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Tag: Money Laundering

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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US agents make Mexican drug, money laundering arrests in Texas

(Reuters) – Federal agents arrested 25 people on Thursday in a drug and money laundering probe targeting a prison gang with ties to a Mexican drug cartel that allegedly smuggled drugs across south Texas. The FBI and U.S. Drug Enforcement Administration said the four-year probe into the Texas Mexican Mafia netted 25 members and associates…
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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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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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ND man pleads guilty to money laundering

(AG Week) A Langdon man pleaded guilty Monday in federal court in Fargo to charges alleging he advertised himself as a licensed grain bin dealer, then used the money farmers gave him to build his own home. Lance Bryce Schill, 32, entered a guilty plea in U.S. District Court in Fargo to a single count…
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2 admit to money laundering in Villaraigosa’s 2009 reelection campaign

LOS ANGELES (KABC) — Fines are possible for two people who admitted to making illegal contributions to Los Angeles Mayor Antonio Villaraigosa’s 2009 reelection campaign. Young Ran Kim and Cindy Baek admitted to laundering money to contribute more than the allowable amount. Kim and Baek reimbursed other people for their contributions. The city ethics commission…
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