On Jun. 15, CBOI fined I/A €443k for exposure to cyber-fraud. Appian Asset Management breached client asset, AML, and fitness, probity rules. Alleged Violations The firm’s historic regulatory failures left it exposed to cyber-fraud by third party. Acting on instructions of fraudster impersonating client, it facilitated transactions. Over two-month period no one at Appian…
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UK FCA Fines Canara GBP 900K
On Jun. 6, FCA issued final notice on Canara bank for AML failure. FCA penalized Canara bank for significant failures regarding AML systems, controls. Allegations Nov. 2012, Mar. 2013 FCA visited Canara as part of Trade Finance Thematic Project. Canara placed on notice of serious weaknesses identified in AML systems, controls. Canara confirmed remedial steps…
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AUSTRAC CBA $700mn AML Fine
On Jun. 4, AUSTRAC said CBA agreement to pay $700mn for AML. Follows AUSTRAC Dec. 2017 expanded case, 100 further breaches, see #33474. Penalty Agreement Agreement reached between AUSTRAC and the Commonwealth Bank of Australia for $700mn penalty, to resolve proceedings relating to breaches of AML/CTF law. Parties will jointly approach Federal Court, seeking orders…
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CBOC Development Bank AML
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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UKP Russian Corruption in UK
On May 21, UKP foreign affairs panel issued report on Russian money. UK be serious about confronting full scope of President Putin’s offensive measures. Robust rhetoric from Prime Minister, following attempted murder of Sergei Skripal and his daughter has been undermined by business as usual sign on UK front door. Report says the use of London…
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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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