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September 11 2018 Interpol has issued a red corner notice (RCN) against Purvi Modi, sister of fugitive diamond trader Nirav Modi, for her arrest in the Rs 13,500 crore Punjab National Bank swindle. The RCN has been issued on a request made by the Enforcement Directorate (ED ) which has registered...
September 9 2018 Money laundering is never far from the headlines. Last week ING in the Netherlands and the Danish Group Danske Bank were the lenders who found themselves in the spotlight. The former has agreed to pay €775m in fines for compliance failures that allowed the alleged laundering of...
September 11 2018 Dutch bank ING said its chief financial officer had resigned after being singled out as responsible for the compliance failings that allowed companies to launder hundreds of millions of euros and pay bribes. Koos Timmermans, a 22-year veteran of ING, is the most senior executive to leave...
September 10 2018 Denmark, whose largest bank is embroiled in the biggest money laundering scandal in the country’s history, is planning new legislation that will increase fines related to the crime by about eightfold. A new bill proposes that perpetrators have to pay fines according to “the gravity and circumference of...
September 7 2018 The U.S. Treasury Department said Friday it would exempt certain accounts from a rule requiring banks to identify the true, human owners of a corporate account. The Financial Crimes Enforcement Network, or FinCEN, an intelligence office within the Treasury, said it would not require banks to collect identification from the...
September 7 2018 As a result of Armenia’s progress in strengthening its framework to tackle money laundering and terrorist financing since its mutual evaluation in December 2015, MONEYVAL has re-rated the country on two recommendations originally rated as “partially compliant”. Armenia has been in a regular follow-up process, following the adoption...