their businesses that are critical to the provision of high quality audit.” On Monday the FRC announced the Big Four accounting firms faced fines of 10 million pounds or more for breaching rules. The measure is viewed as steps the watchdog is taking to bolster its credibility over accusations it has been slow to act regarding accounting giants involved in scandals.
Read more: Ukrainian bank sues PwC for $3 billion over alleged auditing failures (https://bit.ly/2q75ywr) HSBC: UK uses Criminal Finances Act to seize $500 million (https://bit.ly/2GAndGk) On a knife-edge – will KPMG survive in South Africa? (https://kyc360.com/article/knife-edge-will-kpmgsurvive-south-africa/) Categories: Latest Press (https://kyc360.com/category/latest-press/), Law & Accountancy (https://kyc360.com/category/nav/sector/law-accountancy/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/), UK (https://kyc360.com/category/nav/world/uk/)
10 Apr 2018 Published in News
FBI RAIDS OFFICES, HOME OF TRUMP’S PERSONAL LAWYER: SOURCES (HTTPS://KYC360.COM/NEWS/FBI-RAIDS-OFFICES-HOMETRUMPS-PERSONAL-LAWYER-SOURCES/) The Federal Bureau of Investigation on Monday raided the offices and home of U.S. President Donald Trump’s personal lawyer Michael Cohen, law enforcement sources said, in a dramatic new development in a series of probes involving close Trump associates. Cohen’s lawyer, Stephen M. Ryan, said that U.S. prosecutors conducted a search that was partly a referral by the Office of Special Counsel, Robert Mueller. Mueller is investigating whether members of Trump’s 2016 campaign colluded with Russia during the U.S. presidential election. Trump has called the probe a “witch hunt” and denied any collusion. The raid could increase legal pressure on the president, because it involves the records of his longtime attorney and indicates a second center of investigations in Manhattan, alongside Mueller’s Washingtonbased probe. Cohen has been at the center of a controversy over a $130,000 payment he has admitted making shortly before the 2016 election to porn star Stormy Daniels, who has said that she had sex once with Trump in 2006 and was paid to keep quiet about it. Trump reacted with unusually harsh language to news of the raid. “It’s a disgraceful situation. It’s a total witch hunt. I’ve been saying it for a long time,” Trump said at the opening of a meeting with military and national security advisers to discuss Syria. Asked whether he would fire Mueller, Trump said, “Well, I think it’s a disgrace what’s going on. We’ll see what happens.” Trump cannot fire Mueller directly, but he could order Deputy Attorney General Rod Rosenstein, who oversees the special counsel’s probe, to end it, or Trump could fire Rosenstein if he refuses. – Reuters, 9 April 2018 Categories: Criminal Investigations (https://kyc360.com/category/nav/crime/enforcement/criminal-investigations/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), USA (https://kyc360.com/category/nav/world/usa/)
09 Apr 2018 Published in News
TRUMP EXPECTS NORTH KOREA MEETING IN MAY OR JUNE (HTTPS://KYC360.COM/NEWS/TRUMP-EXPECTS-NORTH-KOREAMEETING-MAY-JUNE/) AP (https://apnews.com/2b6803bd6782400981a166a1dea559ef/The-Latest:-Trump-expects-NKoreameeting-in-May-or-June) – President Donald Trump says he expects to meet with North Korea on its nuclear program in May or June. Trump, speaking to reporters at the White House Monday, said, “Hopefully we’ll be able to make a deal on the de-nuking.” North Korea’s government has communicated with the United States to say that leader Kim Jong Un is ready to discuss his nuclear weapons program, increasing the likelihood that the unprecedented summit will actually occur. Trump said Monday that “Hopefully it will be a relationship that’s much different than it has been for many, many years.” He added that previous presidents should have held such talks. The confirmation from Pyongyang directly has created more confidence within Trump’s administration about the wisdom of holding such a meeting. Categories: Asia-Pacific (https://kyc360.com/category/nav/world/asia-pacific/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), North Korea (https://kyc360.com/category/nav/world/asia-pacific/north-korea/), Sanctions (https://kyc360.com/category/nav/crime/sanctions/), USA (https://kyc360.com/category/nav/world/usa/)
09 Apr 2018 Published in News
