Posted Friday February 12, 2016
Barclays Bank settled with OFAC, UK joint fraud taskforce launched, France plans stronger anti-bribery legislation, and more
Here are the latest compliance news from around the web.
- The Egmont Group – a global grouping of over 150 national Financial Intelligence Units – issued new best practice guidance on combating terrorist financing. A key recommendation was that FIUs should share indicators of terrorist financing with industry partners.
- Barclays Bank has reached a settlement with OFAC, agreeing to pay just under $2.5m for facilitating payments on behalf of corporate customers on the agency’s Zimbabwe-related sanctions list. The violating transactions, the majority of which were payments by the Industrial Development Corporation of Zimbabwe, took place between 2008 and 2013 and totalled over $3.5m.
- The United Kingdom launched a joint fraud taskforce comprising representatives from government, law enforcement and banking. The group will facilitate intelligence sharing between banks and law enforcement and will publish a financial fraud ‘most wanted’ list.