Money laundering

If banks can’t stop money laundering, it is time for regulators to do more

Firms spend around £28.7bn a year on anti-money laundering compliance but there is little evidence that things are getting better

4 min read

EU watchdog preparing to issue guidance on anti-money laundering rules

The EBA's proposal kicks off a public consultation period that ends in early November

3 min read

NatWest faces an unlimited fine if convicted of money laundering, according to Jonathan Fisher QC, barrister at Bright Line Law

City lawyers: FCA’s action against NatWest ‘is like pressing the nuclear button’

‘All we know is that the Financial Conduct Authority has finally bared its teeth’

4 min read

The case arises from the handling of funds deposited into accounts operated by a UK incorporated customer of NatWest

FCA launches criminal proceedings against NatWest over money laundering failures

NatWest will appear at Westminster Magistrates’ Court on 14 April

2 min read

The Office of the Attorney General of Switzerland said in a 17 December statement that Credit Suisse has been accused of "failing to take all the organisational measures that were reasonable and required to prevent the laundering of assets belonging to and under the control of the criminal organisation"

Credit Suisse faces anti-money laundering charges linked to Bulgarian mafia

The bank has been accused of failing to take all the measures that were reasonable to prevent the laundering of assets belonging to and under control of the criminal organisation

3 min read

Ralph Hamers

UBS chief executive Ralph Hamers drawn into ING anti-money laundering probe

A Dutch court has ordered the public prosecutor to open an investigation into Hamers' role in the bank's failure to comply with anti-money laundering rules

1 min read

Treasury Committee writes to FCA, HMRC over ‘deeply troubling’ FinCen files

Conservative MP Mel Stride asked what further actions the regulator and the ministers would take

3 min read

HSBC featured prominently in the money-laundering leaks

HSBC and Deutsche get bad headlines, but regulators will probably shrug

These embarrassing leaks highlight the inadequacy of the response by banks and governments to this flood of dirty money. Whether it provides much fresh evidence of the failings of individual banks is much less clear

3 min read

Bank regulators clarify diligence rules for politically exposed persons

The notice comes as banking regulators aim to address concerns from the banking industry that compliance with Bank Secrecy Act due-diligence requirements has become overly burdensome and costly

2 min read

HSBC defends cooperation with US prosecutors, denies Huawei entrapment

HSBC said it wasn’t involved in the DOJ’s decision to investigate Huawei or to arrest Huawei finance chief Meng Wanzhou and doesn’t have any hostility to the company

Revealed: Conservatives’ surge in donations from Russian-born benefactors

The donations spike came despite a pledge from the former Conservative Prime Minister Theresa May to distance the Tories from Russian money

London’s finance sector under scrutiny over damning Russia report

The UK’s National Crime Agency estimates more than £100bn in illicit funds impacts the economy each year

Watchdog slaps Commerzbank with £38m fine over money laundering failures

Commerzbank failed to conduct 'timely periodic due diligence on its clients' and to address 'long-standing weaknesses' in an automated money laundering prevention tool