Latest Money Laundering News: Finextra Research

Standard Chartered set for $330m Iran sanctions settlement

Standard Chartered says it expects to pay $330 million to settle with US regulators for breaching sanctions against Iran.

06 December 2012

News/Money Laundering

Sanctions screening costs doubling every four years - Swift

The operational costs of sanctions compliance to financial services firms is doubling every four years, according to data compiled by interbank co-operative Swift.

27 November 2012

News/Money Laundering

Moneygram pays $100m to settle wire fraud charges

Moneygram has agreed to pay $100 million to settle US charges that it criminally aided and abetted wire fraud and failed to maintain an effective anti-money laundering programme.

20 November 2012

News/Money Laundering

US govt's pre-paid declaration plans questioned

The feasibility of US government plans that would require travellers to add pre-paid card balances to declaration reports when they cross borders have been called into question.

30 October 2012

News/Money Laundering

BitInstant confirms Bitcoin card plans

Virtual currency transfer provider BitInstant has confirmed that it intends to launch a Bitcoin debit card within the next two months, despite MasterCard recently denying its involvement in the project.

23 August 2012

News/Money Laundering

Standard Chartered shares tumble on Iran allegations

Shares in Standard Chartered fell more than 20% in morning trading after a US regulator accused the bank of falsifying thousands of Swift wire payment directions to help hide $250 billion in transactions linked to Iran.

07 August 2012

News/Money Laundering

FSA fines Coutts £8.75m over AML failings

Coutts, the private bank owned by RBS, has been fined £8.75 million by the Financial Services Authority (FSA) for anti-money laundering systems and controls failings.

26 March 2012

News/Money Laundering

Citi slaps down Bank 2.0 rivals in Innotribe face-off

Financial heavyweight Citi has faced off a challenge to old-bank hegemony with a powerful display of its technological prowess that knocked the wind out of a room-full of Bank 2.0 innovation gurus and digital evangelists at an Innotribe session at Sibos in Toronto.

22 September 2011

News/Money Laundering

Ocean Bank fined $11m over AML failings

Florida-based Ocean Bank has been fined nearly $11 million for "wilfully" failing to establish an anti-money laundering (AML) programme.

25 August 2011

News/Money Laundering

RBI Committee calls for national switch to EMV

The Reserve Bank of India has published a host of recommendations for improving bank customer services, including the establishment of a shared Know-Your Customer database, the introduction of multi-factor authentication for Internet transactions and a nationwide switch to Chip and PIN-based EMV cards.

05 August 2011

News/Money Laundering

Banks found to be putting profits before risk in FSA money laundering review

The Financial Services Authority is ready to launch a crack-down on bank anti-money laundering practices after finding serious weaknesses in banks' systems and controls and a willingness to turn a blind eye to profitable business relationships with high-risk customers and regimes.

23 June 2011

News/Money Laundering

UK govt looks to soften AML penalties for businesses

The UK government is planning to scrap a raft of criminal penalties for firms that fail to use proper systems and controls for fighting money laundering.

09 June 2011

News/Money Laundering

Thomson Reuters buys World-Check

Thomson Reuters has acquired London-based financial crime and corruption prevention specialist World-Check. Financial terms of the deal were not disclosed.

17 May 2011

News/Money Laundering

Swift taps Sword Fircosoft tech for sanctions screening service

Financial messaging body Swift has selected technology from Sword FircoSoft to support a new centralised sanctions screening service aimed at small banks.

04 May 2011

News/Money Laundering

Gadhafi/Qaddafi eludes bank screening software

Banks looking to freeze accounts belonging to Libyan despot Moammar Gadhafi are being confounded because their software's 'fuzzy logic' - which helps identify typos and inaccurate translations - cannot cope with the huge variety of ways his name can be spelled.

21 April 2011

News/Money Laundering

FIS buys Gifts Software

FIS has acquired Gifts Software, a provider of funds transfer, cash management and anti-money laundering (AML) technology. Financial terms of the deal were not disclosed.

08 February 2011

News/Money Laundering

BAE Systems makes EUR217m Norkom bid

BAE Systems has agreed a EUR217 million takeover of Norkom Technologies, a Dublin-based provider of anti-fraud and compliance software to the financial services industry.

14 January 2011

News/Money Laundering

US agencies Fincen and FDIC rapped by US Government Accounting Office

The Federal Deposit Insurance Corporation has been rapped over the knuckles by the US Government Accounting Office (GAO) for failing to adequately secure its information systems. The Financial Crimes Enforcement Agency, meanwhile, has been taken to task for gaps in the rules on the criminal mis-use of stored value cards.

01 December 2010

News/Money Laundering

Call for regulators to act on m-payments money laundering risks

With mobile person-to-person money transfer services gaining traction, regulators need to act to address associated risks such as money laundering, according to the Federal Reserve Bank of Atlanta.

17 November 2010

News/Money Laundering

Barclays to pay $298m to settle US sanctions case; judge critical of 'sweetheart deal'

Barclays is set to pay $298 million to settle criminal charges that it violated US sanctions by facilitating payments for Cuba, Iran, Libya, Sudan and Burma, among others.

17 August 2010