The Department of Justice (DOJ) recently closed the investigation on UK-based financial institution, HSBC Holdings Plc., and held them accountable for their participation in a multi-million dollar fraud scheme known as “front-running” involving a client named Cairn Energy in 2011… Read more >
Anti-money laundering (AML) and compliance programs are useless unless they are implemented and enforced properly which involves ensuring that all employees including the board of directors and upper management have the proper training and the resources necessary to understand their… Read more >
Due to stricter anti-money laundering (AML) regulations, a handful of real estate agents in London are now facing hefty fines. The fines range from six to seven figures, but the exact amounts are not currently being made known to the… Read more >
In the fight against corruption, we have seen a trend of increased enforcement in conjunction with the constant evolution of laws and regulations. Not surprisingly, last year proved to be a significant and successful year for the Department of Justice… Read more >
In 2017, both federal and state regulators stepped up anti-money laundering (AML) enforcement causing an increase in the pressure for financial institutions to ensure compliance especially with the implementation of customer due diligence rules. Some of the most recent enforcement… Read more >
The Cayman laws have been revised in order to further combat money laundering and terrorist financing. The main changes include extending the reach of hedge and private equity funds, appointing compliance officers, integrating risk based approach, and redefining how due… Read more >
Taiwan-based financial institutions haven’t faced charges by U.S. authorities in a decade, however, recently Taiwan’s Mega International Commerce Bank Co. was fined $29 million dollars by the U.S. Federal Reserve Board for non-compliance with the Money Laundering Prevention Act and… Read more >
AML, Compliance, Fines, Taiwan
From 2008 to 2016, Foreign Corrupt Practices Act (FCPA) fines have increased tremendously from $890 million to $2.48 billion in 2016. Although 2017 showed a slight decrease with the total in fines only reaching $1.92 billion to resolve FCPA cases,… Read more >
In order to fight money laundering within the British property market, Britain’s Department for Business, Energy and Industrial Strategy introduced the world’s first public register that requires overseas companies which own or have the ability to buy property within the… Read more >
In an effort to combat money laundering, the Bulgarian Parliament is in the process of passing the Measures Against Money Laundering Directive Act (the “Bill”) as ordered by the European Union’s 4th Anti-Money Laundering Directive (4th AMLD). The Bill, which… Read more >