money laundering News

Australia’s Westpac Takes A$1.2B Charge Against Q2 Earnings for Laundering, Refunds

Westpac Banking Corp. has taken a A$1.2 billion ($871 million) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct. The charge is the latest blow to Australia’s oldest …

U.S. Treasury Warns Cyber Insurers Against Paying Ransomware Demands

The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. The warnings came in a pair of advisories, one from the Financial Crimes Enforcement Network (FinCEN) and …

Switzerland Freezes $900M Belonging to Angolan Insurance Executive

Switzerland has frozen $900 million held in accounts belonging to a top Angolan businessman as part of a money-laundering investigation, according to court documents seen by Reuters, one of the largest personal asset freezes in Swiss history. Carlos Manuel de …

British Court Awards $11 Million to EY Whistleblower Who Exposed Money Laundering

A British court awarded $11 million in damages and expenses on Friday [April 17] to a former partner at global accounting firm Ernst & Young who exposed money laundering at a major gold refinery in the United Arab Emirates. Amjad …

Australia’s Westpac Expects $578M Fine for Money Laundering Linked to Child Abuse

Australia’s Westpac Banking Corp said it expects a A$900 million ($578 million) fine over accusations it enabled millions of illegal payments including between known child sex offenders, the first time it has put a price on the scandal. The country’s …

Swedbank Slapped with Record $386M Fine for Money-Laundering Breaches

Sweden’s financial watchdog hit lender Swedbank with a record fine of 4 billion crowns ($386 million) on Thursday for serious deficiencies in its anti-money-laundering work and said the bank had withheld information from authorities. Sweden’s oldest retail bank saw its …

Danske Bank Ex-CEO Faces $387M Lawsuit over Money Laundering Scandal

The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said on …

Mortgage Company Staffer in New Jersey Who Stole $2M Gets Prison Term

A mortgage company staffer who created hundreds of fraudulent wire transfers to steal roughly $2 million from the firm has been sentenced to nearly four years in federal prison. Dilcia Mercedes of Camden, N.J., will also have to serve three …

Danske Bank Sued by International Investors over Money Laundering Scandal

A group of international investors who manage trillions of dollars in assets has filed what it says is the first in a series of lawsuits against Danske Bank in connection with the money laundering scandal engulfing Denmark’s largest lender. The …

Westpac’s Money Laundering Breaches Gave ‘Free Pass to Pedophiles:’ Australia Official

Australian Home Affairs Minister Peter Dutton said Westpac Banking Corp. must pay the price for giving “a free pass to pedophiles” as the corporate watchdog began investigating the lender over millions of breaches of money laundering laws. Dutton is the …