Daily News Brief
February 11th, 2016

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HSBC Sued Over Drug Cartel Murders After Laundering Probe

Families of U.S. citizens murdered by drug gangs in Mexico sued HSBC Holdings Plc, claiming the bank can be held responsible for the deaths because it let cartels launder billions of dollars to operate their businesses.

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Investigation launched into allegations of fraud, insider trading in Vancouver real estate marke

The independent office charged with overseeing the British Columbia real estate market will investigate allegations of fraud and insider trading by some Metro Vancouver real estate agents, the provincial government said Monday.

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Money transfer company raises $45m as banks edge away from remittance market

World Remit, which aims to make transferring money as easy as “sending an instant message”, has raised $45m to expand its network across the globe.

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Cash is Not King: Germany, France Discuss €5,000 Cap to Fight Terrorism

The two countries' finance ministries met on Tuesday and discussed measures to better prevent money-laundering and terrorist financing, including a Europe-wide ban on cash transactions of more than €5,000.

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Central figure in alleged $3M credit card scam arrested

A New York man wanted for his role in a multi-million dollar credit card scheme based in Hudson County was arrested Wednesday morning, authorities said.

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Owner of Florida clinic that funneled pills to Kentucky says ‘money was too good’ to stop

The owner of a Florida pain clinic that helped feed Kentucky’s debilitating drug problem said he saw the operation like a factory — the more paying patients that could be pushed through, the better.

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Argentina Follows the Money in Human Trafficking Investigations

Argentine prosecutors are pursuing money laundering investigations into alleged human trafficking organizations suspected of hiding millions of dollars in illicit profits.

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Some B.C. real estate agents insider trading and helping to money launder

The independent office charged with overseeing the British Columbia real estate market will investigate allegations of fraud and insider trading by some Metro Vancouver real estate agents, the provincial government said Monday.

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French former minister on trial over tax fraud and money laundering charges

Former French budget minister Jerome Cahuzac, who resigned in 2013 after he admitted to have a Swiss bank account, leaves the courtroom on the first day of his trial for tax fraud in Paris.

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German plan to impose limit on cash transactions met with fierce resistance

Proposals to ban cash payments of more than €5,000 (£3,860) to combat money laundering and the financing of terrorism were revealed by the German finance ministry last week.

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Raising the Stakes for AML Compliance Officers: Court Refuses to Rule Out Potential Liability for Role in Employer's BSA Compliance Shortcomings

A federal court judge in Minnesota has rejected the motion of a former chief compliance officer to dismiss the U.S. government's claim that he is liable under the federal Bank Secrecy Act for his employer's failure to comply with applicable BSA requirements.

02.09.16 READ MORE

A Compliance Officer will go to Jail in 2016

The backlash from risky derivatives, the credit crisis, crooked high frequency trading (HFT), murky dark pools, insider trading and money laundering over the past few years has sent global regulators into hyper-drive.

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SEC Enforcement: Wells Fargo to Pay $1.2B on Mortgage Fraud

Among recent enforcement actions by the Securities and Exchange Commission, Wells Fargo & Co. has agreed to pay $1.2 billion to settle a lawsuit that brought claims of mortgage fraud against the firm.

02.09.16 READ MORE
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