RIVAL BANKS APPLAUDED U.S. WATCHDOG ON 2016 WELLS FARGO SETTLEMENT – EMAILS (HTTPS://KYC360.COM/NEWS/RIVAL-BANKSAPPLAUDED-US-WATCHDOG-WELLS-FARGO-SETTLEMENT/) Rival lenders privately congratulated the top U.S. consumer watchdog on its $100 million settlement with Wells Fargo over the bank’s phony accounts scandal, according to internal documents published by the Consumer Financial Protection Bureau this week. On Sept. 8, 2016, the CFPB and two other regulators announced they had reached settlements totalling $190 million with Wells Fargo after discovering the third-largest U.S. lender had opened as many as 2.1 million bank and card accounts in customers’ names without their permission. The number of potentially affected customers subsequently grew to 3.5 million as Wells expanded its probe of sales abuses. The CFPB’s portion of the settlement was $100 million, making it the largest fine in the agency’s short history. The settlement sparked a flurry of internal back-patting among enforcement officials in the days that followed and, unusually, drew applause from other banks, according to internal emails published following a Freedom of Information Request. “I have had a number of bankers reach out to me to express gratitude for the CFPB’s action against [Wells Fargo] and disgust that such a situation occurred,” Gary Stein, a manager in the CFPB’s office of deposits, wrote in an email to Melissa Baal Guidorizzi, senior counsel for enforcement, on Sept. 12, 2016. “While many were from community banks, not all were. I don’t recall an action like this we have taken getting so much applause and so little pushback.” The next day, Baal Guidorizzi forwarded the feedback to the broader CFPB enforcement team, the documents show. – By Michelle Price, Elizabeth Dilts, Reuters, 6 April 2018 Link here (https://uk.reuters.com/article/uk-usa-cfpb-wellsfargo/rival-banks-applauded-u-s-watchdog-on2016-wells-fargo-settlement-emails-idUKKCN1HD2GE?il=0) to the Reuters article. Categories: Banking (https://kyc360.com/category/nav/sector/banking/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Latest Press (https://kyc360.com/category/latest-press/), Misconduct (https://kyc360.com/category/nav/crime/misconduct/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatoryupdate/), USA (https://kyc360.com/category/nav/world/usa/)
09 Apr 2018 Published in News
HSBC TO USE ARTIFICIAL INTELLIGENCE SCHEME TO DETECT MONEY LAUNDERING (HTTPS://KYC360.COM/NEWS/HSBC-USEARTIFICIAL-INTELLIGENCE-AI-SCHEME-DETECT-MONEY-LAUNDERING/) Global bank HSBC is to use a compliance-related artificial intelligence (AI) programme supplied by a startup firm this year as part of its anti-money laundering strategy (AML). The lender, which has been heavily penalised for anti-money laundering failures , has signed up Quantexa, which uses AML technology that is based on big data software. This includes programmes that integrate network analytics and AI to compile sets of data and derive actionable intelligence. HSBC is looking to use the firm’s technology to spot potential money laundering activity by analysing information that is available internally and externally, as well as transactional data within a customer’s wider network. HSBC Global Risk COO Ray O’Brien said: “HSBC is continuously looking for ways to build on our existing capabilities to detect and prevent financial crime. “We are looking forward to working closely with the company to utilise its technologies as we become more intelligence led in our approach to financial crime risk management.”
Read more: Biometrics: Challenges and opportunities for anti-money laundering, fraud prevention (https://kyc360.com/article/biometrics-challenges-chances-anti-money-laundering-fraud-prevention/) UK uses Criminal Finances Act to seize $500 million from HSBC account (https://kyc360.com/news/peps-uk-uses-new-criminal-fin-act-seize-500m-hsbc-account/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Artificial Intelligence (https://kyc360.com/category/nav/sector/artificial-intelligence/), Banking (https://kyc360.com/category/nav/sector/banking/), Fintech (https://kyc360.com/category/nav/sector/fintech/), Latest Press (https://kyc360.com/category/latest-press/), Money Laundering (https://kyc360.com/category/nav/crime/money-laundering/), Predicate Crimes (https://kyc360.com/category/nav/crime/), UK (https://kyc360.com/category/nav/world/uk/)
09 Apr 2018 Published in News
DEUTSCHE BANK APPOINTS NEW CEO (HTTPS://KYC360.COM/NEWS/DEUTSCHE-BANK-APPOINTS-NEW-CEO/) Deutsche Bank has appointed Christian Sewing as Chief Executive Officer with immediate effect. Sewing, who joined the organisation as an apprentice in 1989, replaces John Cryan. The leadership shuffle comes after weeks of speculation, amid concerns of losses over the past three years. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.
