Posted Friday January 30, 2015

Weekly roundup

Weekly roundup: FinCen imposes $20m fine against Oppenheimer, EU extends Ukraine sanctions and more

  • The EU has agreed to extend existing sanctions against Russia and Ukraine until September 2015. New designations will not be added until the next Foreign Minister’s meeting on February 9.
  • FinCEN fines Oppenheimer & Co $20m for shortfalls in their Anti-Money Laundering efforts and violating the US Bank Secrecy Act.
  • Chinese regulators published a formerly withheld report on the e-commerce giant Alibaba, accusing the firm of corrupt practices and selling counterfeit goods.
  • The UK Government is facing a £9m legal bill after a single letter blunder at Companies House caused a 124-year old Welsh business to collapse.

And finally, the Federal Deposit Insurance Corporation (FDIC) responds to growing concerns over entire categories of customer being denied services by banks that are concerned about compliance with the Bank Secrecy Act. The FDIC advises financial institutions to adopt a risk-based approach in assessing individual customer relationships and estimate their ability to manage risk on a case-by-case basis.

Arachnys update:

New sources: 54

Source of the week: Iran’s Company Registration Office - Legal Entities’ National ID Portal

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