Daily News Brief
April 29th, 2016

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U.S. Treasury anti-laundering head to join HSBC – sources

The U.S. Treasury Department’s top anti-money laundering official is resigning to take what sources said on Tuesday was a top post at HSBC Holdings Plc

04.29.16 READ MORE

‘De-risking’ putting pressure on remittances

The Bangko Sentral ng Pilipinas (BSP) said it is addressing the adverse impact of foreign banks’ de-risking activities to remittance costs, while conducting its own evaluation of the Philippines’ money laundering and terrorist financing vulnerabilities and weaknesses.

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Vatican Crackdown on Tax Cheats Flagged in Oversight Report

The Vatican's financial watchdog said Thursday it received 544 reports of suspicious financial transactions last year, a three-fold increase over 2014, thanks in part to beefed-up efforts to flag potential tax cheats who are using the Vatican bank to hide money.

04.29.16 READ MORE

Global remittances slow, while regulation restricts access

In the latest edition of the World Bank’s Migration and Development Brief, released earlier this month, remittance only grew marginally last year. Remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 percent over 2014.

04.29.16 READ MORE

Will Panama Papers Lead to FinCEN Panama Rules?

he recent disclosure of the so-called “Panama Papers” has brought customer due diligence of nominee companies into renewed focus.

04.28.16 READ MORE

AML/BSA Fines Total $5.2B Over Six Years

Financial institutions were assessed about $5.2 billion in fines, penalties and forfeitures in connection with Bank Secrecy Act and anti-money laundering violations from January 2009 to December 2015, but none of the fines stemmed from NCUA enforcement actions, the Government Accountability Office reported.

04.28.16 READ MORE

HSBC investors back pay but raise questions about Panama

HSBC has told shareholders it will do more to exclude “bad actors” from using its services after the Panama Papers scandal, although it noted that less than 5pc of the bank’s 2,300 shell companies mentioned in the data leak were still operating.

04.28.16 READ MORE

UK Overhauls Anti-Money Laundering Regime

The UK Government has set out a three-point action plan to overhaul the anti-money laundering and counter-terrorist finance regime.

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Isle of Man creates financial intelligence unit

The Isle of Man government has created a financial intelligence unit aimed at tackling corruption, money laundering and the financing of terrorism.

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For Journalists In Russia, 'No One Really Knows What Is Allowed'

An independent Russian newspaper has come under fire after it published stories about the business interests of President Vladimir Putin's family and friends.

04.27.16 READ MORE

Black Money Probe Panel Meets To Review Panama Papers, Money Laundering Cases

The Special Investigation Team (SIT) on black money today held a meeting and reviewed some important tax evasion and money laundering probe cases like the recent 'Panama Papers' disclosures and those related to bank frauds.

04.27.16 READ MORE

Former Citigroup Rep Ejected from Industry

A FINRA hearing officer has moved to bar a former Citigroup registered rep from the industry for engaging in money laundering and helping a childhood friend and business associate deceive creditors.

04.27.16 READ MORE

Justice Department Nails Fraudsters Who Exploited IRS Data Breach

The Internal Revenue Service, embarrassed last year when hackers breached its website’s “Get My Transcript” tool for taxpayers, has now helped law enforcement obtain convictions of fraudsters who exploited the tool to collect unmerited tax refunds.

04.27.16 READ MORE
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