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“The past few weeks have been full of noise and I know from many personal conversations that you have been concerned and still are. I am also aware that many of you greatly appreciate John Cryan – just as I do,” Sewing said. “The challenge ahead is a big one for all of us. We all know and sense how fast our industry is changing. The time pressure is on and the expectations are high from all sides – our clients, our investors, the regulators, politicians and the media,” he added. Sewing emphasised the need for team spirit, and faster and clearer decision making. “In terms of learning from past mistakes – which is important – we have made good progress. But we have to regain our speed again. To this end we will revise our internal processes to eliminate bureaucracy and duplication.” In addition to its revenue challenges, the bank has also landed in trouble with various regulators because of compliance failures over the years. In January 2017 it was fined £163 million by the Financial Conduct Authority for serious anti-money laundering control failings, and it has also been penalised in the United States, more recently in February this year, for misleading customers over bond prices.
Read more: US: Deutsche bank fined for misleading customers (https://kyc360.com/news/deutsche-bank-finedmisleading-customers/) Confessions of a Compliance Officer: Bewilderment in the corridors of power (https://kyc360.com/article/confessions-compliance-officer-bewilderment-corridors-power/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Banking (https://kyc360.com/category/nav/sector/banking/), Europe (https://kyc360.com/category/nav/world/eu/), Germany (https://kyc360.com/category/nav/world/eu/germany/), Latest Press (https://kyc360.com/category/latest-press/)
09 Apr 2018 Published in News
ACCOUNTING WATCHDOG TO BITE HARDER WITH 10 MILLION POUND FINES (HTTPS://KYC360.COM/NEWS/ACCOUNTINGREGULATOR-IMPLEMENTS-TOUGHER-SANCTIONS-FINES/) The world’s Big Four accounting firms will face potential fines of 10 million pounds or more for serious rule breaches from June, double the record penalty to date. The Financial Reporting Council (FRC) said on Monday that it has accepted the findings of a study in November by former judge Christopher Clarke, which recommended much bigger fines for serious misdeeds by the world’s biggest accountants. Larger fines are part of the FRC’s push to bolster its credibility after being heavily criticised by lawmakers for being too slow to take on the big accountants caught up in company scandals. Under the FRC’s disciplinary procedure, it sets out a case against an auditor or individual accountant at an independent tribunal before asking the tribunal to set a fine at a specific level. The record amount agreed by a tribunal so far is 5.1 million pounds for PwC over its audit of RSM Tenon. Clarke recommended an increase in fines to 10 million pounds or more for seriously poor audit work from a Big Four accounting firm, meaning PwC, KPMG, EY and Deloitte, who check the books of most international blue-chip companies. – By Huw Jones, Reuters, 9 April 2018 Link here (https://uk.reuters.com/article/uk-britain-accounts-regulator/accounting-watchdog-to-bite-harderwith-10-million-pound-fines-idUKKBN1HG0S5)to the Reuters article.
