Banking regulation and compliance expert Alistair Wellmann assumes that the FinCEN documents will lead to lenders investing more in the prevention of money laundering and scrutinizing transaction requests.
For decades, Khanani, one of the world's most-wanted money launderers, had maintained business ties with groups like al-Qaida. He could now prove to be damaging for Pakistan's efforts to get out of a terror funding list.
ING bank's unit in Poland allegedly helped its clients move huge amounts of money out of Russia. Russian oligarchs need means to get their cash out of the country, but this has seemingly expanded beyond the Baltics.
Westpac breached anti-money laundering and counter-terrorism laws on over 23 million occasions, say regulators. If a federal court approves the fine, it would be the largest civil penalty ever in Australia.
UK bank NatWest has promised to raise the number of BAME staff in senior roles from 1% to 3%. The Black Lives Matter movement has triggered reflections on why the bank and wider industry has lagged in recent years.
© 2020 Deutsche Welle |
Legal notice |
| Mobile version