Money Laundering |

Citing Competition, Swiss Lawmakers Push Back on Proposed AML Law

Swiss lawmakers are seeking to dilute key government proposals aimed at combating financial crime, arguing that stricter regulations threaten the country’s dominance in the global wealth management sector, according to Reuters.
photo credit J o. Photograph of the SMBC Kobe Office Building. 20 Nov. 2009. Wikimedia Commons, CC BY‑SA 3.0. Edited version.

Fed Terminates AML Order against SMBC

The Federal Reserve terminated a 2019 enforcement action against Sumitomo Mitsui Banking Corp. (SMBC), concluding a six-year period of heightened scrutiny over the institution’s anti-money laundering (AML) practices.
OFAC Blacklists Cyber Scammers in Southeast Asia

The U.S. Treasury Department on Monday blacklisted 19 entities linked to large cyber-scam compounds in Southeast Asia that have targeted Americans in romance and cryptocurrency-investment swindles.
photo credit Image: Rum Point beach – Grand Cayman by Lhb1239, [CC BY-SA 3.0], edited

Watchdog Calls for New Beneficial Ownership Standards in UK Territories

The UK should standardize beneficial-ownership requirements across its Overseas Territories and Crown Dependencies, an international watchdog group said.
JPMorgan to Pay $330 Million to Resolve 1MDB Case in Malaysia

JPMorgan Chase will pay $330 million to the government of Malaysia to settle claims that it facilitated the processing of $800 million in fraudulent transactions linked to the looting of Malaysia’s sovereign wealth fund, 1MDB. The settlement, which binds both parties from any future claims or litigations related to the scandal, follows allegations by Malaysian […]