Read more: Ukrainian bank sues PwC for $3 billion over alleged auditing failures (https://kyc360.com/news/ukrainie-bank-sues-pwc-3-billion-alleged-auditing-failures/) Confessions of a compliance officer: How I handled dodgy demands (https://kyc360.com/article/confessions-compliance-officer-i-handled-dodgy-demands-swift-sars/) On a knife-edge – will KPMG survive in South Africa? (https://kyc360.com/article/knife-edge-will-kpmgsurvive-south-africa/) Categories: Latest Press (https://kyc360.com/category/latest-press/), Law & Accountancy (https://kyc360.com/category/nav/sector/law-accountancy/), Regulatory Update (https://kyc360.com/category/nav/crime/regulatory-update/), UK (https://kyc360.com/category/nav/world/uk/)
08 Apr 2018 Published in News
US IMPOSES SANCTIONS ON OLIGARCHS AND RUSSIAN OFFICIALS (HTTPS://KYC360.COM/NEWS/US-IMPOSES-SANCTIONS-OLIGARCHSRUSSIAN-OFFICIALS-BLACKLIST/) The United States has blacklisted several oligarchs and Russian government officials, following the publication of its ‘Putin list’ in January, which identified senior Russian government workers and oligarchs believed to have close ties with the Kremlin or President Vladimir Putin. On Friday, the Treasury department’s Office of Foreign Assets Control (OFAC), said it it designated seven Russian oligarchs and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a Russian bank. The move freezes their US assets and also prohibits US persons from dealing with them. Non-US persons could also face sanctions for knowingly facilitating significant transactions for or on behalf of the designed individuals or entities.
Read more: Oligarchs, owners of English football clubs on US ‘Putin’ list (https://kyc360.com/news/oligarchsowners-english-football-clubs-us-putin-list/) Sanctions in 2018: Watch out for new Magnitsky method targeting individuals (https://kyc360.com/article/sanctions-2018-watch-new-magnitsky-method-targeting-individuals/) Banker, trader helped Iran evade sanctions – how blacklisted governments launder billions (https://kyc360.com/article/banker-trader-help-iran-evade-sanctions-blacklisted-governments-launderbillions/) Categories: Europe (https://kyc360.com/category/nav/world/eu/), Governmental (https://kyc360.com/category/nav/sector/governmental/), Latest Press (https://kyc360.com/category/latest-press/), Russia (https://kyc360.com/category/nav/world/eu/russia/), Sanctions (https://kyc360.com/category/nav/crime/sanctions/), USA (https://kyc360.com/category/nav/world/usa/)
08 Apr 2018 Published in News
AUSTRIAN REGULATOR FINES RBI ALMOST EUR 3 MILLION OVER DUE DILIGENCE BREACHES (HTTPS://KYC360.COM/NEWS/AUSTRIANREGULATOR-FINES-RBI-ALMOST-EUR-3-MILLION-DUE-DILIGENCEBREACHES/) Raiffeisen Bank International AG (RBI) has been fined 2.75 million euros ($3.39 million) by Austria’s Financial Market Authority (FMA) for a breach of due diligence requirements for the prevention of money laundering and terrorist financing. The bank had been under investigation by FMA since 2016 after its name was mentioned in the so-called Panama Papers, a huge data leak that caused a scandal because documents showed how offshore corporations were used to evade taxes. The FMA said in a statement published on its website on Friday that it imposed the fine for “inadequate checking of the identity of the beneficial owner and failure to regularly update the necessary documents, data and information required to be able to understand ownership and control structures with regard to high-risk customers in specific individual cases”. RBI could not be reached for comment, but Austrian news agency APA quoted an RBI spokeswoman as saying that the bank considered it had met all its obligations to prevent money laundering and would appeal against the decision. – Reuters, 31 March 2018 Link here (https://uk.reuters.com/article/rbi-fine/austrian-regulator-fines-rbi-2-75-million-euros-for-breachof-due-diligence-requirements-idUKL8N1RD05U) to the Reuters article Photo: S. Klimpt
Read more: EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures (https://kyc360.com/article/eu-sixth-anti-money-laundering-directive-6amld-whats/) Barclays fined $2 billion over US fraud claims (https://kyc360.com/news/barclays-fined-2-billionmortgage-fraud-claims-us/) US seeks to sanction Latvian bank ABLV over money laundering (https://kyc360.com/news/us-seekssanction-latvian-bank-ablv-money-laundering/) Categories: Austria (https://kyc360.com/category/nav/world/eu/austria/), Banking (https://kyc360.com/category/nav/sector/banking/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Europe (https://kyc360.com/category/nav/world/eu/), Latest Press (https://kyc360.com/category/latest-press/), Regulatory Enforcement (https://kyc360.com/category/nav/crime/enforcement/regulatory-enforcement/), Switzerland (https://kyc360.com/category/nav/world/eu/switzerland/)
