Agricultural Bank of China Ltd. has been ordered by the Federal Reserve to overhaul its protections against money laundering to address “significant deficiencies,” the U.S. regulator said in a statement Thursday. The lender, one of China’s biggest banks, will have to come up with a written plan within 60 days to fix the shortcomings in managing risk in its […]

The Money Authority of Singapore’s recent announcement that it intends to withdraw BSI Bank Limited’s licence highlights the potentially severe consequences for banks breaching their AML obligations – and a trend beyond mere financial penalties. It also highlights the ever-increasing risks for individuals. This article summarises the key facts and provides four important takeaways for […]

The only substantial sanctions to occur for estate agency AML breaches in the UK were carried out in March 2014 by the Office of Fair Trading. In a swansong episode of enforcement before regulatory responsibility was passed to HMRC in April 2014, the Office of Fair Trading fined three estate agents almost £250,000 for “significant […]