Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and focused on the financial institution’s banking relationships with two unnamed politically exposed persons, FINMA said...
Toronto-Dominion Bank (TD Bank) reportedly could be facing fines of up to $4 billion in relation to money-laundering probes in the United States. This estimate by analysts at Jefferies Financial Group is double the previous estimates, highlighting the severity of the potential impact on Canada’s second-largest lender,...
The Department of the Treasury has outlined the priorities it will pursue this year to step up the fight against illicit finance. The agency aims to increase transparency, leverage partnerships and support responsible technological innovation, it said in a Thursday (May 16) press release announcing the publication of its “2024...
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security measures, Reuters reported. This, the report added, led to inadequate due diligence in three cases,...
Oracle Financial Services introduced an artificial intelligence-powered cloud service that helps banks mitigate anti-money laundering (AML) risks. The new Oracle Financial Services Compliance Agent “identifies and remediates vulnerabilities,” the company said in a Monday (April 8) press release. “Putting Compliance Agent in the hands of financial-crime compliance officers will...
The Financial Action Task Force (FATF) has added new countries to its “increased monitoring” list. FATF, which sets global standards for anti-money laundering and countering the financing of terrorism, recently included the nations of Kenya and Namibia on that list while removing Barbados, Gibraltar, Uganda and the...
Raiffeisen Bank International (RBI) disclosed Thursday (Feb. 22) that it is being investigated by Austria’s financial regulator, FMA, over alleged anti-money laundering (AML) failures. The bank said in its annual report that the probe is specifically focused on the bank’s adherence to know-your-customer (KYC) rules, which are...
Canada is reportedly upping its use of artificial intelligence (AI) to combat money laundering. Donna Achimov, deputy director of the country’s Financial Transactions and Reports Analysis Centre (FINTRAC) told Reuters Monday (Jan. 8) that AI helps the agency analyze data and spot suspicious transactions. The efforts are happening as...
OTTO Payments, the payments division serving the OTTO marketplace, has adopted Hawk AI’s solutions for anti-money laundering (AML) compliance. The organization will use Hawk AI’s Transaction Monitoring and Customer Screening technology, the companies said in a Tuesday (Dec. 12) press release. “Due to rapid growth,...
