Compliance news

Police have arrested on Thursday a 26-year-old that has been wanted since June 4, 2020, for opening a bank account and attempting to cash a cheque using a fake ID, the CNA reports.

According to the police, the man presented the Bank of Cyprus Apostolos Pavlos Avenue branch with a fake Greek ID on June 4 on which date an arrest warrant was issued against him and was arrested yesterday to facilitate questioning.

Full article on: in-cyprus

A senior government official has called a new amnesty on dirty money to bring billions of euros in hidden bank accounts back into the legal economy.

In an interview with De Tijd, Steven Vanden Berghe, a senior civil servant with the federal finance ministry, argues there are billions of undeclared euros in ordinary accounts with Belgian banks. But the money lies untouched because account holders would face prosecution if it ever emerged.

In present circumstances, he said, it is almost impossible to bring money from a bank in Luxembourg or Switzerland without having to pay tax plus a penalty – or “regularisation” as it is called.

Bringing money in from tax havens is even more difficult.

Full article on: newyorktimes

Anti-money-laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald J. Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog.

The transactions, some of which involved Mr. Trump’s now-defunct foundation, set off alerts in a computer system designed to detect illicit activity, according to five current and former bank employees. Compliance staff members who then reviewed the transactions prepared so-called suspicious activity reports that they believed should be sent to a unit of the Treasury Department that polices financial crimes.

But executives at Deutsche Bank, which has lent billions of dollars to the Trump and Kushner companies, rejected their employees’ advice. The reports were never filed with the government.

The nature of the transactions was not clear. At least some of them involved money flowing back and forth with overseas entities or individuals, which bank employees considered suspicious.

Full article on: newyorktimes

The EU is believed to be about to add Saudi Arabia to its blacklist of countries failing to guard against money laundering effectively.

The move will force European banks to carry out more extensive compliance checks on transactions involving the country and its citizens. The EU is now finalising its 23 country list.

The move will mean European banks will need to carry out “enhanced” checks on transactions involving Saudi money. This is a much more intrusive level of vetting, the aim of which is to clarify the true origins of the money in question, as well as the beneficial owners of the companies in question where applicable. The banks must then follow procedure and report any suspicious activity.

Full article at: eu anti corruption

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