08 Apr 2018 Published in News
UKRAINIAN BANK SUES PWC FOR $3 BILLION OVER ALLEGED AUDITING FAILURES (HTTPS://KYC360.COM/NEWS/UKRAINIE-BANKSUES-PWC-3-BILLION-ALLEGED-AUDITING-FAILURES/) PrivatBank in Ukraine has filed a lawsuit against PricewaterhouseCoopers (PwC) in Cyprus and Ukraine, seeking $3 billion in compensation for damages it says it suffered as a result of the auditor’s ‘extensive breaches of duties,’ including failure to identify fraud. The legal action pertains to PwC’s auditing of PrivatBank’s financial statements for the accounting periods ending 31 December 2013, 31 December 2014 and 31 December 2015. Petr Krumphanzl, chairman of the Management Board of PrivatBank, said: “That firm failed absolutely to identify the ongoing operation of the huge fraud within the bank over many years which resulted in virtually the entire corporate loan book of the bank being non-performing [and without any adequate security].” PwC’s Ukrainian subsidiary said: “We do not believe there is any basis for this action and we will if necessary defend our position vigorously.” “PwC Ukraine performed its audit of PrivatBank’s 2013-2015 financial statements in accordance with international auditing standards,” it added. PwC Cyrus said: “PwC Cyprus performed its audit work in accordance with the applicable law and regulations and the international auditing standards. At PwC, we take our professional obligations extremely seriously. We do not believe there is any basis for this action and we will defend our position vigorously.” Categories: Cyprus (https://kyc360.com/category/nav/world/eu/cyprus/), Europe (https://kyc360.com/category/nav/world/eu/), Fraud (https://kyc360.com/category/nav/crime/fraud/), Latest Press (https://kyc360.com/category/latest-press/), Law & Accountancy (https://kyc360.com/category/nav/sector/law-accountancy/), Misconduct (https://kyc360.com/category/nav/crime/misconduct/), UK (https://kyc360.com/category/nav/world/uk/), Ukraine (https://kyc360.com/category/nav/world/eu/ukraine/)
08 Apr 2018 Published in News
INDIA ASKS HONG KONG TO ARREST JEWELER NIRAV MODI IN BANK FRAUD (HTTPS://KYC360.COM/NEWS/INDIAS-2-BILLION-BANKFRAUD-GOVT-ASKS-HONG-KONG-ARREST-JEWELER-NIRAV-MODI/) India has asked authorities in Hong Kong to arrest jeweler Nirav Modi, one of the main suspects in a $2billion fraud at state-run Punjab National Bank (PNBK.NS), the government said, suggesting it believes the fugitive is in the Chinese territory. The whereabouts of Modi and his uncle Mehul Choksi, the other person accused in India’s biggest banking fraud at the country’s second-largest state lender, have been unknown since federal police launched an investigation in February. “The ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the Hong Kong Special Administrative Region, People’s Republic of China,” junior foreign minister V.K. Singh told parliament on Thursday. – By Malini Menon, 6 April 2018 Link here (https://www.reuters.com/article/us-india-fraud-punjab-natl-bank/india-asks-hong-kong-to-arrestjeweler-nirav-modi-in-bank-fraud-idUSKCN1HD0T3) to the Reuters article.
Read more India to generate over 1 million suspicious transaction reports – researchers (https://kyc360.com/news/india-generate-1-million-suspicious-transaction-reports-researchers/) Alleged mastermind behind EUR 1 billion cyber and laundering scam arrested (https://kyc360.com/news/mastermind-behind-eur-1-billion-cyber-bank-scam-arrested/) EU Fifth Anti-Money Laundering Directive: Can banks handle it? (https://kyc360.com/article/eu-fifthanti-money-laundering-directive-key-points-banks/) Categories: Asia-Pacific (https://kyc360.com/category/nav/world/asia-pacific/), Banking (https://kyc360.com/category/nav/sector/banking/), Criminal Investigations (https://kyc360.com/category/nav/crime/enforcement/criminal-investigations/), Enforcement (https://kyc360.com/category/nav/crime/enforcement/), Fraud (https://kyc360.com/category/nav/crime/fraud/), India (https://kyc360.com/category/nav/world/asia-pacific/india/), Latest Press (https://kyc360.com/category/latest-press/)
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