On May 22, CBOC fined Cyprus Development Bank €715k for AML. Findings emanating from on-site examinations conducted between 2014–16. Bank fined €715k for failure to comply with certain provisions of the AML law. If fine is paid within specified time limit, it will be reduced by 15% or €107k.
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OCC, DoJ Rabobank AML Fine
On May 18, 2018, DoJ announced Rabobank sentenced in California District Court for "impairing, impeding and obstructing its primary regulator", the OCC, will pay $500k. Statutory fine in addition to forfeiture of $368,701,259 illicit funds to US government. Misconduct compounded by conspiration to cover up compliance failures, misleading OCC examiners several former executives impeded…
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FINRA Fines Portfolio Resources AML Gaps
On May 16, FINRA fined Portfolio Resources for AML monitoring. Portfolio Resources Group fined $100k, and to meet AML compliance standards. Alleged Violations AML compliance officer or his designee would manually monitor account activity. The firm also used a system that provided alerts to assist in its AML monitoring. AML systems failed to identify, transactions…
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RBI Punjab Bank $1.8bn Fraud
On May 14, 2018, Central Bureau Investigation issued charges against 22 people. Against former CEO and 2 directors of PNB, on 2 partners of 3 private companies. Included 2 diamond firms, 7 of their employees and 10 additional staff from PNB. Follows CBI searches at 42 premises, and arrest of 15 people, with 80…
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ASIC Charge IT Insider Trade
On May 14, ASIC charged an IT consultant with insider trading. Steven Oakes breached private network of Melbourne based financial publisher. Alleged Violations Charges comprise of 115 offences for unauthorized data access, insider trading, As well as destroying, concealing, mutilating or altering books required by ASIC. Information regarded shares due to be published in…
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SEC Hedge Fund Insider Trade
On May 8, SEC issued $9mn hedge fund settlement insider trading. Visium Asset Management was charged, for not supervising portfolio managers. Alleged Violations Ignored red flags of managers engaged in asset mismarking and insider trading. Two managers falsely inflated value of securities held by hedge funds it advised. Fund returns falsely inflated, overstated NAV, paid…
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