Friday, December 20

Tag: CEEU

Bitcoin Group: taking steps against money-laundering, terrorist financing
29Nov By adminNo Comments
Money

Bitcoin Group: taking steps against money-laundering, terrorist financing

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsBERLIN, Nov 29 (Reuters) - Germany's Bitcoin Group (ADE.DE) said on Wednesday it was taking measures to improve its internal control system, after the financial regulator Bafin ordered its subsidiary futurum bank to remedy shortcomings on money-laundering."The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the company said in a statement.The company said it had already taken measures in the current financial year to meet regulatory requirements and that it was working with Bafin with the aim "to remedy the identi...
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Switzerland drafts tighter rules to combat money laundering
30Aug By adminNo Comments
Money

Switzerland drafts tighter rules to combat money laundering

ZURICH, Aug 30 (Reuters) - Switzerland on Wednesday said it had drafted new rules to tighten perceived cracks in its money laundering regulations, holding lawyers and consultants accountable for reporting risks and stepping up oversight of legal entities, such as trusts.The new rules, drafted by the Swiss government, will be presented to parliament in 2024 following consultation.Switzerland, whose banks make it the world's biggest manager of offshore wealth, has long sought to fight its old image as a place for criminals to stash ill-gotten gains. It routinely exchanges bank account information with over 100 countries.But it has faced international pressure to shed more light onto the shadowy world of corporate ownership, where many companies and entities like trusts cloak the identity of...
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Dutch lender De Volksbank faces fine over money laundering safeguards
11Aug By adminNo Comments
Money

Dutch lender De Volksbank faces fine over money laundering safeguards

AMSTERDAM, Aug 11 (Reuters) - De Volksbank's systems to prevent money laundering have been deemed insufficient by the Dutch central bank (DNB) and it will likely face a fine, the Dutch state-owned bank said on Friday.The bank, which incorporates several smaller Dutch banks such as SNS and ASN, disclosed the findings along with its first-half results."We regret that we were not able to fulfil our gate watcher role with respect to client integrity and that we are at this moment in violation of certain legal obligations with respect to money laundering" laws, Chairman Martijn Gribnau said in a statement.The bank said it was working to make changes required by the DNB before April 1.In its earnings report, the bank said first-half net profit nearly tripled to 248 million euros ($273 million) ...
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Fed fines Deutsche $186 mln for slow progress in money laundering curbs
19Jul By adminNo Comments
Money

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank.Deutsche must prioritize addressing several of those issues or face "additional and escalated" penalties, said the Fed, which imposed additional restrictions and ordered the bank to improve its risk and data management.The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015.In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justi...
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