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Tag: Financial Institutions

Japan to Crack Down on Money Laundering

(WJS) The $250 million fine levied against Japan’s biggest banking group by New York’s financial regulator comes at a time when the nation is trying to improve its lackluster track record over cracking down on money laundering and related crimes. The Bank of Tokyo-Mitsubishi UFJ agreed on Thursday to pay the fine for its involvement…
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M&T to iron out money-laundering compliance issues

(Biz Journals) M&T Bank has 60 days to fix its anti-money laundering compliance program, according to a newly released written agreement between the Buffalo bank and the Federal Reserve. The June 17 agreement lays out several provisions the bank must meet in order to satisfy the Fed’s concerns, which came to light in April as…
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Deloitte fined $10 mn in US money laundering case

(Live Mint) Big accountancy Deloitte was fined $10 million by New York state on Tuesday for its actions in advising Standard Chartered Bank over money laundering. Deloitte’s unit Deloitte Financial Advisory Services Llp was fined and also banned for one year from work in New York state after state authorities said it did not carry…
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Money laundering: StanChart, HSBC officers caught on camera

(CNBC) After the Reserve Bank of India (RBI) fined ICICI , HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it.…
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Deloitte settles with NY over Standard Chartered money laundering

(Reuters) – Deloitte Financial Advisory Services settled with New York’s banking regulator over its consulting work for Standard Chartered Bank on money-laundering issues. Under the agreement, the consulting firm affiliate of Deloitte & Touche LLP agreed to pay $10 million, to implement reforms designed to address conflicts of interest, and to a one-year suspension from…
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Fed Cites M&T for Anti-Money Laundering Problems

WASHINGTON (WSJ) —The Federal Reserve said Tuesday it found wide-ranging problems with M&T Bank Corp.’s MTB efforts to combat money laundering, a compliance issue that has held up the bank’s merger with Hudson City Bancorp Inc. HCBK The Fed said as part of a written agreement with the bank that it had found “deficiencies in…
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Missing Florida Attorney’s Firm Sued for $600,000

WEST PALM BEACH (CN) – A disbarred Florida attorney who went missing with millions of dollars of clients’ escrow money owes more than $600,000 for kick-boxing shoes, a manufacturer claims in court. Golden Pacific LXJ sued Ringstar and McCabe & Samiljan, in Palm Beach County Court. Timothy McCabe’s company Ringstar makes kickboxing shoes. It’s the…
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Another Huge Cash-Out Scheme Revealed

(Bank Info Security) Federal authorities have charged eight suspects in yet another ATM cash-out and cybercrime scheme that involved online account takeovers and prepaid card compromises. So far, four arrests have been made in the case, which also involved fraudulent ATM withdrawals and wire transfers to overseas accounts, as well as identity theft, in some…
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Bank accounts of several Mumbai policemen hacked

Mumbai (NDTV)  A total of 29 Axis Bank accounts, including those of Mumbai police officials, have been hacked. Around 12-14 of these were held by policemen. Some of the policemen in the city had received text messages on their phones that cash has been withdrawn from their accounts with the Axis account in euro currency,…
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Philadelphia La Cosa Nostra Associate Pleads Guilty to Loan Sharking

(DoJ) Robert Ranieri, 37, of Glendora, N.J., pleaded guilty today to committing loan sharking activities on behalf of the Philadelphia La Cosa Nostra (LCN) Family. Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Zane David Memeger of the Eastern District of Pennsylvania and Edward J. Hanko, Special Agent in…
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